I know about weakness. I know about threats that face. Wait…. Wait…..wait……. Hey I am not talking for you. I am talking for the business. Business weakness and its threats. We mostly talk about the business threats and weakness (by SWOT analysis). Analyze on it and try to remove and minimize it. On the other face strength and opportunities are the second faces that we not reveal. This is reveal by the companies.
SWOT stands for S=Strength, W= Weakness, O= Opportunities, T= Threats
This SWOT analysis is not used for business. SWOT is linked with human being also. All we have some strength weakness. We face some opportunities and some threats. Just like human business has also strength. Strength like produce good and unique product. Staff and production line is good. Financial status is awesome. These are some strength. Same as we can identify other component.
Let’s discuss about in some detail…….
S:- Strength Analysis
“S” is the first word in SWOT. That stands for strength. The strength is referring to the qualities of a business. Quality like the good production, well managed staff, machine and so on. Rather than it on some other fact strength is calculated. Other facts like the goodwill, customers and there review enhances the strength. All these factors create the positive image of company among people. To strength Checkup Company asks questions himself. What unique we can produce by minimum cost? or What can we do better than anyone? What values we drive. Are we following rules, regulation and Ethics? Your all strength is your clear cut advantage over your competitor.
If any business wants to know about our strength, must engage with customers as much as possible. Get the opinion about the product, policy and customers care reviews. Mostly we see, when we call any company customer care, it say the call is recorded for future reference. At the end of call it says about the feedback. This feedback is the review against the service. This ranks businesses. Now analyze, how much feedback effective?
Is you perfect in any one area, it’s your perfection. Your perfection is your strength. If there is any lack, find your perfection area. Identify your strength, understand the content and do practice. Your practice makes you superior than others. Get ready to fly.
“W” second word of SWOT analysis. W stands for weakness. The word weakness, gives the feel of absence. This weakness occurs at any level like production level, managerial level, and financial level and so on. It decreases the value of goodwill. Staff and management, one hand it strength of business on the other hand they are weakness for the company. Company trend employees or a particular work and expense a lot of money and time for training. What happened if trained employee switches the company? Now new employee spend time for understand the mechanism. So holding employee is a very important work.
Business feels weak at any point. Business must engage with the customers and our competitor. Your customer tells you where you are wrong. You don’t need to find out the weak point. Your competitors find out and try to attack on this point. It’s your option, loose time or money to find out the weakness. Else look at the competitor steps, how he tries to break you. At what point he tries to break you this is your weak point. Always follow up your competitor.
O: – Opportunities Analysis
“O” third word of SWOT is opportunities. Not a single company produces all products. One company depends on another for their products. Some companies grow well and some emerge in the world of business. Few companies are surviving in the competition. They survive with the help of each other. This is the opportunities for the companies. They take some small companies and enhance the production .some are combine with each other. Like Vodafone and idea becomes “V!”. They merge and create a new joint venture. This is the opportunities to increase the circle.
Rather than it, some external factors give the advantage to an organization. These factors are favorable for the companies. Factors like, taxes and custom taxes. These taxes are reducing, many companies increase the production and established new center. Demographic infrastructure affects the business and the following opportunities. New market and its segmentation increase the opportunities. Change in technology, scenario, core operation all are the parts of opportunities. This gives a new option for business to increase the production and leave the competitor back. Finding opportunities, work like finding pearls from sea. It is depends on our strategies to find and cash out these opportunities.
T:- Threats Analysis
Fourth word “T” of SWOT analysis. T stands for “threats”. Threats mean the problems that arise in the market. These problems can be due to external factors, internal factors or change in the policy. External factors change in the rule and regulation of government policy (PEST). Government established special economy zone (SEZ) to increase the international business. This is the part of government policy. Climatic situation also threats, that affect a particular production like flood or fire damage wheat or rice. Now this critical corona period cost of production increase. This is the treats for the business. To overcome threats, identify them solve them and tries to develop such strategy to overcome them.
Labor, cost, production, staff and other factor that run business are threats for business. To manage them, utilize them and save them is just like mining work. They all are very precious for all business. Holds them is a threats for the business. Emerging competitor, changes in environment and negative report are threats that mostly companies face. Market, fashion demand and customers attitude change day by day. To hold the customers companies change as per the demand. Identify the right change. You find right change, you hold the market.
Running business is just like a hurdle race. Because here, many competitor in market. And hurdles are our problems face in business. Racer never quit and continues the race and cross hurdle. Just like that we cross hurdle in race of business. Who survive in market, win the race.
How to manage SWOT?
To manage business and identify SWOT, research process is necessary. These research processes give many ideas. Ideas like new demand, market analysis, new technique, strategy and financial idea. SWOT analysis used for analysis activities. It helps the company or personal to find new path and method to grow up. That helps us to set a goal and boost up to achieving goal.
SWOT analysis is very necessary to run a business. These give the ideas about change in different factors. Business strength and weakness analysis give the opportunities to compete the competitor. To run a business financial, external and internal factor responsible. These factors create opportunities and threats for business. To analysis the weakness must follow the competitor strategy and analyze their behavior. Their behavior gives the idea about your weakness.
SWOT is the pillar on which the company runs. Following these factors company knows much more about our strategies and competitors and changes in market. PEST (Political, Economical, Social, Technical factors) is the factor that affects the business. To know more click here. Like SWOT these factors are very important. SWOT gives the conditional information about business. PEST gives the information about the factor responsible for business.