Real Time SWOT Learn How To Take Smart Decisions
When you use it in real time, it would help you take smart
decisions (as you would know your strengths, weaknesses, opportunities and threats) that would help your business/organization weaknesses, improving
strengths, identifying opportunities and threats.
Right! How Am I Supposed To Do That ?!
Let’s start with information
Information
If a picture worth thousand words, did you ever think about
the words, those words would carry information that would precisely describe
that picture. Every situation on basic level is a specific set of information,
it’s similar to like saying every material thing on its quantum or atomic level
is a specific set of atomic particles or atoms.
Types of Information
If we are to divide information related to
business/organization, it can be divided into three types
1. Internal Information
2. External Information
3. Irrelevant Information
Internal Information
Internal information in simple terms is the information that
deals with the inside situations of your business/organization. Like the
information streams among different organization/business departments, these
information streams are there to ensure effectiveness of the
business/organizations on the inside and that consequently leads to an
effective response to the outside.
Internal information streams deals with your
(business/organization) strengths
and weaknesses.
External Information
External information streams deals with external situations
of a business/organization, these information streams deal with
factors/elements that are beyond control of the business/organization.
External information is all about opportunities and threats.
Sources of these streams are numerous like electronic and print media, social
media, consultants, surveys, researches so on and so forth.
Irrelevant Information
The information that doesn’t have the significant elements
and thus needs no special attention (read further to understand the
“Significant Elements”).
Right! What’s Next ?!
Now as you know there are two types of information that are important, one
deals with internal situations (strengths,
weaknesses) and other with external
situations (opportunities, threats), next step is to SWOT the
information.
SWOT It
In simple words, determine if the information is related to
internal situation or the external situation, there would be information part
of which would deal with internal situation and other with external situation. In this phase it is more likely that you might include "irrelevant information" as either external information or internal information, don't worry about it, it would be weeded out in the next step.
Determine and categorize information, in other words
determine which information is which, internal or external.
Significant Elements
Analyze information under each category; identify
significant elements in each category of information. For example internal
information would have certain significant elements that would point towards or
relate to your strengths or would potentially improve your strengths and or would
have elements that would expose your weaknesses or would potentially contribute
to your weaknesses.
Likewise identify the significant elements in external
information. And once significant elements are identified, act accordingly and
if significant elements aren’t clearly identified, request more information to
get the clear picture, this would help you get the bigger picture and making
smart decisions.
Remember that every bit or piece of information won’t
necessarily have significant elements; such information is irrelevant
information, so there is no need to deal with it in the aforementioned manner.
You may also like to read How to Justify Marketing Budget
TAGS Marketer Organization Real Time SWOT Small Business Smart Decision Making Strategies
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