Business SWOT Analysis; an activity that should be conducted regularly because the challenges facing your business today will significantly be different from the ones it will battle tomorrow. There always will be a challenge, rest assured.
Yesterday, Tim called me with a fabulous story. I am still wondering about the juices and blind mistakes made all through.
His story in summary:
‘’In December 2012, Michael called me to propose a business idea. We met in Benin, with Ernest in attendance. Mike made a very simple proposal: let’s set out on a new business course. I was dazzled by the idea; exciting, adventurous and a potential key to the millions (laughs). What I however, did not truly ask was what our chances of surviving for more than 5 years were. Truly were.
‘’Yeah, we did the SWOT, measured our chances and saw we had a clear track to run for it. Banking on this one factor, we set sail to the unknown Treasure Island. We did not know, young as we were, that when you set sail, there are no guarantees the wind will remain the same. In the end, it was a fight for dear life. He had put everything on the line.’’
To chase his (friend’s?) dream, solely driven by a passion to make massive money, he resigned from his well-paying job, left home to settle in another place, contributed his savings to procuring the materials they needed to set up the business.
This is essentially true of many other businesses today. We start out without clearly considering all factors. This is forgivable. What is worse is we also do not realize that SWOT Analysis should be done regularly, if not monthly. Daily, new threats arise to dislodge your business setup. You cannot allow that happen. So, even for your safely tucked system, you need a re-analysis every other time, to be sure you are still on to the touchdown.
It won’t count how much you are making, as soon as your business is profitable, your greatest challenge is to remain so. To lead, you have to be in front of the pack. To lead, you need superior information. You need to sniff Threat before it becomes a problem.
How to easily do this is to set a system that ensures this.
An honorable I know generally buys drinks in massive quantity for ‘the boys’ in a hazardous region he lives in as insurance for his safety. He is aware of any incident days before it occurs.
Jide who runs a perfect business, endorsed by the government, to teach schools tech and certify them in SISCO wielded the same government’s hands he keeps well oiled, when a new player entered his space. The player was put in check and the threat utterly crushed.
To keep your competitors in check, including the ones yet unfounded, you need a clean system of managing internal and external factors that will contribute to the threat blossoming.
No hard feelings, just business.