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Planning Aspects

The SWOT Analysis

The SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) can help analyse the effectiveness of, or capacity to achieve your strategies and objectives.

  •  Strengths
    • Identify and list the internal attributes or areas your company is highly competent in.
  •  Weaknesses
    • Identify and list all the internal attributes and areas your company falls short of the standards required to make it achieve its objectives.
  •  Opportunities
    • List any external avenues where there will be potential benefit for your company.
  •  Threats
    • List the external things that are jeopardising or likely to jeopardise the prosperity and future development of your company.

Objectives

  •  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:
    • Measurable and include a time frame
    • Clear and understandable
    • Realistic
    • Achievable but not set too low that they won’t
      challenge
    • Not frivolous or unrelated
    • Flexible
    • Emphasis placed on the end result, not the method.

Strategies and Tactics

  •  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.






 
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