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Sales & Marketing
W W W . T R U C K P A R T S A N D S E R V I C E . C O M J a n u a r y 2 0 1 7 | T R U C K P A R T S & S E R V I C E
R
unning a profi table business requires a
commitment to strategic planning. And for
businesses tasked with a big decision, there
are few analytical tools more valuable than a SWOT
analysis.
SWOT, which stands for Strengths, Weaknesses,
Opportunities and Threats, is an analytical tool that
creates awareness around the internal and external
factors that infl uence a company's productivity and
performance.
Existing businesses can use a SWOT analysis at
any time to assess a company's progress related to its
goals.
For example, if a distributor is looking to
improve its customer service results as part of its
short-term business goal process, it could look at all
the areas in which they've been successful, and of
course, the areas that are lacking.
New businesses can use a SWOT analysis as a part
of their planning process as well. For example, when
developing a marketing plan for a new facility, you
can look at all the items that are available, see who
your competitors are and who they are targeting and
see what options best suit the business.
Generally, owners, managers and various per-
sonnel groupings take place in the SWOT process
so that varying opinions can be generated. The
SWOT process is very much a "thinking game"
where ideas are bounced around among a diverse
group of peers.
SWOT's SWOT's SWOT's
?
up
?
Self-analysis helps all
businesses in planning
