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Improving and meeting the standards for your company in internal governance is essential to the wellbeing of your organization and employees. Utilizing a SWOT (strengths, weaknesses, opportunities, and threats) analysis can enrich that system. What Is It? A SWOT analysis is just what the name suggests. It’s when you are encouraged to take the time to identify strengths and weaknesses within your organization, and for them to brainstorm both potential opportunities and threats. This test can be used amongst new employees to an organization as a kind of ice breaker, for them to launch new strategy formation together. It can also be used by seasoned employees as a tool for strategizing changes in the system of governance in your business moving forward. You’ll want to consider each factor from both an internal and external perspective. Strengths Identifying strengths can be as simple as making note of what the purpose of your organization is and how it functions in a practical sense. What is it that you do, and how to you do it better than the competition? Weaknesses As tough as it may be to express the negatives, you need to be honest about how you’re doing in reference to your competitors. What do they do better? How can you make that a strength, or use that difference between your companies to your advantage? Opportunities and Threats These two factors are ways in which you can make improvements and changes, and what obstacles might stand in the way of that. These factors are where the most practical aspects of your brainstorming occur, including management and the fluidity of work roles. A SWOT analysis can be adapted to fit a specific purpose within your business and refine your internal governance, depending on what it is that you’re trying to accomplish.
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