The SWOT Analysis is an excellent tool to help any business to excel. This is Part 2of5 by Tim Walterbach @000258
SWOT Analysis 1 of 5
by Tim Walterbach
SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis can be a very effective method used to bring groups of business people together to share opinions and network, and it is a business tool that is commonly used around the world. An example would be in a discussion I recently had with some friends who live in Tanzania (a country in East Africa). When asked if they had ever completed a SWOT analysis, they all agreed that they had. In fact, they even stated that they had created a small write-up that they follow. If you search SWOT analysis online, you will find quite a bit of information and resourceful material available.
In regard to the strengths portion of SWOT, meeting regularly with others who are utilizing a SWOT analysis allows for the chance to share success stories that can bring excitement to the group. Sharing what your company is doing well, and how what you are doing separates you from the other competitors, can bring encouragement and inspiration. We need this if we are to grow. It can also provide opportunities to give and receive help. At some point in time, everyone gets stuck somewhere and can use a little guidance and direction; it is always good to turn to others for wise counsel. The SWOT analysis is effective for this purpose because it encourages people to talk about their strengths, weaknesses, opportunities, and threats.
Concerning weaknesses, a great practice is to share where we may be lacking, in what ways our competitors are doing better, and our limited resources. In our international talks, we have a policy to ensure that we talk about our weaknesses as much as our strengths. Let’s face it, we can learn just as much or more from our weaknesses as we do our successes. Discussing weaknesses can also be very helpful to others who may have become discouraged, not knowing in which direction to turn.
In future segments, we will be talking about opportunities. It is always good practice in a business setting to talk about the underserved markets, the opportunities provided by competitors not fulfilling the need of the community in ways that you can, and emerging needs that you have identified that could be satisfied if you had resources. This is so important to discuss in a group setting because someone in the group may have that networking piece of information, or may have the investment time or money that they may want to contribute. Opportunities need to be shared so that all of the available tools offered in the room can be utilized effectively.
The last portion of a SWOT analysis is threats. Who are the emerging competitors that might steal some of your market share because you are not as effective as you should be? What regulations may be changing that you aren’t aware of? What if there is some negative press that your company is receiving? We will be discussing all these in more detail in later segments.
There are many benefits that come from performing a SWOT analysis. I encourage you to continue through this SWOT analysis series as we elaborate more on each acronym. Next, we will talk in more detail about opportunities.
Subscribe To Our Newsletter
Interested in getting updates from IBBTalks.com on featured content and new videos? Fill out this short form and we will send you a short weekly email to keep you informed about resources that will help you in starting, growing, and excelling in business.
***We will never share or sale your information with any affiliate and will only use it for your expressed purpose of receiving information about IBBTalks.com***