The SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) can help analyse the effectiveness of, or capacity to achieve your strategies and objectives.
Identify and list the internal attributes or areas your company is highly competent in. That is what is your company good at?
Identify and list all the internal attributes and areas your company falls short of the standards required to make it achieve its objectives. That is what is your company no good at?
List any external avenues where there will be potential benefit for your company.
List the external things that are jeopardising or likely to jeopardise the prosperity and future development of your company.
Start to focus on your main activities or things you want to achieve.
Objectives are specific measurable outcomes that the business wants to achieve in a given period.
Think of objectives as your measuring stick for success.
Objectives should be:
What you believe are the vital strategies and tactics to be carried out to meet the objectives of the business.
Strategies are your business goals and the tactics are the specific efforts needed to achieve the those goals.
Tactics always tie back to support the business goals.
For Example
Corporate GOAL
Generate $2 million in revenue next year.
Strategy ONE
Develop price conscious market
Tactic ONE
Reduce the price and build new product with modified features thereby lowering the price for frugal customers.