One day a business is born, registered. The business environment frequently changes, consumer behavior shifts, the industry and the market change among others. What will be the orientation and the end? Challenges may trouble it, example of any health disease such as COVID-19 and prevent it yield the expected fruits or profits. How to behave in case the challenges are complex and sophisticated in order to make the business grow, develop and sustain resiliently? Among others, SWOT analysis is the best tool that one will need. It will be easier to perform it using Business Intelligence (BI).
Why and how some companies make profits while others are at losses to the extent they even end up in bankruptcy? The SWOT analysis is a straightforward model that analyzes an organization’s Strengths, Weaknesses, market opportunities and potential threats to create the foundation of a marketing strategy as well as providing competitive insight into the potential and critical issues that impact the overall success of the business. Equally, it is a strategic management decision-making chart, which looks at a company’s strengths, weaknesses, opportunities and threats from external and internal points of view, to identify opportunities and make recommendations for next steps. To perform it, one must take into account what an organization can and cannot do as well as any potential favorable or unfavorable conditions related to the company’s products or services. The primary goal of a SWOT analysis is to identify and assign all significant factors that could positively or negatively impact the business success.
STRENGTHS AND WEAKNESSES
The analysis takes into consideration information from the business environment and separates it into two components, SW- Strengths and Weaknesses that are internal factors to the organization while OT- Opportunities and Threats deal with external issues. Basically, Strength refers to the positive attributes within the management control. It encompasses all the resources (human, financial, technological, etc), the positive aspects of those within the workforce and the aspects related to the business particularly well done, focusing on all the internal components that add value or offer you a competitive advantage. On the other side, Weaknesses refer to factors that are within the company, yet weaken the ability to obtain or maintain a competitive edge such as lack of resources, limited access to skills or technology, limited expertise, substandard services or poor/inappropriate physical location. Weaknesses diminish the overall value of the products or services and definitely obstruct the business global profitability and sustainability.
Strong, hardworking CEO and all the supporting team
Low financial resources
Advanced IT skills of all the team members within the company in programming, designing as well as documents processing.
Special Training of all the team to the use of the acquired modern equipment for photography and video coverages
Acquired modern equipment for photography and video coverages and computers
High capability in interpersonal communication and proficiency in French, English, Kiswahili and Kinyarwanda
OPPORTUNITIES AND THREATS
On external environment of the company, Opportunities refer to the external factors that represent the motivation for your business to grow and prosper within the industry. Those factors include the specific opportunities within the market that provide a benefit such as market expansion, lifestyle changes, consumer behavior in relation to your competitors, e-commerce, digital economy, etc. The Threats relate to all external factors that have the potential to harm the business marketing strategy and hence put it at risk. Market competition is the primary and ever-present threat while others include uncontrollable price increase of raw materials, restricting government regulation, economic downturns, negative press coverage, changes in consumer behavior, introduction of new technology within the industry that push your products or services to become obsolete.
Growing digital culture: e-commerce,
More companies coming on board in the same industry – competition
Improved Awareness of the company: better understanding of the business
Economic downturns in some parts of the world affecting some partners
Growing and Unlimited partners in all the continents
Low level of Trust from potential business partners
WHY BUSINESS INTELLIGENCE?
Definitely it may never work without accurate information. Business Intelligence (BI) will be a cornerstone and strong pillar to the exercise. Business intelligence (BI) is the use of data analysis in taking strategic decisions in the business environment. It refers to technologies, tools, applications and practices used to collect, analyze, integrate, and present an organization’s raw data in order to create insightful and actionable business information. One will only succeed in product or service development once he knows the power of his existing products/services compared to those of the competitors. Business Intelligence systems provide historical, current, and predictive views of business operations. Essentially, Business Intelligence systems are data-driven decision support systems. Generally, its main purpose is to help corporate executives, business managers and other operational workers make better and more informed business decisions such as cutting down costs, identify new business opportunities. Hence BI relevancy relies in understanding the firm’s internal and external strengths and weaknesses, benchmarking and detection of opportunities for innovation which may end up in cost reduction.
For the business, the process will surely increase operational efficiency, gain competitive advantages over business rivals, optimizing internal business processes, resources and accelerating and improving decision making.
Referring to Brian Tracy “The true measure of the value of any business leader and manager is performance”.
From our website www.healthakimbo.com, one can get brilliant and helpful information from expert in the field, in order to boost any business being in health care industry, pharmaceutical, technological, services among others. Any manager needs to know the business reality, the strength, weakness, existing opportunities and threats as well. Using SWOT analysis, the manager can know the suitable marketing strategy for his company. By creating this prestigious platform, we aspire to serve our readers who are in business marketing so that they can easily network and make money. No matter how big or small the business started, the most important is how you constantly make it grow and sustainable. It is true that accurate information from Business Intelligence about the industry and the global market keeps awake any good Executive in developing the suitable business strategy in achieving the customer’ satisfaction.
The end-result of the careful SWOT analysis will be to constantly match the strengths with opportunities and convert the weaknesses into strengths. In your real business life, how often did you succeed in converting weakness in strength? Is that inspiring you?