Strategic Plan, Part II: SWOTT Analysis Paper

Strategic Plan, Part II: SWOTT Analysis Every company should take the time to discover how their company is doing. They need to know what their strong areas are and where they need to do some improvements. They need to look for different avenues to take and what could be standing in their way. They can achieve this by doing a SWOTT analysis. A SWOTT analysis is a study done by an organization that will help the organization to identify their strengths and weaknesses as well as their opportunities, trends, and threats. Simple Elegance is a bridal shop that opened up in 2011. It is owned and operated by my three daughters and myself. The shop sells wedding gowns, prom dresses, and homecoming dresses. The shop also has shoes and accessories available to purchase as well. On top of all of this we also offer a wedding planner service, DJ service, and a catering service available at a reasonable price. We also have someone available to make alterations. Three months after we started the business we did a SWOTT analysis, to see what our strengths, weaknesses, opportunities, threats, and threats were, and this is what we found:
Strengths –
Finances
Wholesale prices
Custom gowns and accessories
Wedding planner service
DJ service
Catering service
Online interactive website
On-Site alterations
SWOTT analysis should be done at least every six months, just to see how the shop is doing and where we need to make improvements. The benchmarking can be done as often as needed because the information obtained is very useful. Using these tools will help the company be as successful as they can. Growth and profit come with excellent leadership and knowing at all times what is going on with your company. The company needs to do the research and understand change is inevitable. With a good team of managers the transitions to change will go