Executing a new strategy is challenging, even when goals are clear and specific. Think about New Year’s resolutions. Despite our best efforts to envision success—whether it’s exercising more, saving money, or making better use of our time—we often abandon these ambitions. In fact, around 80% of New Year’s resolutions fail by the second week of February, largely due to a lack of discipline. This same challenge applies to organizations: without disciplined execution, even the best-laid strategies can fall short.

WOT, an acronym for Strengths, Weaknesses, Opportunities, and Threats, is a strategic planning tool designed to help organizations develop strategies by leveraging their strengths to address weaknesses and exploiting opportunities to mitigate threats. Developed in the 1960s by Albert S. Humphrey, a revolutionary figure in business strategy, SWOT has remained a vital tool in today's dynamic business environment despite some opinions that it has become outdated. The misconception about SWOT's effectiveness often stems from its traditional approach, which has limitations. SWOT must be used in conjunction with other situational analysis tools to provide a clear picture of a company's standing in the competitive landscape. When used in isolation, SWOT can result in a superficial list of observations about the organization's strengths, weaknesses, opportunities, and threats. To be truly effective, SWOT analysis should be integrated with other strategic planning tools to develop comprehensive and actionable insights.

Strategic planning is not a linear process, nor is there a single correct approach to its formulation. We present a five-step strategic model that any business can implement to navigate the nuances and complexities inherent in strategic planning. Organizations have distinct visions, target markets, and value propositions, which necessitate tailor-made solutions. The PurposeLab Model acknowledges this reality and aims to simplify the planning process by providing a step-by-step guide for creating customized strategic plans.