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It isn’t the only factor businesses can use in developing an effective business strategy. The SWOT analysis is useful in identifying broad questions which you can use to develop your business plan.
It has been said by some business leaders that it doesn’t go far enough. It won’t identify the key value drivers of your business. It is unproductive and ill-advised to begin planning before knowing your goals and the milestones you will use to measure your progress towards reaching those goals.
It is just one tool you should be using in your strategy toolbox. When it’s used with various other analysis models it will create a framework for strategic thinking which is informative and should be used to guide your decision making.