In a study of almost 30,000 managers, department heads and bosses, Management Research Group found that high potential managers rated significantly higher in strategic visioning and planning for the future, among other differentiators.
A SWOT is a proven strategic planning tool, capable of evaluating the direction of the company, new initiatives, projects, specific departments, etc. If you haven't heard of SWOT, it's an acronym for Strengths, Weaknesses, Opportunities, and Threats.