Most organizations develop far more strengths, weaknesses, opportunities, and threats (SWOT's) than they can address effectively, profitability, and with the available resources. They therefore boil down their long lists of SWOT's to three to five priority strategic issues they must confront if the organization is to have a healthy future.
SWOT stands for internal realities (Strengths and Weaknesses) and external realities (Opportunities and Threats).
In his book Good to Great, Jim Collins says, "The good-to-great leaders were able to strip away so much noise and clutter and just focus on the few things that would have the greatest impact."
That's what you accomplish when you implement this time-tested approach to conducting a SWOT analysis. The process is remarkably engaging, fun, and enlightening. Your issues will comfortably rise to the surface. First, let's explore why you might want to engage your team in this activity.
Let's imagine that you want to travel to Aspen, Colorado, to enjoy a vacation with your family. Obviously, you can't plan the trip unless you know where you are now.
Likewise in your business, after you have identified where you want to go, you'll want to clearly define where you are now. Then and only then can you effectively strategize on how you will get from here to there. The planning process always begins by defining where you want to go. It's easier to move an ...