Business does not exist in a vacuum, but constantly interacts with clients, suppliers and even competitors. Do you want to be the best and attract as many solvent clients as possible? Regularly analyze internal and external facts, find growth points and minimize the chances of failure with the help of SWOT analysis.
SWOT analysis quote
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What is SWOT analysis and what is it for?
SWOT analysis is one of the ways to take into account internal and external factors that affect the work and development of a company.
SWOT analysis of the enterprise gives a clear understanding of the situation and indicates the direction for development. You will be able to develop an effective strategy for the company's work, using its strengths and knowing its weaknesses. It is with the help of SWOT analysis that you can minimize the risk of failure.
SWOT analysis is
Elements of SWOT Analysis
SWOT analysis of a project consists of 4 factors that help to evaluate it from different angles.
Internal factors
These are the factors that company employees can influence and improve the situation.
SWOT analysis strengths
Strengths (strengths) . These are internal properties of services and goods that are an important advantage of the company (goods, services). With their help, the company can increase sales and market share.
For example, make 24/7 support with real people, not bots.
SWOT analysis weaknesses
Weaknesses . Shortcomings of an enterprise, product or service, technical limitations, potential obstacles to rapid growth and development. They must be constantly monitored and eliminated before they interfere with increased sales and the achievement of key KPIs.
For example, insufficient awareness among the target audience, lack of a website, too small a budget for promotion.
External factors
The company cannot influence external factors, but it can take advantage of the opportunity in time, adapt and protect itself from potential threats.
SWOT analysis of the opportunity
Opportunities (помощи) . There are always factors that can be used to your advantage for the development of the enterprise. You need to constantly monitor the market and notice such opportunities.
For example, a competitor leaving the market or an increase in demand for products that others do not have.
SWOT threat analysis
Threats - External events that potentially threaten your business, such as reducing profits, damaging your reputation, disrupting production, etc.
For example, new laws, the entry of a global competitor into the market, an increase in the prices of raw materials.
SWOT analysis matrix
The SWOT matrix completes the SWOT analysis of the enterprise's activities and helps to draw the right conclusions for creating a business development strategy .
SWOT analysis matrix
Strengths - Opportunities
Explore all the strengths and opportunities for your business kuwait phone number resource development strategy. As you look at each opportunity, ask yourself, “ How will this opportunity help me leverage the product’s strengths? ”
Weaknesses — Opportunities
Analyzing all the shortcomings and opportunities, think about improving the company's work - " How to get rid of the shortcoming and use the opportunity to the maximum? "
Strengths — Threats
As a result of the strengths and threats analysis, you should think about protection against all dangers for the business. " How will advantages protect against uncontrollable external factors? How will the company be affected by a drop in demand? "
Weaknesses — Threats
Comparison of these factors will show you all the threats, weaknesses and potential problems of the enterprise. After the analysis, it is necessary to come up with measures and activities that will help protect the business and prevent unexpected problems in the future.
