{"id":110000,"date":"2014-01-06T15:07:15","date_gmt":"2014-01-06T19:07:15","guid":{"rendered":"http:\/\/dominicanewsonline.com\/news\/?p=110000"},"modified":"2014-01-06T15:07:15","modified_gmt":"2014-01-06T19:07:15","slug":"business-life-swot-analysis","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/columns\/business-life-swot-analysis\/","title":{"rendered":"BUSINESS &#038; LIFE: Swot Analysis"},"content":{"rendered":"<figure id=\"attachment_83298\" aria-describedby=\"caption-attachment-83298\" style=\"width: 160px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-83298\" alt=\"Dr. Valda Henry\" src=\"http:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2013\/01\/valda-henry.jpg\" width=\"160\" height=\"240\" srcset=\"https:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2013\/01\/valda-henry.jpg 160w, https:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2013\/01\/valda-henry-100x150.jpg 100w\" sizes=\"auto, (max-width: 160px) 100vw, 160px\" \/><figcaption id=\"caption-attachment-83298\" class=\"wp-caption-text\">Dr. Valda Henry<\/figcaption><\/figure>\n<p>Last week, we looked at the need for reviewing our strategy and looked at two models of doing so: Porter\u2019s Competitive Forces Model and Mintzberg 5Ps.\u00a0This week, we continue taking stock and reviewing our position and operations, and look at the SWOT Analysis, as a method of review.\u00a0\u00a0The SWOT Analysis is a tool in planning and risk management, which provides a comprehensive look at one\u2019s business.<\/p>\n<p>SWOT Analysis means the \u201cStrength, Weaknesses, Opportunities and Threats of one\u2019s business.\u00a0\u00a0This analysis takes an internal and external look at the business.\u00a0\u00a0The Strengths and the Weaknesses are internal factors, which are within the control of the organisation.\u00a0\u00a0Opportunities and Threats are externally driven, and factors that are not within the control of the company<\/p>\n<p><span style=\"line-height: 1.5em;\">Strengths are the good things and competencies of the company.\u00a0\u00a0Some of the questions include, What are the strengths of the business?\u00a0\u00a0What is the company good at? What unique activities does the company provide and possess? What is the profile of the management and staff?\u00a0\u00a0What is the company\u2019s financial position\/strength?\u00a0\u00a0What is the asset base and condition of the assets? Does the organisation possess well-articulated procedural manuals? Are there written policies?\u00a0\u00a0Strengths include a strong management team, staff with a strategic fit, financial soundness, alignment of policies with the company\u2019s strategy, strong branding and good reputation.\u00a0<\/span><\/p>\n<p><span style=\"line-height: 1.5em;\">The Weaknesses are the areas where the company needs to improve and things, which are internally driven and hence can be addressed internally. Do you have the right and sufficient staff?\u00a0\u00a0Do you have the resources you need to operate efficiently? What is the company\u2019s financial strength? Are your products and services well promoted?\u00a0\u00a0Do you have a social media presence?\u00a0\u00a0If yes, is it effective? What are the things the company needs to enhance?\u00a0\u00a0\u00a0Weaknesses include insufficient staff, incompetent management and staff, poorly aligned policies and procedures with the company\u2019s strategy, weak financial position, inadequate resources, poor branding, reputation for poor quality and service.<\/span><\/p>\n<p><span style=\"line-height: 1.5em;\">Opportunities are factors, which the company can use to its advantage generated externally and which are outside of the control of the company.\u00a0\u00a0The sources of the opportunities may be generated by the economy.\u00a0\u00a0Questions to be answered, What is the economic climate? What is the level of education of the workforce? What is the cost of labour?\u00a0\u00a0What is the status of the infrastructure? What is the cost of electricity and other utilities?\u00a0\u00a0Opportunities include a growing economy, a large pool of trained workforce, good infrastructure \u2013 roads, telephone network, cheap labour, utilities, large market, high disposable income.\u00a0\u00a0They provide the conditions whereby the company can expand its market and strengthen its position.\u00a0<\/span><\/p>\n<p><span style=\"line-height: 1.5em;\">Threats are external factors, which may be potentially disadvantageous to the business.\u00a0\u00a0The same questions for Opportunities are relevant here, and the answers are the opposite of those for the Opportunities.\u00a0\u00a0\u00a0Other questions include, How many competitors exist? How easy is it to enter the market?\u00a0\u00a0Threats include a declining economy or recession, high labour costs, high costs of doing business in the country, many competitors, and low demand for the product.\u00a0\u00a0Threats can potentially harm a business.<\/span><\/p>\n<p><span style=\"line-height: 1.5em;\">When the SWOT is completed, one then assesses the relative strength of the four factors and desirably the Strengths and Opportunities should outweigh the Weaknesses and Threats.\u00a0\u00a0This is a simple yet powerful tool for assessing one\u2019s ability to become or remain competitive.\u00a0\u00a0This analysis identifies one&#8217;s areas of strength and what a company is doing well.\u00a0\u00a0It helps identify opportunities for growing the company.\u00a0\u00a0The Weaknesses reveal the areas the company needs to address and things change.\u00a0\u00a0The identification of the Threats can serve as an early warning of potential difficulties.\u00a0\u00a0The SWOT Analysis is like a lighthouse, guiding a company to safety in the face of the storm and rocky shores.<\/span><\/p>\n<p>I can be contacted at\u00a0<a href=\"mailto:info@vfinc.org\" target=\"_blank\">info@vfinc.org<\/a>\u00a0and 767 449 9649.<\/p>\n<p><span style=\"line-height: 1.5em;\">Until we meet again, May The Lord Continue to Keep Us in the Palm of His Hands.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Last week, we looked at the need for reviewing our strategy and looked at two models of doing so: Porter\u2019s Competitive Forces Model and Mintzberg 5Ps.\u00a0This week, we continue taking stock and reviewing our position and operations, and look at&#8230;","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[89,30],"tags":[],"class_list":["post-110000","post","type-post","status-publish","format-standard","hentry","category-business-life","category-columns"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BUSINESS &amp; 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