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Business Tips From the Editor - April 2024
BUSINESS TIPS FROM THE EDITOR
April 2024
Richard T. Hendee, Editor
The Silver Fox Advisor
S.W.O.T. Analysis
Recently I asked a business owner if his management team had ever done a S.W.O.T. (Strengths, Weaknesses, Opportunity and Threats) Analysis. The response was we did something like a S.W.O.T. Analysis a while back but we didn’t really didn’t do too much with it because, to be honest, we didn’t know what to do with it.
One of the most important documents I instruct my clients to do every year is a S.W.O.T. Analysis with the company’s management team, and why do I suggest that? Because if a business and the individuals leading it have not identified its Strengths, how can it capitalize on them and take advantage of what they do best so they can plan for taking advantage of the Opportunities it has in the marketplace?
Additionally, many business owners and their management teams find it somewhat difficult to identify their Weaknesses. I can assure you every business has Weaknesses that can prevent the business and its leaders from being the best it can be or the best they can be. Further, once these Weaknesses have been identified, management should work to correct those Weaknesses and ultimately turn them around and make them Strengths.
Threats are something entirely different in that most Threats are out of the business’ or its leaders’ control. But that is not to say you should forget about them and let the chips fall where they may. Instead, management should have at least discussed if these Threats materialize, how can the business and its leadership manage through them. One Threat, I can assure you no business identified in its 2020 Business Plan was the Covid Pandemic, but I can safely say many businesses now list on their list of potential Threats: another Pandemic.
Business Tips From the Editor - April 2024 (copy)
BUSINESS TIPS FROM THE EDITOR
April 2024
Richard T. Hendee, Editor
The Silver Fox Advisor
S.W.O.T. Analysis
Recently I asked a business owner if his management team had ever done a S.W.O.T. (Strengths, Weaknesses, Opportunity and Threats) Analysis. The response was we did something like a S.W.O.T. Analysis a while back but we didn’t really didn’t do too much with it because, to be honest, we didn’t know what to do with it.
One of the most important documents I instruct my clients to do every year is a S.W.O.T. Analysis with the company’s management team, and why do I suggest that? Because if a business and the individuals leading it have not identified its Strengths, how can it capitalize on them and take advantage of what they do best so they can plan for taking advantage of the Opportunities it has in the marketplace?
Additionally, many business owners and their management teams find it somewhat difficult to identify their Weaknesses. I can assure you every business has Weaknesses that can prevent the business and its leaders from being the best it can be or the best they can be. Further, once these Weaknesses have been identified, management should work to correct those Weaknesses and ultimately turn them around and make them Strengths.
Threats are something entirely different in that most Threats are out of the business’ or its leaders’ control. But that is not to say you should forget about them and let the chips fall where they may. Instead, management should have at least discussed if these Threats materialize, how can the business and its leadership manage through them. One Threat, I can assure you no business identified in its 2020 Business Plan was the Covid Pandemic, but I can safely say many businesses now list on their list of potential Threats: another Pandemic.
