Conducting an environmental scan will help you understand your operating environment.An environmental scan is also referred to as a PEST analysis, which is an acronym for Political, Economic, Social and Technological trends.The reason to do a competitive analysis is to assess the opportunities and threats that may occur from those organizations competing for the same business you are.
The SWOT analysis helps you ask, and answer, the following questions: “How do you….” *To access the worksheets under “Tools & Techniques” please refer to our Strategic Planning Kit for Dummies.
If your team wants to take the next step in the SWOT analysis, apply the TOWS Strategic Alternatives Matrix to help you think about the options that you could pursue.
When this happens, you will need to either adapt your strategy or begin the process over again. Some organizations can maintain a strategic plan for a year or longer, while others have to respond to market changes more frequently.
Whatever your situation, just be prepared to let go and switch strategies as necessary.
Sometimes it is helpful to also include Ecological and Legal trends as well.
All of these trends play a part in determining the overall business environment.
You need to choose someone to oversee the implementation (Chief Strategy Officer or Strategy Director) and then you need some of the key individuals and decision makers for this team.
It should be a small group of approximately 12-15 persons.
Corrective action needs to be taken quickly to compensate for the dynamic business environment most organizations operate within.
*To access the worksheets under “Tools & Techniques” please refer to our Strategic Planning Kit for Dummies.