SWOT analysis is a tool that helps businesses achieve success by identifying strengths and weaknesses of their enterprise, as well as opportunities and threats in their environment. In this article, we will discuss how to effectively use SWOT analysis to achieve business goals.
Step 1: Define business goals
Before starting the SWOT analysis, it is important to clearly define the business goals that the enterprise wants to achieve. These can be short-term or long-term goals, such as increasing sales, reducing production costs, entering a new market, or increasing profits.
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In July and August 2021 alone, 1.7 million tourists stayed in accommodation facilities located in seaside areas. And this is not the only place where it is worth opening a holiday resort.
A holiday resort is a place that offers various forms of leisure and recreation for guests. It can be an option for holidays, weekend getaways or longer stays. Holiday resorts usually offer accommodation, meals, and various attractions such as pools, tennis courts, gyms, spas, saunas, playgrounds, sports equipment rentals, etc. Holiday resorts are often located in picturesque areas, near lakes, seas, mountains or other attractive places, which further attract tourists and guests.
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Identifying the strengths of a company is crucial in seeking competitive advantages. To determine the strengths of your company, it is worth conducting a SWOT analysis. SWOT is a popular tool used in management that allows you to assess the strengths, weaknesses, opportunities, and threats associated with a particular project, including your company.
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The book Running Lean: Iterate from Plan A to a Plan That Works was published in 2012 . Its author, Ash Maurya established several startups, he conducts workshops devoted to the Running Lean method, and he was a mentor in business incubators. He reports the acquired experience on the blog that he writes.
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In recent years, the word “innovation” has been inflected for all cases. It also appears quite often in some strategic documents of the European Union. It seems that it has become something fashionable. Such approach is the result of popular belief that a competitive advantage is achieved due to implemented innovations. It is crucial in view of the fact that some sources of the former advantages (e.g. primary commodities) will run out thus it is necessary to seek new solutions, which are essential for further economic development.
Continue reading Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers. Alexander Osterwalder and Yves Pigneur
TOWS analysis poses complementation of SWOT analysis. This approach is called “from the outside towards the inside”. While in case of SWOT analysis you need to base on strong and weak sides of the organization, and use them in a given environment, in case of TOWS analysis, the contrary assumption is taken. Strategy of the company embraces skillful adjustment of the company towards signals flowing from its environment.
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Sometimes there is a situation, when results of several various strategies are similar or there are just insignificant differences. Then, it is advisable to apply a comparative analysis in case of particular variants. If you are not sure about the variant of your choice, you can also evaluate and verify all possibilities.
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A defensive strategy is taken up in the least advantageous situation. The organization operates in an unfavorable environment, and additionally the internal threats are strengthened by internal weaknesses of the company. You need to try to minimize weaknesses and threats. It is very difficult because a company does not have any strong sides or opportunities, which could be used here.
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Although inside the organization the strong sides prevail weaknesses, the internal assets relate to external threat. Therefore, it is a good moment to apply a conservative strategy.
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A competitive strategy is applied, when weak sides overcome the strong sides inside the company, and there are opportunities dominating in the environment. The external occasions are hard to use, because they are connected with weaknesses of the enterprise.
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