It is so amazing today that the competitions in the business world and the environment generally, has thrown so many people off balance.
So many businesses has packed up because, they failed to realise some things.
Some individuals has given up in pursuing their goal because some things are not just working.
Now in realizing a business or individual goal and stand tall amongst the competition, you need to know this word 'SWOT'.
SWOT simply means, Strengths, Weakness, Opportunities and Threats.
Strengths and weaknesses are internal to a business or individual. They are circumstances that a business or individual has control over. They include business locations, team, friends, intellectual properties, partners.
Opportunities and threats are the uncontrollable external happenings around a business or individual. One can easily take advantage of the opportunities shield against threat, but they cannot be changed nor controlled. Examples includes, competition, changes in prices of goods etc.
ANALYSING SWOT
STRENGTH
Strengths are the internal and positive attributes of a business or individual. They are the controllable factors of a company or individual.
In analysing your strength, as a business person, ask yourself some questions;What businesses works for me.?
What i'm i good in doing.?
What competitive advantages do i have.?
What are my assets, both tangible and intangible assets.?
If you are able to answer these questions, then you will be able to take advantage of your strength and stand even in the midst of competition.
WEAKNESSES
Weaknesses are your internal negative factors. They and things you need to work on yourself, improve on in other to stand the chance of remaining relevant amongst the competition. To analyse your weaknesses and make adjustments, you will need to answer some questions;Do i have an ideal location for my business.?
What is my business lacking to be competitive.?
Do i have the right team.?
Do i have tangible assets for my business.?
OPPORTUNITIES
Opportunities are external factors around your business environment that is capable of favouring and contributing to the success of your business. When opportunities come, the next thing to do is to embrace it. To also utilize your opportunities, you need to ask yourself;What are the possible up coming events i can take advantage of.?
What new trends can encourage buyers, that i need to get involved in.?
It is so amazing how some business persons will keep doing same thing over and over again and expect a different result; that is pure madness.
THREATS
Threats are external uncontrollable factors that surrounds a business. In dealing with threats, you will still need to answer some questions;Who are my potential competitors.?
What market trends could turn to a threat to my business.
What future technological development may tend to negatively affect my business and how do i handle this.?
If you are able to sit down and analyse all these and lots more then take precautionary measures, there will be a space for every business to stand the test of time.
What baffles me in most cases is that most people doesn't sit down to count their cost and analyse the market before going into a particular business. They just saw that others are succeeding in it, they fix their head in.
Same thing are applicable to our lives as individual, we have our different tastes, passions, interests, likes, capacities, spheres of influence. Know what works for you and stick to it. Know the career part of your interest and stick to it. Go for what you have passion for. Do that thing you know after doing it, you feel fulfilled even without being paid. You are unique in your own way.
If we are able to do all these and lots more, we all will always shine and stand out in the midst of the competition.
