Analysing,Your,Business,One,th business, insurance Analysing Your Business
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One of the most common ways of reviewing your business and determining your future strategy is to undertake an analysis of your:StrengthsWeaknessesOpportunitiesThreatsGenerally an analysis of strengths and weaknesses focuses on the internal aspects of the business. The opportunities and threats focus on the other hand is external.STRENGTHS AND WEAKNESSESIn analysing your strengths and weaknesses consider some of the following:Levels of competence and skillsReputation in the market placeFinancial resources available for new initiativesTechnological expertise that you haveMarket knowledge and marketing skillsTrack record of developing new products or services, implementing sustainable change, developing and delivering strategyLevels of customer satisfactionThe range of products and services that you haveCost structure of the businessOPPORTUNITIES AND THREATSWhen looking at the external factors, give thought to:Possible product or service expansionBarriers to entry in your current or potential new marketsChanges in the regulations that might help or hinder your businessThe impact of technology on your business modelAt the end of the day, if you are to continue to prosper, you need to take the time regularly to:ReflectTake action to exploit your strengths and opportunitiesBe ready to respond to your weaknesses and threats
Analysing,Your,Business,One,th