Amazingly, as a company, we have started 2014 how we finished last year: very busy, with a number of new contracts in the diary already! I’m able to plan for the future and, more importantly, take on that extra member of staff I’ve needed …
SWOT Analysis A What Analysis?
However, one thing for certain is that I’m not complaining! Over the past few months FTS has seen a dramatic increase in workload, which gives me the confidence that we are doing the right thing by expanding our range of services.
Next week, we are attending various training courses which, providing we pass, will allow us to immediately offer a new service to existing clients and, of course, allows us to have another string to our bow. We’ll be able to provide a complete health and safety package all under one roof.
More importantly it helps us with our expansion plans and helps us work towards obtaining new accreditations, including ISO 9001. You never know, I might even look into the ‘buy with confidence’ scheme from Trading Standards.
One of the things we needed to complete for the program was a SWOT analysis. When I was asked “do you know what that means?” I thought it was what we did at school to highlight those bright sparks we hated for being too clever. Oh, was I wrong! It is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in any business venture.In order for FTS to continue to offer professional services to new and existing clients, we know that there are some tough times ahead, especially as we have a planned expansion program underway.
A SWOT analysis can be carried out for a product, place, industry or person. It involves specifying the desired outcome of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective.
Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals to be set for the organisation.
Strengths: characteristics of the business or project that give it an advantage over others.
Weaknesses: characteristics that place the team at a disadvantage relative to others.
Opportunities: elements that the project could exploit to its advantage.
Threats: elements in the environment that could cause trouble for the business or project.
Identification of SWOTs is important because they can inform later steps in planning to achieve the objective, but first you should consider whether the objective is attainable, given the SWOTs. If the objective is not attainable, a different objective must be selected and the process repeated for it.
Until next time …Are you confused about SWOT analysis? I was, but now I’m into the project I understand the process. Call me on 0330 6600264 and I’ll happily talk you through it!Anyway, that’s my target for the next seven days: complete the extensive SWOT analysis for FTS Safety Solutions whilst still providing the first class health and safety service we offer. It’s a challenge, but a good one!