Now that you have a better understanding of the factors affecting your business initiatives, you are now in a better position to take massive action.
This understanding helps as you: Identify the issues or problems you intend to change, set or reaffirm goals, and create an action plan.
Note: As you consider your analysis, be open to the possibilities that exist within a weakness or threat. Likewise, recognize that an opportunity can become a threat if everyone else sees the opportunity and plans to take advantage of it as well, thereby increasing your competition.
Develop a Strategy to Address Issues in the SWOT
Review your 4 prioritized lists by asking:
- How can we use our strengths to take advantage of the opportunities identified?
- How can we use these strengths to overcome the threats identified?
- What do we need to do to overcome the identified weaknesses in order to take advantage of the opportunities?
- How will we minimize our weaknesses to overcome the identified threats?
Once you have answered these questions and finalized your lists, you can now use the SWOT analysis to develop strategies for achieving your business goals.