Business consultant Jeff Nock outlines the benefits of conducting periodic SWOT analyses for companies.
From improving business operations to discovering new opportunities, periodic SWOT analyses are essential for companies looking to achieve continued growth and success. That’s according to Jeff Nock, a business consultant, business growth specialist and founder of Prescient Consulting, LLC, based in Iowa City, Iowa, as he reveals more about the process.
“Conducting periodic SWOT analyses is vital in business,” suggests Jeff Nock, “in order to discover new opportunities, improve existing business operations, address potential risks, and remain competitive.”
Even the world’s largest companies, he says, rely heavily on the SWOT analysis process to evaluate everything from production capacity to necessary contingency plans should threats appear in the marketplace.
SWOT is an acronym for strengths, weaknesses, opportunities, and threats. A typical SWOT analysis identifies both internal and external factors that are likely to affect a company’s performance. While strengths and weaknesses are considered internal factors, opportunities and threats involve dealing with external or environmental matters.
“Accurately and periodically evaluating a company’s strengths is essential in order to allocate resources, labor, and capital correctly ,” explains Nock. “It’s all about ensuring that a business is using its resources efficiently,” he adds.
Identifying weaknesses, meanwhile, he says, is vital to improving business operations and customer service and will help to prevent against all manner of strategic blunders. “It’s important to remember that most weaknesses can be turned into strengths in the future,” adds the business consultant.
Next, Nock moves on to external or environmental factors. “New opportunities are key to continued growth,” he explains, “from identifying untapped customer groups to undertaking geographic expansion.”
By conducting periodic SWOT analyses, a business is able to maintain a longer-term view of potential opportunities, as well as possible pitfalls or threats, according to the expert. “These potential pitfalls or threats are, perhaps, best described as risks,” suggests Nock. “Occurring outside of a company’s control, threats or risks often extend well beyond those caused by competitors in the market,” he adds. Other threats, or risks, can include regulatory changes or swings in consumer tastes, for example, according to the Iowa City-based specialist.
Jeff Nock also believes that identifying risks is critical to competitive positioning and strategic planning.
“It’s about always being prepared and having well-developed contingency plans in place ahead of time,” he adds, wrapping up, “which is why carrying out periodic SWOT analyses at regular intervals is so important.”
Based in Iowa City, Iowa, founder and CEO of Prescient Consulting, LLC Jeff Nock boasts a demonstrated history of growing startups, growth oriented companyies and nonprofit organizations, alike. Skilled in business and strategic planning, leadership development, sales, marketing, and presentation development, now-established Iowa resident Nock also holds a master’s degree in management from Colorado’s Regis University and is a specialist in growing organizations