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