Personal information collection statement template. Business information is traditionally kept secret. It is generally only trusted by top management and the finance department. Sharing this information was once a sin. Things are very different today at work. With authority and decision making being redistributed across the organization, employees at all levels find themselves deeply involved in the day-today running of the business. This increased involvement creates a need for more information.
On the assumption that you have conducted a swot analysis and therefore have objectively determined your strengths, weaknesses, opportunities and threats, you can apply the results of this analysis to new information that comes to you. Let’s concentrate on information obtained from other sources. For example, you visit a trade show for your industry. A new technological advancement is made in a specific area of your industry at the trade show. This information is then applied to your SWOT analysis. For example, your low overheads might be one of your strengths. This allows your company to be flexible and adaptable, allowing you to change quickly. You might be able to quickly adopt new technology and gain an advantage over your competition. So you decide to go to the bank or to other sources of capital and get the funds for the new technology.
Another possibility is that you identified high capital investments in your company as a weak point. It’s difficult to modify the production process without major cost and disruption to customer needs. You might see your competition adopting the technology faster than you can, and this may prompt you to make the difficult decision to reinvest in a new production line that uses the new technology. Let’s say that you recognize rapid technological advances as an opportunity. This could be due to a certain set of skills your people possess. Due to their knowledge, training and experience they can quickly understand and apply new information in a profitable manner. You are aware of technological changes. This new technology is your opportunity to grab it and pass it on to your employees.
You should also consider technological advances as a potential threat and take steps to minimize them. 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. You will become more aware of developments in your industry, and you will be able turn new information into profits.
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