In business strategy consulting a variety of elements have been established as essential components, including the establishing of long-term goals, financial, operational or market objectives and more. One notion that is imperative to business strategy is the SWOT analysis technique.
This technique, when used in effective management, is an excellent framework for business that Marino Robert Sussich adopts in his business consulting services. So, what is SWOT analysis?
Strengths and weaknesses
The ‘S’ in SWOT stands for strengths, while the ‘W’ stands for weaknesses. These two areas of the four areas of analysis are focused on the internal business. In this analysis determining the critical success factors and identifying what areas of business are performing well will give your business a competitive advantage and help you to build on these, says Business Queensland.
In a similar way, identifying what elements of your business place it at a disadvantage will assist in minimising these before they become larger concerns.
Opportunities and threats
The ‘O’ and ‘T’ stand for opportunities and threats, which involve identifying factors external to the business that could have a positive or negative impact. Opportunities will often come with consumer trends or changes within the market, where threats may include changes within the market again or potential success of a competitor.
Thinking critically about opportunities will ensure that one that is within the businesses potential to seize will not be missed, while exploring threats will assist in developing methods to counteract them.
If you would appreciate assistance in creating a successful business strategy, contact Marino Robert Sussich for expert business consulting services today.