Hello everyone! If you are a business owner, you want to open your own business, or you are running one; we are sure that we can help you.
Have you ever wondered what tools you can use to know a little about the situation of your company or the market you want to target?
If the answer is yes, we present the SWOT format, its acronym refers to the terms:
- Strengths
- Opportunities
- Weaknesses
- Threats
This format is a tool to easily plan your strategies. Do a brief internal analysis through your strengths and weaknesses, while on the outside part you attend to your opportunities and threats.
But, what do you have to investigate in each section? Very easy as their own names say:
Strengths are all those aspects where the company stands out, is an expert, and achieves its objectives. For example, variety of products, national scope, or certifications.
Weaknesses are everything that can affect or be considered unfavorable to reach the objectives, such as lack of technological equipment, staff turnover, among others.
In opportunities, we will see the conditions and external tools that can be converted or applied to improve processes, be more competitive in the industry or make business expansions. Technological improvements and financing could be included here.
Finally, we find the threats, what is the worst that could happen to us?; Everything that directly or indirectly affects the company will be placed within the threats and it should be up to us to see how to counteract or prevent them. Some examples are changes in input prices, devaluations, inflation, competition, and many more.
To put together simple strategies you can make a cross if you are with the face of; And what do you eat this with?’ do not stress!
The strengths are complemented by the opportunities and the threats counter.
Recapitulating, the formula would look like this: My certifications help to create strategic alliances with suppliers to have competitive prices.
And as for each weakness, you must look for an opportunity and still avoid threats at all costs; This would be as follows: My company needs technological changes, so I will request financing to help me improve internal processes.
Remember that you should always see this model as a way of prevention. And you, what have you identified about your company?
Leave me your answers in the comments, follow us on our social networks, and share them with someone who may need it! See you in the next video.