Smart Goals Coaching Homepage Even though one can't control opportunities and threats, having a strong grasp for the environment you're working within will likely help your situation. You will be able to make smarter business decisions to take advantage of the opportunities and work around the threats. Practicing doing a SWOT analysis sample teaches you to construct the vital information needed to make informed decisions about the direction your company is going, or needs to go now, or in the future.
Strengths We are able to respond very quickly as we have no red tape, and no need for higher management approval.
We are able to give really good customer care, as the current small amount of work means we have plenty of time to devote to customers. Our lead consultant has a strong reputation in the market. We can change direction quickly if we find that our marketing is not working.
We have low overheads, so we can offer good value to customers. Weaknesses Our company has little market presence or reputation. We have a small staff, with a shallow skills base in many areas.
We are vulnerable to vital staff being sick or leaving.
Our cash flow will be unreliable in the early stages. Opportunities Our business sector is expanding, with many future opportunities for success. Local government wants to encourage local businesses.
Our competitors may be slow to adopt new technologies. Threats Developments in technology may change this market beyond our ability to adapt. A small change in the focus of a large competitor might wipe out any market position we achieve.
As a result of their analysis, the consultancy may decide to specialize in rapid response, good value services to local businesses and local government. Marketing would be in selected local publications to get the greatest possible market presence for a set advertising budget, and the consultancy should keep up-to-date with changes in technology where possible.
Key Points SWOT Analysis is a simple but useful framework for analyzing your organization's strengths and weaknesses, and the opportunities and threats that you face.
It helps you focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you. It can be used to "kick off" strategy formulation, or in a more sophisticated way as a serious strategy tool.
You can also use it to get an understanding of your competitors, which can give you the insights you need to craft a coherent and successful competitive position.
When carrying out your analysis, be realistic and rigorous. Apply it at the right level, and supplement it with other option-generation tools where appropriate. Download Worksheet This site teaches you the skills you need for a happy and successful career; and this is just one of many tools and resources that you'll find here at Mind Tools.
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Example SWOT analysis The following is an example of a SWOT (strengths, weaknesses, opportunities and threats) analysis conducted by a business trying to decide if they should introduce a new product to their range.