If you have studied business or marketing you will be familiar with the SWOT assessment. A review of a business or business function that outlines the associated Strengths, Weaknesses, Opportunities and Threats. It is a useful if subjective tool and process to go through when performing situational analysis.
And if you have produced many SWOT analysis’ in the past you will understand stand that there is often a direct link between the different elements based on your view point. A strength can also be a weakness or a threat when viewed from a different angle. And many times you will end up making an entry in two boxes for each point covered.
If your strength is your standing in a particularly industry, a threat could be political or economical factors affecting it, and a weakness could be diversity of client base.
Where there is strength, there can be weakness. Where there is threat there can be opportunity.
And it is that last point that is particularly pertinent right now. Many individuals and industries are facing huge threats as a result of the global pandemic and its impact on business. And in these times it is tempting, as well as completely understandable, to focus all your efforts on the threats you are facing.
But as with any SWOT analysis, where threat exists so can opportunity. Many times interlinked:
|We can’t travel to the office||Develop a more flexible way of working|
|Our main clients are in a downturn||Use the time to apply your skills to a new industry|
|Income is down||Audit current outgoings and cut those unnecessary costs|
|Our old marketing ways aren’t viable right now||What can we test now that will help us in the future|
These are very broad, generic examples but if you focus on finding the opportunity in the current landscape then you will no doubt find some relevant to you.
And it is the businesses and individuals that focus on the opportunities and position themselves to make the most of them that survive the current situation and prosper in the new world we emerge in to.
So rather than spending all of your energy on the threats facing your industry, spend some time focusing on the opportunities. You will no only find it more rewarding, you will also put your business in a better place for the future.