Some considerations on SWOT analysis in business planning.

Dear readers, an important tool for business planning, according to Koontz (2008), is the SWOT analysis, Strengths, Weaknesses, Opportunities and Threats, this tool is commonly used to evaluate internally and externally each of the aspects with which the companies are related, the strengths and weaknesses refer to the company and its products, while the opportunities and threats are external factors over which the company has no control.

In that sense, in order to have an excellent planning, companies analyze the possible threats to develop strategies to compensate the situation and logically reduce the impact it may cause and bring with it certain weaknesses, i.e. the organization must be aware of the threats to effectively take advantage of the strengths and opportunities.

The SWOT analysis as a planning technique in the company, will provide valuable information from people involved in the management of the business and that with their knowledge can provide ideas for the future of the company, the experience and creativity of the people involved in the diagnosis is a fundamental part of the analysis process because, while some may go unnoticed some situations, for others it would be a great opportunity to develop some strategies.

In this same order of ideas, Cano (2017), points out that to perform the internal diagnosis of the company, it is recommended to use a brainstorming with what is considered threats, of course in this diagnosis must be involved people who know the company in depth, ideas can arise by inquiring about the administrative, managerial, financial technological, human talent and competitive capacity.

After performing the respective diagnosis, the information must be systematized, using matrices, where the impact of possible threats on the internal capacity of the company is classified. Some authors point out that they can be classified according to the level of importance, from the least important, which would represent a zero in the diagnosis, to the most important, which could be represented by a 10 in the diagnosis.

Dear readers, after collecting the information with the diagnosis, we proceed to elaborate a SWOT matrix where the information on the development of the company must be collected in a systematized way and interpreted. This information will allow the management of the company to take the most viable and appropriate strategies to take advantage of the strengths to significantly reduce the weaknesses and threats.