SWOT analysis
The current business environment is embedded with a new set of challenges due to
the COVID-19
pandemic. All the businesses have undergone many
adjustments/structural changes to cope with the pandemic. Many Brick & Mortar
businesses are at the edge of extinction, while at the same time, many new
businesses/existing are indicating growth in their books.
Keeping in view the above case discuss the issue logically, and answer the following
questions. 1. Do you think that COMID-19 is an opportunity/threat to the businesses? 2.
Support your answer with suitable examples in either case, if any.
Answers
Answer:
Step 1: Understand SWOT analysis terms
SWOT is a tool that identifies the Strengths, Weaknesses, Opportunities and Threats of an organization. A SWOT visual is a 2x2 matrix, yet can be much more when used as a tool to leverage the thinking and energy of more than one person for collaboration, which is one reason we built it directly into the dashboard of Rhythm software.
Put aside the standard, long-term use of this tool, and focus on this time of rapidly changing pandemic. For a COVID SWOT, the outcome desired is to categorize the immediate positive and negative influence of internal and external forces, thus creating a SWOT matrix of four categories based on internal forces and external forces:
INTERNAL FORCES (we have control)
Strengths Category (positive: capitalize on, leverage or protect)
Something that we can do very well today that could help us gain fast traction with skills, resources and knowledge already in place.
Weakness Category (negative: mitigate or eliminate)
Areas that are holding us back that should be removed or improved upon with the right energy and effort.
EXTERNAL FORCES (we do not have control)
Opportunities Category (positive: potential areas to invest in or pursue)
These could include technology, relaxing regulations, elimination of trade barriers, changing consumer preferences, etc.
Threats Category (negative: to shore up against, mitigate)
Emergence of new regulations, increased trade barriers, supply chain disruption, etc.
As a crisis management tool, the COIVID 19 SWOT is analysis equally applicable to companies who have activated BCPs (Business Continuity Plans) and those who have no plan and are scrambling or stuck A BCP is useful for a one-time (or unchanging) declared event, yet it often overlooks the changing environment of a pandemic. A SWOT analysis during a pandemic is constantly changing with the changing market conditions and should be re-evaluated during your regular rhythm of work. A SWOT incorporates the changing environment of this unpredictable business enemy. If you have no plan in place, the SWOT allows you to immediately focus energy and to communicate the right message to your team.
Step 2: Apply the SWOT approach to (4) distinct business scorecard (BSC) categories
The development of SWOT at Stanford Research Institute included a questionnaire completed by over 5,000 executives—and there is a direct link between the conclusions and your company: The CEO should be the chief planner, and the executive or senior team should be the senior planning team.
Meet weekly, and discuss Strength/Weakness/Opportunity/Threat, one category at a time: Employees; Customers; Revenue; Processes (see graphic below). Prioritize each categorical list, and then compare all four to create your immediate 3-5 weekly priorities to focus on.
Explanation:
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