SWOT Analysis Part 4of5

SWOT Analysis Part 4of5
February 1, 2019 Tim Walterbach

The SWOT Analysis is an excellent tool to help any business to excel. This is Part 4of5 by Tim Walterbach #000261

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SWOT Analysis Part 4 of 5

By Tim Walterbach

This text is in Extreme Rough draft and will be edited in the near future.

my name is Tim Walterbach with IBBTalks and we are continuing in our SWOT analysis series SWAT of course Stan is an acronym same for analytical process privately or among your peers to examine your strengths weaknesses opportunities and threats so last series we last two we covered strengths and weaknesses those strengths set the things your company does well the qualities that separate you internal resources tangible assets things that that you’re doing really well in things that you can sell so to speak to your customers of why your to be preferred over your competitor and then weaknesses and we talked about the benefits of understanding your weaknesses so you can build a team around you to complement those weaknesses with their strengths and so we can gain more market share because we haven’t we did an honest assessment of our weaknesses and we corrected those and and we’re able to gain some marketer now opportunities you began your business because you saw an opportunity hopefully hopefully it wasn’t just something that you liked and thought others might like to hopefully you did a little research to discover the opportunities in your marketplace that’s a process a lot of people very important processes a lot of people will start off just something they like you know type of food type of clothing you know without any research to find out you know what the opportunities are sometimes you might get lucky and have a hobby that other people a lot of people like to do also and you know I guess that’s the ultimate but in reality we usually have to look very hard for opportunities talking with a group from Tanzania this morning and one of the businesses we were talking to was the was someone who sold peanuts and that was available to them they grew peanuts and there was a lot of people selling peanuts though and so we talked about what was her opportunities for gaining market share and she saw that a lot of people just you know bagged up salted and bagged that peanuts and they were everywhere so she came up with a little ingredient coating them with an egg base bad or whatever and created a product that you know kind of put her gave her an edge over the other peanut sellers she had to research you know my she might not a call it that but she did take notice and that’s what research basically is just taking notice go out and find out what what your competitors selling you know talk to their customers are they satisfied maybe somebody has a laundry business but the customers are complaining because they want to deliver to their house they don’t want have to go pick it up so you offer delivery I mean you like delivering you know you may like washing clothes and pressing clothes but you don’t really like that’s you know we got to break out from that we got to do research we got to find out what other people want know we it’s like going out I had a gentleman speak this morning from Haiti and he gave this analogy this is just like going out a tailor would go and measure up the client and then come back and build the suit that’s a lot better way than building a bunch of suits that they don’t haven’t done the research on you know I hadn’t done the measuring on and I find this in America it’s I baffles me but I I think a lot of clothing stores don’t do research I wear an extra-large on the sale rack there’s always one or two extra-large and there will be 50 small so basic research would say we’re making way too many of these small ones let’s make more extra-large and fewer small ones a lot of a lot of companies don’t do that very sophisticated companies but that starts whether you’re a tailor selling nuts at a kiosk gonna find things opportunities the more you’re looking into the opportunities and opened up to these opportunities the greater market share you’re going to realize okay thank you appreciate your time we talked about opportunities of the SWOT analysis strengths weaknesses opportunities threats and I’ll be doing one more on threats please join me
Tim Walterbach
Founder and CEO | Walterbach Homes
Not only is Tim a successful business owner, author, and speaker, he has specialized in creating the turn-around for several non-profit organizations in Georgia, New York, and Oklahoma. His success is featured in the book, "Finish the Vision".

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