The SWOT Analysis: A Good Beginning to the Strategic Planning Process

A good beginning to a strategic planning session is a SWOT analysis. A SWOT analysis gives greater insight into a company's Strengths, Weaknesses, Opportunities and Threats, and they are very much tied to the creation of a mission or objective of the business or even a project. Understanding these four aspects of your company can better leverage your strengths, correct your weaknesses, capitalize on golden opportunities and manage the potential threats to your business. 

Identifying the Strengths and Weaknesses of a company is usually a view of the internal structures of the business and can be used to develop a competitive advantage.

• Strengths
  Examples would include patents and intellectual property, strong brand recognition, good reputation among customer base, and cost advantages based on proprietary know-how.
  
  
• Weaknesses
  The absence of certain strengths can be viewed as weaknesses including lack of patent protection; weak brand recognition, poor or inconsistent reputation among customers and a high cost structure.

The Opportunities and Threats are generally externally related and may reveal certain opportunities for profit and growth.

• Opportunities
  Examples would include identifying an unfulfilled customer need, arrival of new technology, strategic partnerships or discovering cheaper distribution methods.
  
  
• Threats
  These include changes in the external environment that aren't always predictable but with insight, can be managed with forethought. They could include a shift in consumers taste away from a product or service, emergence of competition and new regulation.

Once a business owner understands their SWOT Profile, they can then create a detailed, tactical plan addressing this new-found insight that will get them closer to reaching their revenue goals and financial objectives.

Through a supportive partnership with business owners, the KnowledgSphere Group of ADVICOACH Business Coaches works with clients to assess their business' performance in critical areas, address gaps and overcome obstacles to drive immediate results.

We work collaboratively with our clients to make them aware of their blind spots and the possibilities in their business. Through education and coaching, and the implementation of a SWOT analysis and our rapid impact strategies, we can help increase profits and bring their business to the next level of success!

Buffie Blesi is the President and Founder of KnowledgeSphere, Inc. which owns and operates several AdviCoach Business Coaching franchises in Minnesota. She has a strong passion for her clients and their success. As a business owner herself, she understands the traps and unique challenges all owners face and has a coach of her own to keep her on track. 

With 20 years proven success increasing efficiencies, reducing costs and creating strong effective teams, Buffie has a history of growing companies of all sizes– from Fortune 500 to small businesses – to growth and profitability. Over her career, she was fortunate to be a key player in several successful start-up operations including a discount brokerage firm for a large regional bank and creator of a strategic assessments and regulatory practice are for a local consulting firm, holding executive level leadership positions in both including Senior Vice President of Operations, Director and Chief Financial Officer, respectively. 

Her experience is far reaching, with strong knowledge of marketing and sales, operations, accounting and finance, customer service and strategic planning. She has a keen ability to identify areas for improvement and has had a number of successes.

Buffie BlesiAdviCoach Business Coaching
651-815-8398