Techniques and Tools to Help You Make Business Decisions
Video
Posted in: Product Development
When you are planning to make a significant change in your business, SWOT diagrams can help you break down the situation into four distinct quadrants:
- Strengths: What does your company do better than its competitors? Think of both internal and external strengths that you possess.
- Weaknesses: Where can your company improve? Try to take a neutral approach and consider what factors may be hurting your business.
- Opportunities: Look at your strengths and think of how you can leverage them to create new openings for your business. Also consider how eliminating a specific weakness could open you up to a new opportunity.
- Threats: Determine what challenges stand in the way of achieving your goals. Identify the primary threats to your organization.
