What does SWOT stand for in strategic planning?

In strategic planning, SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This framework is widely used for assessing an organization’s internal and external environments.

Strengths refer to the internal attributes and resources that support a successful outcome, such as skilled personnel or advanced technology. Weaknesses are the internal factors that could hinder organizational performance, like gaps in expertise or limited resources. Opportunities are external chances to improve or grow, which may arise from market trends or regulatory changes, while threats are any external conditions that could pose risks to the organization, including competition or economic downturns.

This structured approach allows organizations to identify and leverage their strengths, improve weaknesses, capitalize on opportunities, and mitigate threats effectively. By analyzing these four areas, teams can develop comprehensive strategies that enhance their chances of success.