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Friday, August 26, 2011

SWOT Profile - Opportunities

Once you have evaluated your company from an internal perspective, you need to assess what kind of an impact the external environment might have on your business venture. The opportunities and threats sides of the SWOT profile are meant to do that.

Considering opportunities is your chance to think outside of the box. Take the time to stop and think for a few minutes about your business, products, and services.

Is there a niche your product could fill that you haven't thought of yet? We might think that our Fluidity feasibility studies are meant for industrial or commercial business endeavors, but when we take a few minutes to think of the possibilities, new avenues open. We could also assist businesses in the hospitality industry contemplating opening new tourist attractions. With the right approach, it could be a beneficial program for every business we're able to help.

Do you have opportunities in new markets? Have you reached saturation in your target market, or are there variations in that demographic you've over-looked? Have you considered ways to reduce overhead while increasing your profit margins? Weighed the pros and cons of raising prices? Is there an advertising media that could work better for you in terms of generating results?

There's a saying that you, at times, can't see the forest because of the trees. Our interpretation of what that means is that you are often so close to the action, and so embroiled in working "in" your business that you don't have time to think or work "on" your business.

There are times when having a 3rd party look at your systems that you can come up with simple solutions that save time and money. We helped one client that was preparing a new proposal from scratch every time create a master proposal that only required changing numbers and deleting items that weren't needed. It was easy to update pricing and virtually any member of the staff could crank out a proposal within minutes.

If you wait for opportunity to knock, it may ring the doorbell. Don't leave your business success to chance, plan for it!

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