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SWOT analysis is one of the most meaningful exercises that any business can perform. This process allows businesses to evaluate their strengths, weaknesses, threats and opportunities.
Through analysing these factors, businesses can position themselves optimally in the market and live in-line with their vision and mission.
Here are the top 5 reasons why businesses should perform a SWOT analysis.
1. Do Determine Capacity
The capacity in your business determines your ability to deliver. This is determined when businesses focus on the strengths and weaknesses parts of the SWOT. Your business should have enough capacity to deliver what it promises.
2. To Get a Broader Understanding of the Market
The analysis of the opportunities and threats during a SWOT analysis focuses on external factors that may affect your business. This means that, your business should analyse its market to see if any of those factors exist. This exercise allows businesses to zoom into their market and get a better understanding. This is very important in order for your business to position itself properly.
3. To Determine Strategies
Once your business is familiar with the threats in the market after a proper SWOT analysis, it can determine strategies to counter those threats either through a preventative strategy or a reactive strategy. This will ensure the survival and profitability of your business.
4. To Determine Training Needs
Training is a vital part of any business but is only effective if it is relevant to the business. By determining the weaknesses after a SWOT analysis, your business can focus on countering those weaknesses by implementing effective training programmes.
5. To Maintain the Strengths
We are often told to focus on our strengths. However, we also need to mantain our strengths in order to have strengths to focus on. Strengths are pillars of any business and ensure sustainability. With the SWOT analysis, strengths are highlighted and once they are determined they can be maintained.
Through analysing these factors, businesses can position themselves optimally in the market and live in-line with their vision and mission.
Here are the top 5 reasons why businesses should perform a SWOT analysis.
1. Do Determine Capacity
The capacity in your business determines your ability to deliver. This is determined when businesses focus on the strengths and weaknesses parts of the SWOT. Your business should have enough capacity to deliver what it promises.
2. To Get a Broader Understanding of the Market
The analysis of the opportunities and threats during a SWOT analysis focuses on external factors that may affect your business. This means that, your business should analyse its market to see if any of those factors exist. This exercise allows businesses to zoom into their market and get a better understanding. This is very important in order for your business to position itself properly.
3. To Determine Strategies
Once your business is familiar with the threats in the market after a proper SWOT analysis, it can determine strategies to counter those threats either through a preventative strategy or a reactive strategy. This will ensure the survival and profitability of your business.
4. To Determine Training Needs
Training is a vital part of any business but is only effective if it is relevant to the business. By determining the weaknesses after a SWOT analysis, your business can focus on countering those weaknesses by implementing effective training programmes.
5. To Maintain the Strengths
We are often told to focus on our strengths. However, we also need to mantain our strengths in order to have strengths to focus on. Strengths are pillars of any business and ensure sustainability. With the SWOT analysis, strengths are highlighted and once they are determined they can be maintained.
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