Decoding Success: Navigating Business Strategies with SWOT Analysis | MyPaperHub

Unveiling the Power of SWOT Analysis in Business Planning and Development

SWOT analysis is a system used in various aspects of the business. It means Strength, weaknesses, opportunities, and Threats. It is used to identify these aspects and allows an organization to identify and maximize on the strengths, help the organization improve on the identified weaknesses, allow to fully take advantage of the opportunities and find effective ways to minimize the identified weaknesses. It is a system that is very beneficial for the positive development of an organization. The use of a SWOT analysis is also beneficial in the planning process of an organization. This is because it leads to effective decision making tailored towards successful growth and development. It provides fuller awareness of the business situation which is important for decision-making and strategic planning (Bush, 2016).

Building a business that is successful requires great levels of planning. Business planning helps in defining the strategies of the business, the identification of goals and most important it helps in the actualization of the vision of the business. SWOT analysis helps the process of planning and makes it easier to reveal information about various circumstances the business might find itself in and offers solutions for those situations. The analysis provides insight into the current business situations and makes it easy to plan for the future of the business. It helps answer the questions of how the company is expected to grow. What factors will change as result of the growth? And what aspects might hinder the achievement of growth for the organization? Opportunities and weaknesses, on the other hand, offer insights to the question but based on aspects of the future of the company (Gregory, 2017.

Supplementary information is very crucial to any business plan. They provide finer details about the business that could be used to enhance the plan. Supplementary information occurs in the form of supporting documents which are used to make references to the information presented by the business plan. Such supporting information is usually placed in the appendix section of the plan. This information helps support the central section and provides more imperative information to the business owners. A good example is whereby instead of disclosing the personal information of a manager in the business plan’s body, the writer of the business plan can refer this information to an attached resume of the manager which ought to be in the appendix of the business plan.  The appendix also contains other details such as advertising samples and organizational charts (Smalley, 2017).

In relation to the SWOT analysis, the supplementary information found in the appendix of a business plan can be very important in providing a better overview of the company. It provides conclusive information about the plan of the business by providing actual documents that can be used to back the information presented by the plan. The weaknesses of supporting information found in the appendix are that it holds many documents needed to back the business plan. They range from tax returns, financial statements, copies of resumes, market researchers, advertisement samples and much other documentation that can make the business plan very cumbersome.  They offer the opportunity of a better overview of the position of the business, and this is essential for planning. Threats include creating confusion as a result of too much information presented. The SWOT analysis is, therefore, a very valuable tool in the development of a business plan (Smalley, 2017).


 

Works Cited

Bush, Thomas. How to Use SWOT in Business Plans. 2016. http://pestleanalysis.com/swot-business-plans/.

Gregory, Alyssa. How to Conduct a SWOT Analysis for Your Small Business. 2017. https://www.thebalance.com/swot-analysis-for-small-business-2951706.

Smalley, Carol Parenzan. Supporting Documents in Your Business Plan. n.d. https://www.allbusiness.com/supporting-documents-in-your-business-plan-2-4057779-1.html. 2017.

 

 

 

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