Jeff Nock, Business Consultant, Explains practical applications for a SWOT Analysis
Jeff Nock, Business Consultant, Explains practical applications for a SWOT Analysis In the 1960’s there were few tools to use for long term corporate planning. Business plans were 30-page tomes that no one ever read and did not enable employees to connect to the plan in a way that was executable. To address this problem a management consultant named Albert Humphrey at the Stanford Research Institute invented the SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. Companies who conduct a SWOT analysis evaluate internal strengths and weaknesses and external opportunities and threats. Jeff Nock explains, “A SWOT analysis can be an effective part of the overall strategic planning process. It is helpful not only for leaders within the organization to evaluate their own strengths and weaknesses as well as external opportunities and threats but also helpful to bring in a third party (such a business consultant) to get a fresh perspective. Often compa...