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Last edited 31 Dec 2020
It works by identifying the objectives of the business or project before assessing various aspects of it, both internal and external, which are a help or hindrance to achieving those objectives. Businesses can use a SWOT analysis to improve their market competitiveness and resilience.
In construction, SWOT analysis can help companies assess where they stand within the market, enabling them to anticipate how changing economic conditions, new rivals, etc. might impact on their business.
The strengths of a construction company might include their efficiency and ability to remain on-schedule, a well-established brand name, a diversified range of projects and skills and so on. Factors that can be considered as part of an analysis of strengths include:
- The advantages the organisation has.
- What the organisation does better than others.
- Resources that can be drawn on distinct from others.
- The market’s view of the organisation’s strengths.
Weaknesses might include; having a large proportion of business with one client, in one sector, or in one particular area, a management team lacking certain skills and experience and so on. Factors that can be considered as part of an analysis of weaknesses include:
- What the organisation could improve.
- What the organisation could avoid.
- The market’s view of the organisation’s weaknesses.
- Things about the organisation that could lose or be detrimental to business.
Opportunities can arise from; expanding a business, changing government policy, using expertise of a particular sector to anticipate where the market will go next and so on. This involves keeping a close eye on the industry and its influences and trying to spot trends that can be exploited before rivals do.
Some threats to an organisation can be external and beyond control, such as a slow-down in the industry or a negative change in government policy (e.g. rising tax rates). Other threats may be internal, such as poor management, debt, cash flow problems, lack of investment, lack of expertise, and so on. Factors that can be considered as part of an analysis of threats include:
- Potential obstacles to success.
- Competition from rivals.
- Changing standards or regulations.
- Changing technology.
- Whether any of the identified weaknesses could threaten the business.
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