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Can you also minimize those weaknesses so you can avoid the threats that you identified?With your goals and actions in hand, you’ll be a long way toward completing a strategic plan for your business.I like to use the Lean Planning methodology for strategic plans as well as regular business planning (learn more about it Noah is currently the COO at Palo Alto Software, makers of Outpost and the online business plan app Live Plan, and content curator and creator of the Emergent Newsletter.
Doing a SWOT analysis is similar to brainstorming meetings, and there are right and wrong ways to run them.
I suggest giving everyone a pad of sticky-notes and have everyone quietly generate ideas on their own to start things off.
Strengths and weaknesses are internal to the company (think: reputation, patents, location).
A SWOT analysis is an organized list of your business’s greatest strengths, weaknesses, opportunities, and threats.
Strengths and weaknesses are internal to your company—things that you have some control over and can change.
Examples include who is on your team, your patents and intellectual property, and your location.
Opportunities and threats are external—things that are going on outside your company, in the larger market.
You can take advantage of opportunities and protect against threats, but you can’t change them.
Allow anyone to add additional notes at this point if someone else’s idea sparks a new thought.
Once all of the ideas are organized, it’s time to rank the ideas.