Make SWOT analysis. As soon as you join/start a company, make a list of strengths and weaknesses of yourself and your company on a piece of paper. More
A Balanced Perspective
SWOT analysis helps you balance idealism and pragmatism, and obtain a balanced perspective of your internal strengths and weaknesses and external opportunities and threats to develop an effective strategy.
Why SWOT Analysis?
SWOT Analysis is the Key Component of Strategic Development. It can prompt actions and responses.
Successful businesses build on their strengths . correct their weaknesses and protect against internal vulnerabilities and external threats . They also keep an eye on their overall business environment and spot and exploit new opportunities faster than competitors . SWOT analysis is a tool that helps many businesses in this process.
SWOT analysis is based on the assumption that if managers can carefully review such strengths, weaknesses, opportunities, and threats, a useful strategy for ensuring organizational
success will become evident to them.
Two factors contribute to your strengths: ability and resources available.
Ability is evaluated on 3 counts:Versatility: your ability to adapt to an ever changing environment.
Markets: your ability to penetrate or create new markets.
The strength of resources has three dimensions:Availability: your ability to obtain the resources needed.
Allocation: your ability to distribute resources both effectively and efficiently.
Your weaknesses are determined through failures, defeats, losses and inability to match up with the dynamic situation and rapid change. The weaknesses may be rooted in lack of managerial skills. insufficient quality. technological backwardness, inadequate systems or processes. slow deliveries, or shortage of resources. There are three possible outcomes to the analysis of your weaknesses. 1
Protection through cover-up and prevention strategies to reduce the exposure of your weaknesses.
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