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9/11/2006

SWOT
by Paul Considine, Center Director, SAU SBDC

A SWOT analysis is a subjective assessment of data which is organized by using the SWOT format into a logical order that helps understanding, presentation, discussion, and decision-making. SWOT is probably the best tool there is for taking a strategic look at a business. It is named for strengths, weaknesses, opportunities, and threats. SWOT is the first step a company should take when it analyzing and developing a business strategy. You can use SWOT in business planning, strategic planning, competitor evaluation, marketing, and product development searches.

Besides the obvious ideas and changes that come out of a good SWOT analysis session there is a less noticed, but equally important benefit to the company. That is team building. Managed correctly, it is an open invitation for people to contribute to the well being of the company. It gets people sharing ideas, thoughts, and opinions that most of the time are not known and left unspoken. In many sessions people from different parts of the organization find out they have the exact same views on the company. SWOT sessions get people thinking about the business strategically, talking and sharing ideas, and it turns them into a team that is focused on the goals of the business.

You can get a free SWOT analysis template at www.businessballs.com.

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Arkansas Small Business and Technology Development Center
University of Arkansas at Little Rock - College of Business
Donald W. Reynolds Center for Business and Economic Development
2801 S. University / Little Rock, Arkansas 72204
Phone: 501.683.7700   Fax: 501.683.7720

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The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran's status, or disability.