The store owner brought the team together to think about how the bookstore could survive during the continuing financial downturn. We thought it would be helpful to show you a sample SWOT analysis for a business you can easily visualize: a small independent bookstore in a university town. These threats will affect you less if you can identify and minimize them. (4) Threats are those external conditions that can have a negative effect on your goals. These opportunities can point you in the right direction. (3) Opportunities are those external conditions that can have a positive effect on your goals. You can shore up those weaknesses so they don’t stop your success. (2) Weaknesses are those negative internal attributes that are working against your success. You can develop plans to capitalize on those strengths. (1) Strengths are those positive internal attributes that strengthen your business or team. SWOT stands for Strengths and Weaknesses, Opportunities and Threats. This analysis tool can help you focus your attention on the specific success factors that are right for your team. The goal is really a simple one: to help you understand your world and build a road map to guide your efforts. "Strategic planning doesn’t have to be a daunting and lengthy process. An action plan specifies the goals, indicates the objectives that must be met to reach the goals, and identifies the entity responsible for achieving each objective and within what time frame.This SWOT matrix diagram example was created on the base of article "An Easy Way To Jumpstart Your Strategic Plan: SWOT" by Leslie Wolf from the website of the California Digital Library, the University of California. Once the organization has determined where it is now (SWOT) and where it wants to be (SMARTER), it must place the strategic plan into action. To move from the "SWOT" assessment of where an organization is now to a determination of where it wants to be requires it to be "SMARTER," an acronym for creating "specific," "measurable," "acceptable," "realistic," and "timely" goals that "extend" the capabilities of those working to achieve them while being "rewarding" for the organization and its members. This acronym refers to the assessment of an agency's "strengths" (what it does well) "weaknesses" (where it is ineffective) "opportunities" (means available to improve performance), and "threats" (environmental factors that may hinder performance). Four basic questions are answered in the strategic planning process: Where is the organization now? Where does it want to be? How will it get there? How does it measure its progress? In assessing where it is now, an organization can call on the "SWOT" team for help.
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