These are external factors that could affect your business in a positive way. They may be largely out of your control, but you can choose to leverage them:. These are external factors that could affect your business in a negative way. Tough decisions about resource allocation are unavoidable.
Start with the lists from your brainstorming session. Now work on narrowing down those lists so they will fit on a single page, arranged in a 2 x 2 SWOT matrix example below.
What is less important now may become critical in the future, and you need to be aware of that possibility. You can always rearrange your list or come back to an item later. For each of the items on your final list, create a strategy to exploit the advantages and opportunities, and to deal with the weaknesses and threats.
For now, just create a broad plan of action.
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Also, keep in mind that different factors can work together to balance each other out. How can you use your strengths to improve your weaknesses? How can you exploit opportunities to neutralize your threats? Can you leverage your strengths to better take advantage of opportunities?
Is there a weakness you need to prioritize in order to prevent a threat? Here's a sample SWOT analysis template, based on an online tailored shirt business. Although many more factors came up during brainstorming, these were deemed to be the most important. Think about what strategies this business owner could implement to take advantage of this information.
Remember, there's no right or wrong answer here. The most important part of a SWOT analysis is how you use the information that comes out of it. Here are six sample scenarios with potential decisions to help you start thinking strategically. Scenario 1 : Your lease is nearing the end of its term and you need to renegotiate. Since the neighborhood has gone up in value, you're worried you'll be priced out.
Strategy : Start selling online to mitigate some of the risk. Scenario 2 : You rely on a raw material that is in high demand and prices are rapidly rising as it becomes more scarce. Strategy: Commit to a five-year contract to guarantee your supply and lock in at a lower price. Strategy : Set aside a fixed amount for emergencies and invest the rest in growth.
Scenario 4 : You have a negative workplace culture and your employees are underperforming. Strategy : Hire a culture consultant to help you turn things around. Scenario 5 : Most of your website traffic comes from search engines. You need to diversify your traffic. Information Systems. This book is best for anyone studying isca. Even better than other books available in themarket for CA s Anurag Gupta Certified Buyer Dec, Mukhilarasan Rajakumar Certified Buyer Sep, Strategy Safari 2nd Revised It is perhaps the best tour of strategy, and it comes from a seminal thinker on the subject- Henry Mintzberg.
Abhijit Dey Certified Buyer Jan, Introduction to Materials M Great book. Introduce overseas products into China market How to start business in China?
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How to find partners? What are the survival tips? Cross Border Business Consulting. Helping Chinese companies go global. Overseas company setup and business advice. Local Market Research. Competition situation analysis investment opportunities and feasibility study. Legal Consultation. Handle international acquisition, land purchase, property purchase etc.
Intellectual Property Management. Help overseas companies to protect IP issues in China. Find suitable buyers to sell patents and other copyrights. Immigration Consulting. More profitable than overseas study. Helping HNW Chinese on overseas immigration. Sell Overseas Property. A traditional but good business. Chinese people are keen on property investment. Work with overseas real estate agents, organize overseas property tours.
Forex is tightly controlled and regulated in China but with a bright future. Overseas mainstream forex brokers are working with Chinese local agents to open accounts for Chinese local traders. Investment Funds. In this dynamic economy, You will not lack good chances to find potential businesses. Online Business. Online English Teaching. Chao English School.
Chao Magic English School offers online course on effective English learning method, consultation and coaching services. Oral English Practices are the major strength of this business. More creative models have been developed through WeChat, website, groups, communities, and online courses etc.
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Most foreign startups underestimate the investment and difficulties on the localization and marketing efforts in the market entry phase. Online Mandarin Courses. Offer online mandarin courses to Mandarin learners from around the world. Provide online Mandarins tutoring services Provide Mandarin learning strategies and practical training techniques. China has the most advanced technology that favors online businesses and trading platforms.
Source your products from overseas, find out what Chinese consumers love and when they will buy from your website.
Who should do a SWOT analysis?
Build A Right Chinese Website. Build your own web store and sell to China customers directly. You don't need to pay high cost platform fees for big local ecommerce players. You need to find your own way of Chinese digital marketing to get the traffic of potential buyers. Global Stores on Platforms.
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Open your global stores on different global ecommerce platforms: Amazon, eBay, Wish, Aliexpress etc. Sell your products worldwide, you can focus on target countries to do precise marketing. Global Official Web Store.
Build independent global official web store. Build your brand awareness. Find a small niche market to chisel in. Only provide boutique products. You can sell directly based on your existing web store.
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You don't need to build a new web store, but you really need to change a lot and make it adapt to the China market. The key is the right localization, not only about language, but also logistics, payment and operations. Sell Online to China.