What is a SWOT analysis, and why do I need one?

In this installment of Consulting Conversations, Hank Harris breakdown what you should know. 

Well, taking that backward, nobody needs one. The question is should you have one.

The SWOT analysis is a forerunner of strategic planning. It's an acronym that sums up the first piece or first phase of your strategic planning process. SWOT stands for strengths, weaknesses, opportunities, and threats.

The strength and weaknesses part is the internal part of your company.

The opportunities and threats are intended to reflect the outside market and the environment of your company.

We'd love to hear from any private business hunt owner in North Carolina that thinks we could be of some help to them in understanding how their business gets better or where it might go in the future.