I believe that the SWOTT is an outstanding tool for businesses to use that may propel their businesses farther than it could go without it. I also really enjoyed reading how you interpreted the SWOTT! It is an easy approach and should help others foster an understanding.
I also think that forecasting is another approach that can be incorporating into the SWOTT. Forecasting is also an important component of the strategic planning process; especially, when evaluating opportunities and trends. I believe the SWOT analysis illustrates the critical areas where the organization must apply the four functions of management. Keown, et. al(2005) assert; planning involves anticipation and preparation; therefore, the ability to anticipate and prepare for future occurrences empowers the organization. When an organization is able to respond to the changes in its environment; it has an opportunity to explore options and develop alternatives. Contingency planning or evaluating the “what ifs” helps the organization prepare for potential changes. Planning is looking and thinking ahead; therefore, when an organization explores future possibilities and/or probabilities; it is in a better position to respond more effectively to the sudden or subtle changes in the environment.
Keown, A.J., et. al (2005). Financial Management: Principles and Applications, Tenth Edition. Ch 4. pp. 107 – 109. Financial Forecasting, Planning, and Budgeting. Upper Saddle River, NJ: Pearson Education, Inc.
#8 Primary External Organizational Considerations (Professor)
What are the primary external organizational considerations for the development of a strategic plan? Which consideration is the most important? Why?