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Surviving in the New Normal: Formulate a New Business Model

Author: NSantarone
Categories: Small Business News

Surviving in the New Normal: Formulate a New Business Model

Small businesses are struggling to survive the current pandemic, many businesses have closed and will never reopen, others are on life-support. Trying to stay afloat during these times is only prolonging the inevitable which is insolvency. Business owners must become proactive, and take an analytical approach to reinvent their business to be competitive and Profitable.

We are in the fifth month of this pandemic and it appears that the crises are not abating, but escalating. It’s up to each business person to look into their company to implement a strategic plan to become solvent during these uncertain times.

The SWOT analysis is an acronym for Strength, Weaknesses, Opportunities, Threats. The four categories are divided into two groups internal and external. This is a way of examining your company’s position in the marketplace.

Strengths, write a description of what traits your company has proficiency making them stand out against competitors.

Weaknesses, what are areas of your business that need improvement.

Opportunities, external circumstances offer an opening to advance the company’s position in the marketplace. Examples are new technology, new relationships, filling a void in the market.

Threats, the environmental factors that are out of your control, but you have to find solutions and deal with them.

After addressing the above categories the analyst should determine how to address these four elements and strategize a plan to move the organization forward.

 

                                            Sample SWOT Analysis

Internal

  Factors

Strengths +

  • unique products
  • competitive pricing
  • qualified staff

Weaknesses –

  • distribution system
  • overhead costs
  • cash flow

External

  Factors

Opportunities +

  • exploit market gaps,
  • streamline product line
  • capitalize a strong niche

Threats –

  • shrinking demographics
  • economy
  • social norms
  • government regulations

Once you have completed the SWOT analysis you can navigate your enterprise to a more profitable position. In some instances, owners and managers have ascertained areas that should be scaled back and niches that they could expand, and capture more market share.

There are several free and inexpensive programs on the internet available.

CNET offers downloads @ https://download.cnet.com/s/swot/.

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