SWOT’s the Purpose?

Don’t just go through the motions.

By Steven E. Sacks
The NEW Fundamentals

CPA firms that seek to position themselves for the future must be brutally honest and self-aware. They might normally start with a top-down or bottom-up analysis of their operations. One tool that has been around forever is the SWOT analysis.

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SWOT stands for Strengths, Weaknesses, Opportunities and Threats. There are benefits to this tool because it serves as a motivator to examine a situation (e.g., operational, cultural, financial), assess core competencies and capabilities, identify the need to (and key drivers of) change and enable – if conducted correctly – an organizational cross-section of input and insight.