Relevance and importance
Smaller companies often neglect surveying their position and capabilities,
but performing such an analysis can greatly influence long-term
operation, growing and market possibilities.
Overview
The SWOT analysis consists of making surveys of the following features:
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Strengths of the company, which can be technology,
capital, manpower, culture, etc. |
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Weaknesses, similar to above |
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Opportunities, which describes more the operating
environment, market or partners- |
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Threats, where potential danger sources appear, either
internal or external |
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Recommendations and practical tips
Smallercompanies can perform this analysis themselves based on a management
textbook. Larger ones could possibly consult an expert to obtain better
results. In both cases, it is important to consider its results in
medium- and long-term strategic plans and in specific management fields
as well, since it can help adapt to changing requirements.
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Warnings and potential pitfalls
The SWOT analysis can give futile results if poorly conducted.
Changing everything radically based on its outcome can cause severe
drop in company operation as any sudden change.
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Develop working relationships