SWOT analysis is a well known strategy tool – probably the first strategy tool most people come into contact with without realizing its to do with strategic analysis.
Strategy tends to mean different things to different people. It’s quite nebulous – ask 10 people, get 10 answers. Yet, all successful businesses have a strategy, and every organization needs one. In this blog post, we’re going to answer the question “what is strategy?” and then we’ll explore its elements, characteristics of good and bad strategy, and how to develop a winning strategic plan.