If you're strategic planning for your business, there are few tools more useful than a SWOTT analysis. SWOTT, or Strengths, Weakness, Opportunities, Threats, and Trends is generally considered to be the cornerstone of strategic analysis.
Your strengths and weaknesses are features of your organization, and your opportunities, threats and trends are features of the environment your organization is operating in. Features of your organization and environment have both the ability to further your goals (strengths and opportunities) or hinder them (weaknesses and threats). Very simply, identifying good and bad features, and whether they come from inside or outside your organization, is an elegant and powerful way to think strategically. SWOTT analysis can be scaled to fit any size of organization, too: from your small business in Ann Arbor, to the very largest international corporations.
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