We want to maximise the opportunities for our business. A SWOT analysis enables you to take the space each year to understand what are the areas you need to protect your business against, both internally and externally? It also gets you to be outwardly focused by thinking about the market-place.
How can you Leverage your SWOT?
SWOT as a strategic tool
SWOT analysis is a great tool to quickly understand what areas are weak in your business, what areas you can leverage for growth (strengths). It also gets you to focus on the marketplace and think through what opportunities you could go after and what is happening in the market that might be a threat to your business.
The key is not just to do the analysis but the action steps that you take as a result of the insights you have garnered from the analysis.