SWOT the PEST
Do you recall when first studying for your business related qualifications you suddenly became aware of a whole new language, previously hidden from view, only spoken in hushed tones in corridors and board meetings?
"What's the ROI for the 3rd quarter?" "Does the R&D take into account a recent SWOT analysis or are we reliant upon the OEM data?" This isn't so much business jargon as the shorthand for the scientific bit of commerce. The danger is that we can fall into the trap of using such terms without fully understanding both their meaning and potential impact for any given situation.
Without wishing to "dumb down" boardroom discussions we should perhaps on occasion be prepared to show our strength of character by simply saying, "Excuse me but what do you mean by that?" This would have the double effect of ensuring the acronym spouter really does understand what they are saying whilst improving the knowledge of your shy colleagues who always wanted to know but were afraid to ask. It's not a crime if you don't know what CRM means, just find someone who does, you might be surprised at how many people you ask before you find the answer.
We can all become pre-occupied with the effort of looking and sounding intelligent and can let little gaps in knowledge become huge blocks to understanding. We can't be experts in everything but should always make best use of communication otherwise we assume, guess or simply mis-interpret information which can have a significant impact on the business.
There's room to SWOT and to be a PEST analyst but perhaps the SMART objective would be to KISS and confess lack of understanding, TTFN.
ROI - Return on Investment, SWOT - Strength Weakness Opportunity Threat, R&D - Research & Development, OEM - Original Equipment Manufacturer, CRM - Customer Relationship Management, PEST - Political Economic Social Technological, SMART - Specific Measurable Agreed Realistic Timed, KISS - 1970's pop band with bad hair and make-up also acronym for Keep It Simple Stupid, TTFN - Ta Ta For Now, popular catchphrase of Mrs Mopp in the 1940's radio show ITMA, it's that man again (Tommy Handley) later TTFN adopted by Jimmy Young to close his radio programme.
"thinking differently and delivering results"