Dr. Frederick Herzog, Ph.D.
The SWOT tactic or analysis sounds like the work of a SWAT team. A SWAT team uses guns and Kevlar to resolve issues. The SCORE SWOT team analysis uses a proven technique to avoid small business start up or expansion issues that could cause failure. That’s a big difference!
The SWOT analysis matrix is an acronym for strengths, weaknesses, opportunities and threats. SWOT is a structured planning tool and method to identify and analyze existing situational elements, both internal and external, that could spell failure or success of a business venture.
Conducting a SWOT analysis with a SCORE-certified mentor(s) can be informative and more fun than it sounds. It can identify potential problems and opportunities. More importantly, it’s a solid strategic plan for a business start up or growth plan.
SWOT discovery process
- Strengths: Characteristics of your business that give it an advantage over others in your industry or locally. Discover what you do better than your competition. Determine how to develop lower costs or better resources. Identify your competitor’s market strengths and develop alternative strategies. Refrain from inventing a product or service that has no value.
- Weaknesses: What might put your business or project at a disadvantage especially with respect to others in the same business? Discover how you can make improvements to shortfalls in service or product. Recognizing things to avoid and what factors cause loss of a sale. What might buyers in your market see as your weaknesses?
- Opportunities: How external chances can make sales increase or profits better. Watching for trends that might help grow the business. Finding technology that boosts production or population demographics that indicate added services. How to lower costs without sacrificing quality of service. Does social or governmental changes allow for more opportunities? And, learning to play to your strengths not weaknesses.
- Threats: These are external changes that can impact your business to which you must stay alert. Looking for obstacles that might cause
disruptive experiences. What are you competitor’s threats? Have quality standards or specifications changed that impede growth? Can the twin brothers called bad debt or poor cash flow hurt business growth? Staying alert all the time.
How SCORE can help
If you watch television you might have seen the advertisement by an insurance company that states, “We know a thing or two because we’ve seen a thing or two.” That’s what SCORE mentors are all about. SCORE mentors come from many years and specialties in small business or the corporate world. They know a lot, because they’ve seen a lot!
Our mentors have years of work experience that creates a comprehensive knowledge base that can help. We offer a process of co-counseling when two or more mentors, with different or complimentary expertise, add increase value to our client support. SCORE Citrus holds the Platinum Chapter Designation from National SCORE. This status means our history and track record is one of exceptional service to our small business community.
SCORE welcomes every opportunity to help and mentor our businesses in Citrus County. SCORE can be reached at 352-249-1236 or by going online to SCORECitrus.org. If you call during non-office hours, please leave your information so we can call you back. There are no fees for our service. Help us help you, “For the Life of Your Business.”
Dr. Frederick J. Herzog, Ph.D., is a past president of Citrus County SCORE. He can be reached at firstname.lastname@example.org or 847-899-9000.