Threats to your business are imminent. Who would have guessed an international pandemic would cause us to change the way we all live and work?
Threats are external factors that you cannot control; however, you can be knowledgeable and forward-thinking to prepare for these disruptions on your business activities.
There are a lot of obstacles in business, if you think of a company’s startup process, even the most basic task can cause disruption to your daily activities. Whether government / regulatory, personnel issue, supply / demand change, technology, or what about the weather? You should be prepared for the worst and hope for the best.
Related to marketing specifically, our technology is the constant challenge. Am I keeping up, managing or falling behind? I’d say all three! There are plenty of apps to utilize today that weren’t existent 10 years ago and it can be overwhelming to keep up. Researching, adjusting, and investing in today’s technologies will keep the online security threats at a minimum, but having an unlimited budget to tackle those may be an obstacle.
As with the strengths, weaknesses, and opportunities, be sure to consider what your competition thinks of your company and know they are thinking of ways to disrupt your business.
- What if a merger / acquisition of nationally-knowledgeable resources joined your largest competitor?
- What would happen if a tornado, hurricane or other natural disaster hit your offices?
- What if your largest client shuts down?
Obviously these are a few scenarios, but think about it, would you have thought we’d all have to learn within a week how to work virtually?
As with any SWOT analysis project, consider the areas of highest priority to your company’s growth. Consider should you be changing the way your company meets the challenges that arise. Being exposed to external threats without a plan isn’t a good idea, consider major threats and prepare a basic reaction to the minor ones that arise.