How to Know Which Threats Really Matter

How To Know Which Threats Really Matter - Gettyimages 1347947373 513215

Arriving at one’s final strategic destination is made far more likely by keeping one’s eyes fixed firmly upon it. External threats can rattle us and distract us from our goals, too often causing us to question the validity of our plans. Not all threats, though, require course correction. Winning leaders are those that know the difference and prepare accordingly.

Typically, leaders formalize understanding of any threats arrayed against the business through the completion of a SWOT – or Strengths, Weaknesses, Opportunities, and Threats – analysis. Doing so enables the key leaders of the firm to look both inside and outside the firm at factors impacting it now and in the future in order to arrive at a better, common understanding of where to place strategic leverage and where to invest defensively. A thoughtfully executed SWOT analysis also helps place a check on unrealistic unconstrained or unbound requirements planning which can lead businesses to drastically overestimate demand…

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This article was written by Phillip Kane and originally published on www.inc.com