When you are growing your business you can analysis the success of your business plan in many different ways. One way is to use the system Albert Humphrey created called S.W.O.T.
In the simplest terms possible Humphreys suggested we make strategic business planning by reviewing four areas of potential.
S for our Strengths
W for our Weaknesses
O for our Opportunities
T for our Threats
Once we have identified these areas we can dig deeper to build the plan for our business growth.
Action Step:
By using this acronym you can sit down and start to analysis the potential success or lack of success of what you are going to do (or are doing).
If you would like to read more on the concept of SWOT you can check out books like The SWOT Analysis
All the best to you,
David
