Categories: Business Development Date: Dec 6, 2014 Title: A practical approach to SWOT analyses
Handy Croissant member Tony Thomson of Third Wave Business Development recently presented a practical approach to carrying out SWOT analyses. He noted that most people start with the “SW” portion of a SWOT analysis – the strengths and weaknesses, which are internal factors. Tony suggested reversing this practice and starting with the “OT” portion – the opportunities and threats, which examines external factors.
When you spot a potential opportunity, Tony suggested you ask yourself the following questions:
Tony recommends that you veto the opportunity if the answer to any of these questions is “no”.
Tony suggested you use the PESTLE analysis to assess external factors where:
E = environmental.
In addition, Porter’s “five forces model” can add another dimension to the analysis of threats.
These forces can all threaten your business and you need to make sure you keep an eye on this wider business environment, not just your current direct competitors. Analysing your own strengths and weaknesses and those of any identifiable competitor, new entrant, or provider of substitutes, helps to position your business in the market.
You can try to adopt preventative measures, such as increasing barriers to entry for potential new entrants to the market.
Against this background you should then define Order Qualifying and Order Winning criteria and, as Tony discussed in his previous presentation explain to customers why your order winning criteria are the most important.
Contact Tony Thomson for more information
For more information about Third Wave Business Development Specialists contact Tony Thomson MBA, email@example.com, mob: +44-(0)7785-363-502, tel: +44-(0)1628-487-912, www.thirdwaveweb.co.uk.