Before going into any dangerous situation, a police department's special weapons and tactics (better known as SWAT) team takes the time to assess what is happening and plan for the right way to remedy the issue. Many of us of a certain age became familiar with this concept because of a 70s television show.
There is a similarly sounding concept in the business world one can use to improve his or her business results that there yet to be an action-adventure show about.
A company that supplies business coaches calls on entrepreneurs to under take a SWOT analysis to increase the profitability of their firm, SWOT standing for the for areas being looked at: strengths, weaknesses, opportunities and threats.
AdviCoach chief operating officer and president Brian Miller said a SWOT analysis provides a different view of the business for an owner, one that gives insight and key data to support a strategic business plan.
A SWOT analysis must start with a desired goal or objective, he said, adding that owners by understanding the four aspects of their company "they can better leverage their strengths, correct the weaknesses, capitalize on golden opportunities and manage the potential threats."
Among the items considered strengths for a business are strong brand recognition, a good reputation among its customers and having cost advantages based on proprietary know-how, AdviCoach said.
On the other hand, under weaknesses can be considered such things as weak brand recognition, a poor or inconsistent reputation among consumers and/or having a high cost structure.
The other side of the analysis, opportunities and threats, generally deals with external issues, according to AdviCoach.
Among the examples of opportunities include identifying an unfulfilled customer need, the arrival of new technology and the creation of strategic partnerships.
Threats, AdviCoach said, are changes "in the external environment that aren't always predictable, but with insight, can be managed with forethought." These are such things as a change in consumer taste away from a product or service, the emergence of competition and/or the implementation of new regulations or laws affecting ones' business.
"Once a business owner understands their SWOT profile, they can then create a detailed, tactical plan addressing this new-found insight that will get them closer to reaching their revenue goals and financial objectives," Miller said.
To learn more about AdviCoach, visit its website at
