SWOT- the acronym for Strength, Weaknesses, Opportunities, and Threats are some of the factors to be considered for a successful management. Strength and Weakness are internal factors while Opportunities and Threats are some of the external factors. One can have a measurable control over the internal factors while the external factors remain a totally out of control of an individual.
The overall strategic position needs to be analyzed frequently and SWOT helps one audit the recent position and environment of business. The key purpose of the analysis is to create a business model that will fit well the capabilities and resources of an organization. The internal and external potential can be evaluated while also looking for the most probable opportunities. The negative and positive factors that are present inside and outside a firm are critically analyzed to know the factors that cause a threat to the success of the organization. Studying the environment consistently helps the firm to operate efficiently predicting the changing trends. This also plays a crucial role in the decision making process of the organization. While strengths are capabilities that help an organization establish its mission, weakness is one that prevents the organization from accomplishing the same. Opportunities are the ones presented by the environment while threats jeopardize the same. To know more about SWOT and how it helps in streamlining an organization click here.
