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Prepare a SWOT analysis. The SWOT should take full advantage of possible pivot points that the company faces in the immediate future, those new technologies or markets on the horizon that a company is prepared to exploit. In preparing the SWOT, consider both the strengths and weaknesses from the internal point of view. That is, these are from the inside of the organization looking out. For opportunities, the company should identify specific strategies to exploit and expand the opportunities to get the most benefit from these opportunities. For threats, a company should create specific strategies to avoid or mitigate these threats. All of these four dimensions must be put together into a cohesive and comprehensive plan for the benefit of the company.
After the completion of the basic four quadrants of the SWOT table and the subsequent detailed analysis, consideration should be given as to the trend of each of the four quadrants. For example, if “Experienced staff of technical employees” is identified as an element in the strengths quadrant, then the question should be asked, “What direction is this strength heading in?” In this case, you may have enough experienced technical employees today, but perhaps 35% of your technical staff is eligible for retirement within one year, which could lead to a serious problem in the near term. So, for each quadrant, consider the trend line as well.
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