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Natural Disasters Remind us to Assess our Business Situation

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The news coming from Japan is one scary fact after the next resulting in thousands of unanswered questions. Will the people of Japan suffer from nuclear radiation exposure? How soon can they get back on their feet? Will businesses in the U.S. be affected? One thing that natural disasters should remind us of is to realize the importance of assessing our current business situation so that if disaster does strike, we’re at least well prepared.

 

One of the most common methods of assessing the strengths and weaknesses of your business is to conduct a SWOT analysis, where SWOT stands for strengths, weaknesses, opportunities and threats.

Strengths: Your company’s competitive advantage. Some questions to answer include:

  • What does your business do well?
  • What resources do you have access to that put you at an advantage?
  • What are you known for in the market?
  • What is it about your business that your competitors cannot match?

Weaknesses: Areas where you and your business need to improve. Some questions to answer include:

  • What doesn’t your company do well?
  • What don’t customers like about your products or service?
  • Where are the pressure points in your business?
  • What do competitors do better than you?

 

Opportunities: Areas where you could grow your business in the future. Some questions to answer include:

  • What are the trends in your industry that could create opportunities (technology, demographic or social changes)?
  • What new products do your customers need?
  • What products would complement your current offering?
  • What geographic areas could you target?

 

Threats: External and internal factors that could create problems for your business. Some questions to answer include:

  • Do you lack the resources to grow your business?
  • Are your competitors threatening your business in any way?
  • Are industry trends such as changing technology or regulations a threat to your business?
  • Are you vulnerable to an economic downturn or other economic changes?
  • Are you prepared when natural disasters hit? What is your backup plan?

 

If you find the answers to these questions draw a picture of your company at risk, it may be time to take a look at your current technology solutions to ensure you’re getting the right data out for a proper business assessment. PrettyDarnGood Consultants provides customized business software using Microsoft Dynamics® GP, Microsoft Dynamics CRM, and the latest Microsoft development tools such as .Net and Microsoft SQL Server.  Contact us to learn more about how Microsoft Dynamics GP may help you assess your business situation.

By PrettyDarnGood Consultants, New Jersey Microsoft Dynamics GP Partner

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