The SWOT analysis is meant to help you understand the current landscape of your business. What are the (s)trengths, (w)eakness, (o)pportunities and (t)hreats. With a SWOT you want to:
- Eliminate internal weaknesses
- Capitalize on internal strengths
- Identify external threats
- Invest in external opportunities
Weaknesses and Strengths are internal. Threats and Opportunities are external.
Spend some time with your team discussing each of these areas. When you do, priorities will begin to become clear for the business which can then be translated into goals for the business.
For example, if the fact that your employees are poorly trained emerges as a major weakness and it is affecting your ability to execute and keep customers happy, you may want to make improvement of that weakness a top priority for next year. The priority or goal would have implications on your budget (you'll need to set aside money to pay for training etc.).