I will
begin the SWOT analysis by drawing a chart on a piece of paper. I would do so
by dividing the paper in half both horizontally and vertically, and label each section
with one of the following quadrants/factors: strengths, weaknesses,
opportunities and threats.
Under
strengths in the chart, I would list my business’s strengths over some of my competitors,
which verily include the expertise that I have, the capital that is in hand in
the business, the equipment deployed as well the human resources employed to
sustain the business. Other things to record here are my marketing strategies,
patents, accreditation and other recognitions and reputation gained in the
environment where the business is based.
Then I
would list my weaknesses (in the chart). Here come things such as financial
problems, lack of access to stable power supply, poor advertisement medium, low
staff morale and low profit customer base.
The next is
opportunities. This covers the recent establishment of a 3G network in my
business area, which means acquisition of a faster, secure and more reliable
communication means, recent selection in the Federal Government of Nigeria’s
You win! Enterprise programme in which the business is expected to be boosted in
various ways, development of new Internet technologies in the world, recent
establishment of new international regulations opening up global trade and thus
setting up trends moving customers toward my business from all over the globe,
as well as the acquisition of a new staff with expertise in computer programming
and software development with a highly commendable positive attitude.
I would
then move on to the threats section. Here I would list the things that
obviously threaten my business. Most obvious here are the emergence of new
competitors with similar or even better means of carrying out business and
targeting same customers with me, inflation in the Nigerian market, increased
advertisement costs, and loss of a supplier that may negatively impact my
business. Another big threat is debtors.
Finally, I
will look at my list of factors in each category in reverse order beginning
with threats, then moving on to opportunities, weaknesses and strengths. This
makes it easier to see how to turn threats into opportunities and weaknesses
into strengths.
Now how can
my opportunities be converted to strengths?
Firstly,
the establishment of a 3G GSM/HSDPA network in my business area is of a great
advantage. Blatantly, it will make the communication of my company more robust
and enable it more speed as well, especially the Internet, since the Internet
and communication technology is a major part of our marketing strategy. The
power of the new 3G network will undoubtedly enable us to manage our website and
marketing blogs more effectively.
