SWOT analysis which is the acronym for Strengths, Weakness, Opportunities and Threats can be diligently harnessed to help a mediocre businessman or business woman become a top notch Fortune 500 CEO.
SWOT analysis is a strategic method used to evaluate the Strengths, Weakness, Opportunities and Threats involved in business or even projects. Although most people tend to restrict SWOT analysis to only business ventures, but the truth is that SWOT analysis is as effective when used on an individual, place or even industry, as long as all the factors involved, both external and internal factors are properly analyzed, to indentify favorable and unfavorable conditions.
Are you a businessman or businesswoman? Do you desire to start your business soon? If your answer is “YES” to any of the questions, then you must carry out SWOT analysis. Firstly, what kind of business do you run? What advantage or strength do you have over your competitors?
What are the opportunities that surround you, by virtue of your location, qualification or even your affiliation? Have you been able to identify your weaknesses, or do you assume you don’t have one? Mind you, nobody is immune to weakness. It will only take proper self-assessment to reveal it.
Have you been able to identify the threat to the continuous existence and profiting of your business? There will always be policies, people or even personal ambition that will always pose as a big threat to the future of your business.
Here is what to do:
If you’ve been able to give sincere and honest answers to all the questions asked above, get them listed on a plain sheet of paper or even on a board in your office. That means you have started conducting SWOT analysis of your business. Yes, it is that simple!
After SWOT analysis, the next step is to map out strategy on how to maximize your strength and opportunities, and then minimize your weaknesses and threats.
Take your strength one after the other; ensure you project it to your customers and the general public- through all means of advertisement; including mouth to mouth publicity.
Be apt in leveraging on any opportunity that shows up around you. Remember, opportunities don’t always come knocking. When they come, grab them with both hands.
Finally, look for ways to work on your weaknesses, attend seminars and trainings that addresses your weaknesses. Read books, and hire experts that can help cover-up for your weakness.
With all these in place, your traits will become insignificant and your business will glide to the next level.
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February 1, 2016