LexisNexis Business Insights Solution India

Small Business Owner in Gurugram, India

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What’s up, I’m LexisNexis Business Insights. I’m a small business owner living in Gurugram, India. I am a fan of technology, design, and programming. I’m also interested in entrepreneurship. You can view my portfolio with a click on the button above.

Ways to Improve Your SWOT Analysis

Complacency has been the cause of downfall for many big organizations; whether you are a global corporation or a renowned political party, you have to be aware of your competition always. Some time back, during an interview for a Knowledge, Lisa Bodell, founder and CEO of future think and author of the book, Kill the Company, cited a complacent culture as a serious danger for companies. She said, “It’s the, ‘Oh, everything’s just fine’ mentality, and we see that at a lot of big corporations. They have the money and the brand, and they can ride it out for a long time, until all of a sudden, where did that small company come from?”

The time is always right to remove your blinkers and do a SWOT analysis to break out of a complacent mindset. News, business researches and industry reports are required to be studied time and again to boost your awareness into strengths and weakness, opportunities and threats. Here are a few ways for conducting an effective SWOT analysis.

1.Determine Your Point of Comparison.

You can start with labeling your aspects as strengths or weaknesses. Choose these reference factors – they can be previous performances, future plans, current industry benchmarks or anything else. Eventually, zero down your specific research parameters to acknowledge more specific questions.

2.Evaluate What was Missing from Previous SWOT Analyses.

Consider your previously done SWOT Analysis and try to answer questions like ‘why did or why didn’t we think of that?’. Try to determine if there were gaps in your research that might have made a difference. You can consider the following points while studying your past SWOT Analysis-

· Did you have expert industry analysis sources?

· What about regulatory insights?

So basically, remove your attention from the obvious and recall what types of resources could have made more difference. LexisNexis provide various tools and software to develop your business very easily such as journal business research tools, business database solution tools and etc.