Creating a winning business strategic plan would be well complemented by the application of a business strategy analysis. Applying SWOT analysis in business strategy formulation offers an informed, balanced viewpoint to all stakeholders. The Strengths, Weaknesses Opportunities, and Threats associated with each option under consideration are analyzed upfront and weighed, to provide decisive quantitative and qualitative information. This information enhances the aspiration of retaining the much-desired competitive advantage and accomplishing organization’s goals. The need for this approach is more apparent considering the current climes of volatile technology where innovation and ingenuity thrive and drives the continued existence of some businesses.
Swotcompare.com offers its users a strategic planning SWOT template to facilitate the business strategy formulation process. An Organizations’ understanding of the comparative SWOT inclination of its strategic options, offers an opportunity to not only plan but also to consolidate on its strengths, exploit opportunities while also identifying and therefore mitigating threats and managing weaknesses from a superior position of prior knowledge.
Aspiring for the winning formula demands that all options are objectively assessed, as opposed to being prematurely embarked upon or discarded. Conversely, where there are diverse options to consider, there is a need to funnel these through relevant weighted criteria, categorized within the due factors of Strengths, Weaknesses, Opportunities, and Threats. With a view to forging ahead with the corporate vision, an organizations’ executive committee or board, mostly relies on the recommendation of its frontline teams to implement the missions resulting from proclaimed organizational strategies. As such, taking the appropriate approach to selecting the strategy as well as implementing the ground level works, calls for an analytical approach whereby decisive tradeoffs can be made from multiple options.
The business strategy options are outlined, relevant decisive factors are listed, each of these is then ranked using a built in weighted score system within the factors of Strengths, Weaknesses, Opportunities, and Threats. A conclusive deduction can then be made based on the option bearing the highest weighted factors of Strength while offering the most Opportunities as well as least insurmountable Threats and Weaknesses. The resulting visual output charts (Bar Chart, Pie Chart, Stacked Charts) provide vivid results that can be shared as part of a presentation or transmitted in an email.