Strategic planning starts with a management review called a SWOT analysis . The letters stand for strengths, weaknesses, opportunities, and threats. A SWOT analysis usually starts with a broad overview. The first step is for top management to respond to questions like these:
What are our strengths, and how can we use them to achieve our business goals?
What are our weaknesses, and how can we reduce or eliminate them?
What are our opportunities, and how do we plan to take advantage of them?
What are our threats, and how can we assess, manage, and respond to the possible risks?