Strength, Weaknesses, Opportunities and Threats
It’s an oldie but a goodie! SWOT Analyses (Strength, Weaknesses, Opportunities and Threats) Although SWOT analyses have been around since the 50’s and 60’s we feel they are a great way for an organization to reflect internally before they get to their big bright ideas!
All too often when this step is skipped and or not taken seriously the organization risks not being able to realize or implement its “strategies” due to some “missing strength” or specific weaknesses. Whenever we do planning with our clients, our goal is to flush out the organization’s strengths and weaknesses and see which ones will influence our client’s ability to implement changes.
We then focus on strategies that allow our clients to use their strengths to overcome the weaknesses that may cause issue during the implementation of ideas. Since we have started to do this with our clients, we feel it’s a true reality check into the future that allows the client to solve for those issues before they get started.
“It’s the project
of the plan that allows you
to turn it into reality.”
For those of you who are less familiar with the 4 components of a SWOT analyses, below is a summary of their purpose and importance when it comes to effective planning.
- Strengths – internal factors or attributes of the organization that are helpful to the achievement of the company’s objectives.
- Weaknesses – internal factors or attributes of the organization that are harmful to the achievement of the company’s objectives.
- Opportunities – external conditions that are helpful to the achievement of the company’s objectives.
- Threats – external conditions that are harmful to the achievement of the company’s objectives.
It’s really important to remember that although planning is an essential part of any businesses future, it’s the project management component of the plan that allows you to turn it into reality. Be on the lookout for our third and final blog which will offer up some great project management hints and tricks.
In the meantime I leave you with a classic Dilbert comic that really sums things up!
At GRADIENT SOLUTIONS, we have worked with over 100 insurance Brokers – Wholesalers and Insurers in the past 10 years call us today to see how our experience can work for you!
Modern workflows help you grow.
Plan your work and work your plan.