Always conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) before major decisions.
- Definition: Evaluate internal and external factors through a SWOT analysis before making strategic decisions.
- Examples:
- A business considering launching a new product conducts a SWOT analysis to assess internal capabilities and market opportunities, revealing areas to focus on.
- A company considering a partnership reviews the strengths and weaknesses of both organizations to ensure strategic alignment and minimize risks.
- Before expanding to a new location, a small business analyzes local competitors, market demand, and potential threats to make an informed decision.
