Looking at strengths, weaknesses, opportunities and threats
from both an internal and external view point can bring about
further understanding of your trading environment and where you
fit in. It also allows you to understand market conditions
better and indentify where opportunity may lie. This process has
been around years but really is key to understanding where
future strategy should go. It is something that pretty much
every business can benefit from.
We would recommend a business incorporate this approach into
its working methods, with one eye on every part of the business
and the environment it is trading in. Business is always
changing and is fluid and using this technique can help a
business stay one step ahead of its competitors and also exploit
opportunity as it arises.
SME's often have the infrastructure to react to new
situations quicker compared to larger businesses and this can be
of great benefit to an SME if it monitors it's environment and
actually recognises those opportunities as they develop.
'You will never know your
limits unless you push yourself to them.'