Albert Humphrey
led a convention at Stanford University in the 1960s and 1970s using data from
Fortune 500 companies and conceptualized the SWOT analysis (alternately SLOT
analysis). This is a strategic planning
method used to evaluate the Strengths, Weaknesses/Limitations, Opportunities,
and Threats involved in a project or in a business venture. It involves
specifying the objective of the business venture or project and identifying the
internal and external factors that are favorable and unfavorable to achieve
that objective.
Setting
the objective should be done after the SWOT analysis has been performed. This
would allow achievable goals or objectives to be set for the organization.
Strengths: characteristics of the
business, or project team that give it an advantage over others
Weaknesses (or Limitations): are
characteristics that place the team at a disadvantage relative to others
Opportunities: external chances to improve
performance (e.g. make greater profits) in the environment
Threats: external elements in the
environment that could cause trouble for the business or project
Identification
of SWOTs is essential because subsequent steps in the process of planning for
achievement of the selected objective may be derived from the SWOTs.
First,
the decision makers have to determine whether the objective is attainable,
given the SWOTs. If the objective is NOT attainable a different objective must
be selected and the process repeated.
Users of
SWOT analysis need to ask and answer questions that generate meaningful
information for each category (strengths, opportunities, weaknesses, and
threats)in order to maximize the benefits of this evaluation and find their
competitive advantage.
To
start putting together your analysis you can do so with 6 pieces of paper
labeled:
- External Status
- Internal Status
- Strengths
- Weaknesses
- Opportunity
- Threats.
If you
have a staff you might call them together give each copies of the six pieces of
paper and start brainstorming. There are two schools of thought on this. To
start you can brainstorm together filling out each sheet of paper or you can
send everyone off to fill out each sheet as they see the business then get back
together to discuss and agree on a final SWOT analysis. If you are the staff it
might be wise to seek outside consultation to work with you while going through
the process and critiquing the information you put together. This could be a
member, or members, of your board of directors, advisory group or a business
management coach with expertise in business planning.
What
makes a SWOT analysis effort successful?
- You must start with your
Vision, Mission and Values statement.
- You must objectively prepare
your businesses internal and external status.
- You must be realistic and
forthright in preparing the businesses, and your, strengths and weaknesses
Be specific but keep it short and simple, don’t over analyze. - Developing strategies and
tactics that match the SWOT analysis results.
- Writing an operating plan
based on your SWOT Analysis, strategies and tactics.
- Implementation of a
resulting operating plan.
The SWOT
Analysis should be looked at as your foundation for creating a business or
operating plan.
UHY
Dawgen can assist you in setting up your SWOT REPORT CARD in Jamaica.We operate
from 4 strategic locations in Jamaica.There are five easy ways to contact us.
Simply call, email, fax, write or just stop by.
Unit
34, Winchester Business Centre, 15 Hope Road,
Kingston
10, Jamaica, West Indies
Telephone:876-9084007/7542074/
9064827
(International No.USA)
937-7-DAWGEN(937-7329436)
Fax:7540380
Email:info@dawgen.com
BRANCHES
§ Montego Bay,St. James
Shop
EU6, Whitter Village, Ironshore, St. James
Telephone:
876-876-9533793/953-8486 Fax: 953-3058/7540380
Email:infobranch@dawgen.com
§
Ocho Rios, St.Ann
Shop
C1, 101Main Street, Ocho Rios, St.Ann
Telephone:
974-5373/9748772 Fax: 754-0380
Email:infobranch@dawgen.com
§ Mandeville, Manchester
Shop L1 & K1,Grove Court Plaza, 16 Park
Crescent, Mandeville, Manchester
Telephone:
962-6369 Fax: 754-0380 Email:infobranch@dawgen.com
UHY
Dawgen is a member of UHY, a network of independent
accounting and consulting firms, whose organising body is Urbach Hacker Young
International Limited, a UK company. Each member of UHY is a separate and
independent firm. The services described herein are provided by UHY Dawgen and
not by Urbach Hacker Young International Limited or any other member of
UHY. Neither Urbach Hacker Young
International Limited nor any member of UHY has any liability for services
provided by other members
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