SWOT analysis as the current reality examiner in your business
Today we get to talk about the SWOT analysis, which really becomes the current reality examiner for you and your business. This is the ultimate moment of truth – determining just who, what, where, when, and why your business goes forward. In this lesson, I plan to stimulate your thinking to really go far deep into your personality and assist you in truly formulating not only those strong points, but also your weak points that must be addressed if you are serious about the business growth and prosperity.
Of course, in business you don’t get directly rewarded for performing SWOT analysis. You get rewards for producing results based on these analysis…And the more you are clear about what your best options are, what your competitors do, what you must develop and strengthen, you will get closer to ideal business you have envisioned.
Only then – when you have become perfectly honest with both the bright side of yourself and your business, but also the shortcomings as well, will you be able to leverage everything that can work in your favor to achieve the greatest return on your investment and resources.
Enough talking – and on to the point…
Your Personal and Business SWOT Analysis
One of the most essential tools to a business is the SWOT analysis, which is often taken for granted and not given the respect it deserves as such an essential tool. There are a lot of business starters out there that don’t even understand the SWOT analysis, thinking it is only a way of clarifying the businesses good points, sometimes forgetting about the warnings that could be shared as well.
SWOT analysis is used to determine the strength of your business, determining the weaknesses that are present, identifying any opportunities the business has, and the threats that are possible.
- S: Strengths
- W: Weaknesses
- O: Opportunities
- T: Threats
The diversity of the SWOT analysis lies between the use in business and the use in your personal life, indicating very clear information that you need to push forward towards the success you desire most.
Your Business SWOT Analysis
In the context of your prided business, a SWOT analysis offers the information and exploration that you need to determine where you excel within your market, how well you are excelling, and the points of your business that you should be exploiting for the desired effects. You then get the bigger picture of the businesses weaknesses in order to assist you in reworking or eliminating to increase your progress. You must dealt with them and absolutely avoid any form of ignorance. Ignorance will make you pay at the end, price that may be unfair and huge. My point here is to make you aware and to stimulate your thinking in effectively dealing with all sorts of weaknesses and inadequacies that may destroy your business – if ignored.
Going further, you then are able to see the true opportunities that are open to the business and can be pursued with success, while the threats to your success are identified in order to navigate around or through them better.
It is important to understand the dynamics of the SWOT analysis and what information, or sight of your business, is really derived. For instance, the strengths and weaknesses that you determine with this tool are typically internal factors of the business, therefore are things that you can control better through your business.
The opportunities and threats are typically external factors to the business, therefore aren’t able to be controlled as you would the strengths and weaknesses, further creating a better idea of how to maneuver within the business to exploit strengths and diminish weaknesses, while conquering opportunities and avoiding both internal and external threats.
The SWOT analysis brings you to the current reality of the business, taking away the blurred course of actions that may exist between you and the real sights of the business.
The SWOT is really seeing it as it is. Not better and not worse than it is.
The uncertainty shadows can easily cause you to lose sight of the true purpose you should be following within the business and the real opportunities that exist out there for you. Your business will grow in direct proportion to the quality of chosen opportunities and to the amount of focused efforts that will follow.