Companies must conduct comprehensive business review (i.e., SWOT: Strengths, Weaknesses, Opportunities, and Threats) to address future business objectives.
For this assessment to be effective, companies should:
1. Collect competitive environment data, benchmarks and long term market trends
2. Engage a broad internal and external audience
3. Understand management’s beliefs and values
4. Build strategic capabilities at key places in the organization
5. Analyze facts to generate proprietary insights
Once completed, then determine how to best differentiate yourself from your competitors:
· Cost Leadership
· Differentiation
· Focus
Does your company regularly conduct a SWOT?
