What is S.W.O.T. analysis and why should it be a part of your business health check?

A SWOT analysis is used to fine-tune your business strategy by examining your internal and external factors influencing the growth of your business. It is the most recommended process when it comes to conducting business health checks. It is a cornerstone of your business strategy.

What is SWOT Analysis?

S.W.O.T. is an acronym for Strengths, Weaknesses, Opportunities, and Threats.

Basically, SWOT analysis is a business health check tool that lists the strengths, weaknesses, opportunities, and threats to your business. It is a diagnostic tool to identify the potential and critical issues affecting your business.

SWOT AnalysisStrengths and weaknesses are internal to the company and somewhat are controllable variables. On, the other hand, opportunities, and threats are the external factors that could benefit or harm your business. You cannot change them so you need to adapt your company according to the situation.

SWOT analysis is a kind of a small business health check used to make business plans or strategies to maximize the positives and counteract the negatives.

How to perform a SWOT Analysis?

A SWOT analysis can be done either by a single person or a group of people depending on the size of your business. The step involved in performing a SWOT analysis are:

Analyzing your Business’ Strengths

Strengths are the positive factors of your business. These include the positive attributes, tangible and intangible, internal to your organizations that are within your control. Strengths should reflect the specific areas in which your business is the most successful and can, therefore, be leveraged to achieve your goals.

internal factors

For instance, the Unique Selling Points (USPs) of your business can be considered as your strengths. You can add every business element to your list of strengths that adds value and offers you a competitive advantage. This could be your expertise in the field, brand strength, customer base, etc.

To further identify your strengths, you can ask yourself the following questions:

  • What is your business good at?
  • What internal resources do you have?
  • Do you get regular company health checks done?
  • What advantages do you have over your competitors?
  • Can you perform profitable research for your business?

Positves and negatives

Analyzing your Business’ Weaknesses

Weaknesses are the negative aspects of your business that detract your ability to obtain or maintain a competitive edge. These are the internal factors which need improvement.

They are the qualities standing in the way of accomplishing business goals and achieving success. These are the liabilities that lead to failures. They should be minimized or eliminated.

To identify your weaknesses, you can ask yourself the following questions:

  • Which factors are preventing you from competing with your strongest competitor?
  • Why is your business unable to achieve maximum output?
  • What does your business lack in terms of technology, expertise etc.?
  • Do you get at least one business health check done per financial year?

Identify your Opportunities

Identifying opportunities can be a tricky thing. The external factors that symbolize the incentive for your business to grow and thrive in the marketplace are referred to as opportunities.

Your company

These opportunities reflect the potential for your business to succeed through the implementation of your marketing strategies. Opportunities may present themselves as a result of market growth, lifestyle changes, resolution of problems associated with current situations, positive market perceptions about your business, or the ability to offer greater value that will create a demand for your services.

Identify your potential threats

Threats endanger the stability and viability of a business. Threats are external factors beyond your control that place your marketing strategy or business at risk. Though you have no control over these factors, but a contingency plan may help you in addressing such threats.

Early recognizing of threats is the only way to control the outcome of your business. A threat can be something like new entrants in the market, competitors coming up with an improved version of a product etc.

Other threats are price increases from suppliers, unfavorable government measures, economic slump, unfavorable reviews or media coverage, the introduction of new technology that might detriment to your business etc.

To detect the potential threats to your business, you can ask yourself the following questions:

  • What are the strategies of your existing/potential competitors?
  • What factors are beyond your control that could place your business at risk?
  • What situations might threaten your marketing efforts?
  • Has there been a significant change in the supplier’s prices or the availability of raw materials?
  • Have there been significant shifts in consumers’ behavior, the economy, or government regulations that could reduce your sales?

Why should SWOT Analysis be a part of your Business Health Check?

SWOT analysis is a strong tool and should be used as a guide. Successful businesses build their strategic plans according to the SWOT reports.

A timely SWOT analysis should be a part of your business health check as:

  • It is a valuable resource for setting up optional/emergency plans
  • It carefully builds the business’ strengths
  • It reverses the business’ weaknesses
  • It protects against external threats
  • It helps in seizing the opportunities faster than our competitors
  • It helps in setting further objectives
  • It helps in synchronizing the business’ resources with the competencies

The SWOT analysis gives birth to the seeds for an action plan thus, providing a clear path for businesses to undertake in order to succeed.

There are numerous online companies who provide a SWOT analysis and a business health check for small as well as large businesses. Business Propel is one such trusted firm that follows a step by step process to develop a plan to improve your business’ growth.

Tips On Selling Estate Jewelry Successfully

Are you looking forward to sell estate jewelry????

Do you have some inherited jewelry or bunch of used gold jewelry that you want to utilize to earn a quick profit on?

I would like to strongly recommend that you must be alert and there are numerous things that you must keep in consideration before you sell estate jewelry.

Estate jewelry is nothing but second hand jewelry, they are not very much costly, but few pieces are…..

Possibilities are there that you might have found few of your jewelry at an estate sale or at a yard sale and NOW….You must be wondering that how you can earn handsome amount of profit where somebody has ignored its actual value.

Estate-Jewelry

Via This article I can just keep my hopes high that I succeed in pointing you towards the right direction so that you can earn money, even above from your desired expectations.

Now, The Question Arises…

How can You Determine The Value Of Your Estate Jewelry?

You will be a little surprised to know that usually, estate jewelry is costume or bogus jewelry. “Estate Jewelry” term is often used in terms of retail sense and to signify the watches which were the part of the ‘estate’ of a deceased person.”

Large and flashy stones studied in a particular jewel don’t make it authentically expensive. The authenticity of jewelry can only be judged by the jewelers.

If the estate jewelry is 50 years and above then it can be considered as antique and it might have some inherent value, but generally not a whole lot. It would be better if you will reconsider selling your costume jewelry on an online auction site. You can collect some ideas in regard to selling estate jewelry from various web sources. Here is the web link for your help and consideration: http://www.circajewels.com/sell-jewelry-watches/estate-jewelry/

Magnet Test

estate
Have you heard about this test before?

It would be a wise step, if you will let your estate jewelry pass the magnet test.

The test is really easy to perform, just take a magnet and pass it across your estate jewelry. Jewelries that are not made of expensive metal will twig to the magnet, but the actual one will not.

Note: Again, these pieces that will stick to the magnet won’t have much of a value.

• After sorting the genuine pieces from fake ones, closely observe the real pieces whether they have a hallmark stamp somewhere on the piece or not.

• The hallmark for gold will be the karat stamp. The karat stamp will be 10k, 14k, or 18k.

Note: The higher the karat, the more valuable it is.

• Silver jewels are always marked with “sterling silver” or “sterling”.

All about Hiring a Sewer Contractor

Sewer contractors do every task related to maintaining, installing, and repairing sewer pipes. Contractors are certified and licensed after special training.
It is very important to hire an experienced sewer contractor, otherwise, disaster will happen. If pipes are not repaired and installed properly they could accidentally discharge and produce some environmental contaminants into residential areas and rural locations. You can also look for quality plumbing in West Hills, Calabasas and surrounding areas to hire some experienced plumbers.
Mostly sewer contractors are specializing in one of the fields such as commercial or residential but there are a few persons that are skilled in each of the both. Other fields include industrial, institutional, and municipal.

Image result for Sewer Contractor

Sewer systems depend on various types of environmental situations, so it is important to maintain it by monitoring.
All types of disaster can happen if pipes break contain leaking, flooding, and discharge of various untreated sewage contaminants that causes costly fines and fees.
Sewer contractors also involved in some other types of work. These include:

  • Backwater value cleanout
  • Pipeline cleanout
  • Converting septic tanks to city sewer lines
  • Sewer video inspections

Septic tank replacement is one of the reasons for people to hire sewer contractors. This type of process requires contractors to work with engineers throughout the conversion.
Another reason to employ contractors is to clean out pipes. One way to decrease the requirement for contractors is to control the type of household waste that is put into the system.
Though residential waste is the main reason for many of the toxins present in wastewater, waste that is produced through commercial, institutional, and industrial facilities tends to be even more harmful.
Despite that fact that corporations must comply with EPA regulations, accumulated waste continues to release toxic substances into the environment.
Sewage waste is transported throughout a series of underground pipes to a treatment facility. These networks of pipes are the most important element for conveying waste for treatment and proper disposal.