SWOT analysis

Success depends on many factors, some of them we can influence and some do not, a lot of times, happiness mix there. However, one of the major, if not the biggest advantage is knowledge of their capabilities. If we know how and how much we are willing and how long we can go, we have the advantage not only in private but also in the business plan.

Getting to know yourself and your personality is not an easy job, but with a lot of self-analysis, insights and experiences we can know who we are and how we react in a given situation. However the job and company we may not always know much, nor have we spent so much time getting to know it, and besides, there are various external factors that affect on its potential. However, to know the advantages and disadvantages of your company, your business sector or your project may be essential for success. And even when you know your business, you should always periodically analyze the current situation and put things down on paper, because it is a better way for understanding, do not forget, in writing form are available to your other co-workers. For this purpose exist a so-called SWOT analysis.
What’s SWOT analysis?

SWOT analysis is a tool for exploring the situation in your company or department. With it, you can determine where your company is the strongest or what greatest virtues are; where it is the weakest and which are her disadvantages; which potential it has or where is the free space for growth and development and the dangers that threaten her and where is the weakest point. In this way, you can better understand its environment. The information you receive with this analysis can be used for decisions that are strategically important for the formulation of the mission and vision of the company, identifying priority actions in the following period, or something like this…

It is always good that SWOT analysis work more and more people from the company / sector that needs it and should be set aside sufficient time because the analysis requires thinking and more people will tend to be smarter than one. Also, it is necessary that in this analysis people always be objective – it is not possible that your company does not have flaws or dangers that need to pay attention.
SWOT analysis is an acronym of English words:

S – strengths – depending on the field that can be analyzed, indicates the power and potential of the field. For example, if a SWOT analysis works for the marketing department, this also includes the marketing department where it is strong, stable and items that it works well. Overall, this field refers to whatever you are good at and all that you are doing well. This item indicates the advantages that you have in relation to each other or to the competition. The information that you get will mean something to you only if you are real so we need to pay attention to stay realistic. Try to put yourself in the position of a customer or a client, you might find to be helpful.

W – weaknesses – These features can help draw attention to everything that is not good, the poor productivity, poor teamwork or any other aspect of the job that is not in an acceptable range. Warning to be realistic here also stays, as well as the benefits that you can get by asking from the perspective of partners, clients or associates. Avoid situations “not so bad” and actually it is. List your mistakes and transform them into plans in which you work and gradually reduce their number (correcting them).

O – opportunities – analysis of external factors (environment) can point you to the existence of new opportunities for growth and profit-making enterprises. It can be anything, a favorable market situation, a new product, advanced technology and even some new employee who can get things started. Turn the hive to your environment, to your competition because on the mistakes of the others you also learn and this is certainly a good chance that your mistakes costly less. Every opportunity that you see you should consider at least, you will not definitely be able to adopt them all, but at least consider.

T – threats – Transport with the external environment may pose a threat to the growth and development of the company and its survival in the market. Threats also can be various – the entry of new competition, the elimination of grants for the type of projects you do, the adoption of unfavorable laws, the economic crisis in the country and others.
Analysis of strengths (S) and weaknesses (W) is an internal analysis of the company, while the analysis of the opportunities (O) and threats (T) is the external analysis or analysis of the environment in which the company operates.

Doing a SWOT analysis of the company should be kept in mind how (and whether) certain weaknesses enterprises or threats from the environment can be transformed into strengths or opportunities, which can be used to achieve competitive advantage in the market.

The question is why the SWOT analysis is important? The answer is because it allows the organization to examine itself and its environment in order to understand the past and present successes and failures, and in order to position itself for further progress. It is also important to ask the question when to apply the SWOT analysis? There are two general situations where it applies. The first is a change in leadership. When changing the management team of the organization, it was the executive management, SWOT analysis provides continuity with previous years and any earlier successes. Another case where it is necessary a mandatory resort to SWOT analysis is a period of stagnation in the work and progress of the organization. When you succeed in the work stagnated (reduced attendance at work, lack of ideas, decreased sense of community, etc.) Management needs to do a SWOT analysis as well as a certain kind of inventory of what is working well and what is not, or what should be retained and developed, what change or reject the work.

 

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