Thinking strategically to build and grow your business is a challenging prospect. Even with the best of intentions, many smart executives and marketers lose their way when trying to plan. They may be too broad or unspecific, or they may be too biased in their thinking. Either way, one strategic tool stands head and shoulders above the rest: the SWOT Analysis.

SWOT is an acronym for “Strengths, Weaknesses, Opportunities, Threats.” By keying in on these four areas with an objective, honest, and thorough discussion, leaders, and decision-makers can quickly see paths to their best course of action to build or grow their business. Here are four reasons to implement this analytic tool.

It Allows You to Objectively Identify Your Strengths

Your strengths may be the most obvious and positive component of a SWOT Analysis, and that makes it a great place to start. A SWOT meeting consists of a whiteboard session with someone writing down every idea with a short three- or four-word summary. Stream of consciousness brainstorming is the name of the game at this stage; ideas can be pruned and whittled down later if need be. Ask everyone to shout out strengths as they think of them. Hopefully, you’ll generate a long list.

It Gives You the Opportunity to Examine Your Weaknesses

The thought of giving your weaknesses the same treatment may seem less appealing, but that’s part of the value of the exercise. Hopefully, after a good discussion of the strengths, people will be more willing to be open about weaknesses. A SWOT analysis should never devolve into finger-pointing or a complaint session, which should be a discussed ground rule from the start.

It Provides a Chance to Investigate Opportunities

Segue quickly from weaknesses to opportunities. You’ll be able to address many weaknesses by reframing them as opportunities. This is also the best time for new ideas to come to the table. Hopefully, by now, your team will feel comfortable speaking openly. You never know where a great idea will come from!

It’s the First Step to Handling Threats

Threats usually come from moves made by competitors. They can also take the form of outside influences, like changes in the marketplace or supply chain. You have little control to avoid threats, but by preparing for them, you’ve taken the first proactive step towards fighting back against them.

SWOT training offers a unique approach to understanding your business’ strengths and weaknesses and knowing how to address potential threats.With just four easy steps, you see real growth take place.