What a business depends on - 5 digits that an entrepreneur must know (part 2)
5. Lifetime value of the client / Cost of attracting one client This indicator will allow you to understand how much you will get back from each invested ruble. In…

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The most important factor for business success
You want to know a lot of things, to be able to do even more, but if you don’t make a decision, if you are not ready to act, you…

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List of activities requiring a license (part 2)
20) Activities for the carriage of inland water transport, sea transport of passengers. 21) Activities in the transport of inland water transport, sea transport of dangerous goods. 22) Activities for…

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How to do a SWOT analysis (part 3)

Step 3. SWOT matrix
Having calculated all the factors influencing the business and grouping them into four squares, we get the SWOT analysis matrix, as in the photo below. Thus, we classified all possible impacts on our business in 4 categories: Strengths, Weaknesses, Opportunities and Threats. Thanks to this matrix, we better understand our own business, and, accordingly, it is easier for us to make competent decisions.how to do swot analysis
SWOT analysis matrix

Step 4. SWOT Strategy
Stroking the matrix on the SWOT, it is easy to see that in each square two elements intersect. From this “intersection”, in fact, we can extract a separate business strategy and, on the basis of it, develop a business. In principle, everything is simple, but let us nevertheless examine in more detail each of them.

S-O Strategy – based on Strengths (strengths) and Opportunities (opportunities). It implies the maximum use of all strengths and opportunities.
W-O Strategy – based on Weaknesses (weaknesses) and Opportunities (opportunities). It involves working to overcome the weaknesses of your business with all the opportunities.
S-T Strategy – based on Strengths (Strengths) and Threats (threats). It implies the maximum use of all strengths to prevent external threats.
W-T Strategy – based on Weaknesses (weaknesses) and Threats (threats). It implies a complete improvement of the business and the removal of weaknesses and threats.
All these strategies have a right to exist, sometimes even simultaneously. Indeed, in business it does not happen that everything is smooth, and there are always weaknesses, and advantages, and dangers, and opportunities. So, understanding these things and having appropriate strategies is an important defense mechanism for a business.

In the end I’ll say: it doesn’t matter exactly how to do the SWOT analysis – it’s more important to understand that the analysis is needed, or at least very useful. If you have other ways, please do as you please. This is not the point – the point is to really understand the position of your business. It is very important.

If you really did the SWOT analysis in another way, please share in the comments.

How to do a SWOT analysis (part 2)
Step 2. Analysis of the business environment In this step of the SWOT analysis, we must analyze in more detail all of the above factors and understand what they actually…

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List of activities requiring a license (part 1)
1) Development, production, distribution of encryption (cryptographic) means, information systems and telecommunication systems protected using encryption (cryptographic) means, performance of work, rendering services in the field of information encryption, maintenance…

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How to do a SWOT analysis (part 1)
SWOT analysis is a very important tool for opening, planning and running a business, respectively, and the question “how to do SWOT analysis” is of particular importance in the life…

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