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Unformatted text preview: 5.3 SWOT Analysis (assessing internal Strengths and Weaknesses, and external Opportunities and
Threats) is an excellent framework that everyone can understand. It is probably the best tool there is
for taking a strategic look at a company. It’s also a wonderful tool for gathering a team. I recommend
the SWOT, as a group discussion leading to strategy, be part of every planning process, and that its
summary be a page or two in the business plan. I can recommend some speciﬁc steps that will help
make this work:
1. At least once a year, go through a strategy review process that begins with a SWOT meeting
and SWOT review. Get your key people together and develop bullet points. Keep notes. Keep
the discussion open. 2. Digest the results of the SWOT. Consider the responsibility you have as owner or manager of a
business. Strategy is not done by committee or by popular vote. Work on a digestion system that
combines ownership responsibility with participation and teamwork. Optimize the SWOT. 3. Share the digested, optimized SWOT with your team of key managers. Develop the strategy.
Keep in mind that strategy is focus, and remember the principles of long-term consistency,
displacement, and priorities. 4. Give the team time to develop detailed strategy, tactics, and programs. You can use the strategy
pyramid framework, for example. Keep everybody involved focused on strategic priorities and
look for concrete, measurable, detailed speciﬁcs. Make sure that everything important is measurable, and that the measure is embedded into the plan. If you can’t track it, then you won’t
be able to manage it later. 5. Merge the team’s contributions into a plan. Remember again that strategy isn’t done by committee or popular vote. Somebody has to have the last word, and that somebody ought to be
somebody who owns the business. 6. Schedule regular implementation and plan review meetings — give them dates and importance
from the beginning — at the same time that you approve the plan. Make this schedule very
speciﬁc, real dates and times, so that every manager knows ahead of time, like the third Thursda...
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This note was uploaded on 01/26/2014 for the course BUINESS 102 taught by Professor Unknown during the Winter '09 term at University of Phoenix.
- Winter '09