The following comes from the January 2017 issue of Truck Parts & Service. To read a digital version of the magazine, please click the image below.
Running a profitable 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 influence 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.
