SWOTs will help the company size up the competitive landscape and get some insight into the vagaries of the marketplace. SWOTs are not suited for helping executives in their day-to-day management - yet, every company should go through the SWOTs exercise at least once a year. This is one time where I will strongly suggest you bring an outside consultant in to help you. It is just about impossible to do your own assessment. That's because you and your team all have prejudices, feelings, and history with the company, personal experiences that will color your view and thus give you a less than true SWOTs' assessment.
Why do a SWOT analysis? The world changes - and so must your company. In order to make good changes, you must have a clear idea of where you are strong and weak, as well as see the possibilities for growth and whatever market pitfalls are lurking out there. After doing SWOTs, you can develop a solid business plan, a plan based on reality. In short order, you will have a good idea of what you have to do to continue your success. This assessment will help you define areas for improvement, seize opportunities in the marketplace and anticipate threats. Think about it - how can you possibly capitalize on your strengths and the current opportunities if you don't know what they are? Similarly, how can you shore up your weaknesses and prepare for changes in the marketplace if you don't know what they are?