Business Strategies 101
The first time I heard of S.W.O.T. Analysis, I had no clue what it meant. To be honest, the first thing that came to mind was probably this movie! So I started doing what mostly everyone who is tech savvy does and needs answers…I went ahead and did a Google search. I typed in “What is SWOT analysis?” and the first result on the first page that came up was so informative, I spent at least 10 minutes on B Plans‘ post taking it all in. I break it down in the first half of my video post above that I want to share with you. I now know if I ever end up deciding to open up my own sneaker boutique, I will definitely start with this business strategy.
So let’s say for example I end up opening this sneaker shop of mines and it takes off. I then imagine myself at the 5-year mark of my business and I have to re-evaluate some of the products that I carry in my store. What should I keep and what should I let go? I found this resourceful YouTube video by The Revision Guide that talks about the foundation of the BCG Matrix strategy, which is great for existing businesses who need to continue with their long-term strategic planning. It is not a complex strategy to learn, but just like the video itself, it provides the fundamental understandings of what is working and what is not. Check out my critique in the second half of my video review on these two helpful resources. Note to self: It’s time to upgrade my laptop with a built-in HD camera!
Berry, Tim. “What Is a SWOT Analysis?” Bplans Blog What Is a SWOT Analysis Comments. Palo Alto, 11 Aug. 2016. Web. 09 Oct. 2016. <http://articles.bplans.com/how-to-perform-swot-analysis/>.
Hanlon, Annmarie. “How to Use the BCG Matrix Model.” Smart Insights. YouTube, 12 Jan. 2016. Web. 11 Oct. 2016. <http://www.smartinsights.com/marketing-planning/marketing-models/use-bcg-matrix/>.
Taylor, Nicole Fallon. “SWOT Analysis: What It Is and When to Use It.”Business News Daily. Purch, 01 Apr. 2016. Web. 09 Oct. 2016. <http://www.businessnewsdaily.com/4245-swot-analysis.html>.