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SWOT ANAYSLIS Strategies For Beginners

The Business Mechanic Podcast with Vaughn Sigmon

Release Date: 01/01/2023

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The first step for annual goal setting is to reflect on your current situation and assess your strengths, weaknesses, opportunities, and threats. This process, known as a SWOT analysis, will help you identify areas of your business, department, division, or team that you may want to focus on and goals that will help you move forward.

Download a free version of these questions for your future use.

After you have completed your SWOT analysis, the next step is to set specific, measurable, achievable, relevant, and time-bound (SMART) goals. SMART goals are specific, meaning they are clear and defined. We will cover that in next week's podcast. 

Today's show is prompted by the time of year. I’m recording this on new years eve, which is the beginning of the annual planning season for most companies. My aim today is to provide you with some knowledge, skills, and tools to help you focus on the proper format and steps of a successful goal-setting session. Especially as a manager who has never conducted a SWOT discussion with their team. This meeting is highly important and critical for you to make happen.  After this show, you will have the best practice of how to conduct a SWOT discussion and begin your annual planning session like a pro.

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Annual Goal-Setting Meeting

Many managers are too eager to create goals themselves without input from their team members. Please don’t approach goal setting autonomously. When you take the time to collaborate with your front-line team to determine goals and what they must do to achieve them, you are significantly more likely to achieve those goals. Why?

A common factor in many underachieving organizations and teams is that they create goals and start actions quickly rather than taking the time to identify the most impactful goals and plan how to have the best chance to attain them successfully. Don’t rush!

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You must follow three steps during the annual meetings to achieve the desired results.

  • The first step involves doing a "SWOT" diagnostic. SWOT refers to a very objective look at Strengths, Weaknesses, Opportunities, and Threats.
  • The second step is to identify your Critical Success Factors.
  • The third step is to create strategic goals and actions to utilize your organization's strengths, neutralize any weaknesses, take advantage of opportunities and prepare for threats outside your control.

Today we will only discuss the SWOT part.

Get a free version of these questions for your future use.

 

What you identify in your SWOT diagnostic will be one of the essential tools used in making your goals and decisions. The SWOT will give you a good idea of "what fences need to be moved and which fences can be moved." Your SWOT evaluation will give you an idea of what is realistically attainable. You will avoid creating demoralizing goals and wasting the organization's financial and human assets because they are unrealistic.

Your written SWOT Statements will also help you identify the most critical factors to be satisfied to achieve desired success. These factors are referred to as Critical Success Factors (CSFs).

 

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