Using SWOT in Strategic Planning

Strategic planning involves the path forward for an organization and determining the decisions and actions a business should take to achieve organizational goals. Therefore, put simply strategic planning is a road map or path the organization or business takes in order to achieve its goals and objectives. It thus describes the process a business uses to determine how it can best meet its objectives and carry out its mission.

SWOT Analysis: Why it’s a Lifesaver for any Business

Planning to join in the business world? Then you need an idea what a SWOT analysis is. It has existed for many years now. In business, a SWOT analysis is taken as one of the most essential tools. Every company uses SWOT analysis when assessing the industry where it operates from. Also, other companies this tool to be able to come up with competing strategies. These help the keep up with the cutthroat competition in the market.

Four Essentials of Strategic Business success

Awareness is a key differentiator in the business world. The firm that is unaware of anything internally or externally stands at an immediate disadvantage, since it cannot plan to avoid making critical errors, or may even become subject to public criticism leading to a fall in its image and brand value.  Many tools have been utilized by firms for the purpose of building awareness. One such tool is the business SWOT analysis. This tool allows the business to determine its Strengths, Weaknesses, Opportunities and Threats. The process is part of the business’ Strategic Planning Process in which business goals and objectives are formulated. Here are four essential elements of business strategy that determine its success:

Balanced Scorecard and Key Performance Indicators

Key performance indicators are performance measures that indicate progress towards a desirable outcome and are commonly used to help companies effectively manage and grade their progress. ‘Strategic key performance indicators monitor the implementation and effectiveness of an organization’s strategies and determine the gap between actual and targeted performance.