SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities and Threats involved in managing the Suggestion Scheme.
It involves specifying the objectives of the programme and identifying the internal and external factors that are favourable and unfavourable to achieve that objective.
The technique is credited to Albert Humphrey, who led a convention at Stanford University in the 1960s and 1970s using data from Fortune 500 companies.
A SWOT analysis must first start with defining a desired end state or objective. A SWOT analysis may be incorporated into the strategic planning model. Strategic Planning has been the subject of much research.
- Strengths: characteristics of the business or team that give it an advantage over others in the industry.
- Weaknesses: are characteristics that place the firm at a disadvantage relative to others.
- Opportunities: external chances to make greater sales or profits in the environment.
- Threats: external elements in the environment that could cause trouble for the business.
Identification of SWOTs is essential because subsequent steps in the process of planning for achievement of the selected objective may be derived from the SWOTs.
First, the decision makers have to determine whether the objective is attainable, given the SWOTs. If the objective is NOT attainable a different objective must be selected and the process repeated.
The SWOT analysis is often used by Suggestion Scheme Managers to highlight and identify strengths, weaknesses, opportunities and threats to the programme and to assist in mitigating these risks and threats.
This process is also a great tool to find out the performance of your scheme. It will allow you to develop a business plan focused on the outcomes.
At ideasUK we would recommend a SWOT analysis is carried out for your programme at least twice a year.
We have the experience to help you complete this analysis and this service is free to members, there is also a template available in the member’s area of the website so contact us now at email@example.com.