What is SWOT analysis?
The acronym SWOT represents the strengths, weaknesses, opportunities, and threats an organization depends on to build and maintain their business growth. Before you start any business or company, it is imperative that you carry out SWOT analysis to analyze your business strengths and weaknesses, explore the opportunities that are available in your environment, and the possible threats that can hinder the growth of your company.
Objective of SWOT analysis
The core of SWOT analysis is to identify the internal strength and external opportunities a company can depend on and the eradication of threats and weaknesses.
The managers at Clearwater corporation came up with four types of strategies that have been used to build businesses and organizations. The strategies are;
Strengths opportunities strategies,
Weak opportunities strategies,
Strengths threats strategies, and
Weaknesses threats strategies.
SWOT analysis in Clearwater, Florida
For clarity purpose this article is going to be tailored to carrying out SWOT analysis in Clearwater, Florida. We are going to explore the business opportunities and threats companies face in the city. Clearwater is a city located in Florida's Tampa Bay area. Clear water is popularly known for its sunny weather, and beautiful beaches, schools, warm homes, indoor and outdoor recreation centers. All these makes Clearwater an ideal environment for businesses to flourish.
Threats businesses face
What is business threat? Business threats are anything that could hinder the growth of any business or organization. It is very important that every organization pay attention to threats that may affect their organizational goals and objectives. Organizational threats are predominantly external and negative. Business threats exist in various forms like sabotage from an organization offering similar or same services as yours another form of business threat is the shortage of raw materials which might put manufacturing new products on hold. Inflation is also a great threat to businesses, authority laws and regulations are another threat business owners and start-ups should pay attention to when drafting a SWOT analysis.
Strategies that can be adopted to build your business strength
- The first strategy is to ensure that you protect your company's position. What does this mean? This basically means that you concentrate your effort on creating a strong business unit and high market attractiveness. This helps to maintain your business strength
- Build selectively: this strategy specializes around limited strengths. It advocates that you withdraw from anything that indicates the lack of sustainable growth
- Excellent leadership: every organization leadership position should be occupied by competent leaders that can easily identify market threads, identify and reinforce vulnerable areas to build and retain the business strength
- Lastly, once you notice a weak business strength and low market attractiveness, minimize your investments and rationalize operations.
Identifying and tackling business weaknesses
Businesses regardless of their sizes experience weaknesses that affect their growths.
What are business weaknesses? Business weaknesses are the resources or processes that are required for your business to thrive but are lacking.
Weaknesses businesses face
Businesses face different kinds of weaknesses that affect them negatively. Some weaknesses include;
- Financial weaknesses: financial weaknesses can be described as a lack of funds or capital to finance your business. Businesses regardless of their sizes face this challenge, but small and medium enterprises are often affected because being new to an industry may hinder you from getting a loan to grow your business. Do not take high risks to overcome this challenge
- Production inefficiency: this is another challenge businesses face. Maximize your resources and ensure they are used for their intended purpose.
It is important that you exploit all the possible weaknesses that could affect the growth of your company.Swot Analysis Clearwater Fl
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