Personal financial information template. In most situations, business decisions are prompted by information that has come into your possession. Sometimes the information is from within your business’ information system. Other times it comes from outside sources. An interesting thing to do is to quickly apply a swot analysis to new information. If you are not familiar with the term “swot”, this stands for strengths, weaknesses, opportunities and threats. An objective swot analysis aims to identify the strengths and weaknesses of your company, and the potential and actual threats. Your business’s unique strengths and weaknesses will be the parts of your business that are particularly strong or weak. These are internal issues. These external forces have an effect on the enterprise and are called opportunities or threats. It is a good idea to conduct a swot analysis from time to time.
If you’ve done a swot assessment and have therefore objectively determined your strengths and weaknesses, then you can apply this information to any new information. Let’s focus on information that comes from outside sources. A trade show is an example of this. 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. For example, your low overheads might be one of your strengths. Your enterprise can be flexible and adapt quickly because of this. Accordingly, you might conclude that you could quickly adopt the new technology and steal a march on your competitors. You go to your bank to borrow the money to buy the new technology. Your overheads are low so this shouldn’t be an issue.
These measures might not be necessary for smaller businesses. However, if an organization plans to upgrade their business information system it may be worth having one or more staff members supervise the process. This person or team will need to maintain an inventory and routinely inspect the equipment. This person or team will also be responsible for identifying the equipment that requires upgrading and the level of urgency. They will also need interactions with vendors to ensure the best value and compliance of the equipment to your business.
Of course, if technology advances are a concern, then you can take steps to mitigate this threat. It would be tedious to apply your swot analysis for every piece of information. It is an excellent practice to apply your swot analysis to any important information you find. You’ll be more alert to industry developments and be able to convert new information into profits.
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