High school student information sheet template. Information in your possession can often be used to help you make business decisions. Sometimes, this information comes directly from your business information system. But sometimes it is also from outside sources. A quick swot analysis can be useful for analyzing new information. If you are not familiar with the term “swot”, this stands for strengths, weaknesses, opportunities and threats. The idea of a swot analysis is that you objectively try to determine the strengths and weaknesses of your business and also the opportunities and threats. The unique aspects of your company’s business are its strengths and weak points. These are internal issues. The opportunities and threats are matters that are external forces that impact on the enterprise. A swot analysis is an excellent idea.
Let’s assume that you have done a swot analyze and thus have objectively identified your strengths and weaknesses. Then you can apply these results to any other information that comes in. Let’s now focus on information coming from outside sources. Let’s say you go to a tradeshow for your industry. At that trade show you observe a new technological advancement in a particular aspect of your industry. Next, you apply the results from your swot analyses to this new information. You may have found that low overheads is one of your strengths. This allows your company to be flexible and adaptable, allowing you to change quickly. You may conclude that your company could adopt the new technology quickly and get ahead of your competition. So, off you go to your bank or other sources of capital to get the funds to adopt the new technology – and you know that this won’t be a problem because of your low overheads.
Another possibility is that you identified high capital investments in your company as a weak point. This means it is hard to alter production without significant disruption and cost to customers. When you see the new technology and realise that your competitors might be able to adopt it faster than you, perhaps this will prompt you to the decision albeit difficult of reinvesting in a new production process involving the new technology. Let’s say you have identified rapid changes in technology as an opportunity for you. Your people may have a specific set of skills. They are able to quickly grasp new information, and use it in a profitable manner because of their experience, training, or knowledge. You are aware of technological changes. This new technology is your opportunity to grab it and pass it on to your employees.
Of course, if technology advances are a concern, then you can take steps to mitigate this threat. It would take too much effort to apply your SWOT analysis to each new piece of information. But it is a very useful practice to apply it to important information that you come across. It will increase your awareness of developments in the industry and help you turn them into profits.
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