I'm finding myself working through a strategic planning process. I've known executives who would just use gut instincts when doing their strategic planning. But when you're dealing with someone else and their money, don't be so gutsy. Just do a SWOT analysis. What does SWOT even mean!? During strategic planning, upper level managers, directors, or executives ask a series of questions. That's known as a SWOT analysis because they're trying to identify a organizations's strengths (S), weaknesses (W), opportunities (O), and threats (T). Because I think a picture is worth a thousand words, please see the Pictofigo enhance grid below.
SWOT
What are your major strengths? These are internal. How can you capitalize on them in the future?
What are your major weaknesses? These are also internal. How can you overcome them?
What are your major opportunities? These are external to your organization. How can you take full advantage of them?
What are your major threats? These are also external to your organization. Is there anything you can do about them?