Content area
Abstract
A SWOT analysis is an important aspect of strategic business planning and should always be performed in conjunction with the initial creation of a company's business plan. On an ongoing basis, performing an annual SWOT review to update the business plan ensures that the business plan will remain a living, breathing document that the firm and the employees can follow. In today's retirement services industry, change is the only constant. The SWOT analysis is an effective tool for managing change, determining strategic direction, and setting realistic goals and objectives. Since a company can only handle a finite number of initiatives at any one time, it is extremely important to prioritize opportunities and threats in order to determine the most critical strategies for success. Ask for staff input on development of new goals to fulfill the strategies and ask how they can help get you there. The employees are the engine that drives the train of your business, and they are an essential part of implementing SWOT strategies.