Strategic Plan, Part II: SWOTT Analysis
Today’s business world is one of many challenges; challenges with our Federal Government encroaching upon the business world with regulatory changes and restrictions, challenges with an ever-changing economic climate that seems to swing in either direction and challenges with both political parties that engage in meaningless finger-pointing, rather than looking for solutions. Having a Strategic Plan in place is important to ensure that any business has a successful start to their business life. Companies need to develop strategic plans that include performing a SWOTT analysis to establish how the business will survive in these tough economic times. A SWOTT analysis is defined as a situation analysis of an organization’s internal Strength and Weaknesses, external Opportunities, Threats and Trends faced by the company, are closely examined to chart a strategy for survival of the company, (Business Dictionary, 2011). By focusing on leadership, the legal and regulatory climate, global economic climate, technological advances, innovation, processes and systems trends, a company can determine what changes need to be made to survive. Below is a SWOTT analysis for an all online loan origination system called The Loan Doctor, LLC. Strengths
The Loan Doctor’s fully integrated online format is similar to the questionnaire system that Turbo Tax uses in their software system; each “yes” or “no” response sets up a new set of questions or responses for the next series of questions or responses; in the end, the system gets the right response it requires to make a decision to approve or deny the loan application. The Loan Doctor, LLC recognizes the past inefficiencies, breakdowns in communication, confusion over the fees being charged and the interest rate being charged on the loan program and eliminates the confusing loan...
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