Real Time SWOT Learn How To Take Smart Decisions

smart decision making
SWOT is a tool that has been used by business/organization Strategists, Entrepreneurs, Managers to identify strengths, weaknesses (internal to business/Organization), opportunities and threats (external to business/Organization). It is indeed a great tool, now Imagine you use this tool on daily basis, in real time!

When you use it in real time, it would help you take smart decisions (as you would know your strengths, weaknesses, opportunities and threats) that would help your business/organization weaknesses, improving strengths, identifying opportunities and threats.


Right! How Am I Supposed To Do That ?!


Let’s start with information

smart decision making process

Information

If a picture worth thousand words, did you ever think about the words, those words would carry information that would precisely describe that picture. Every situation on basic level is a specific set of information, it’s similar to like saying every material thing on its quantum or atomic level is a specific set of atomic particles or atoms.

Types of Information

If we are to divide information related to business/organization, it can be divided into three types

1.      Internal Information
2.      External Information
3.      Irrelevant Information

Internal Information

Internal information in simple terms is the information that deals with the inside situations of your business/organization. Like the information streams among different organization/business departments, these information streams are there to ensure effectiveness of the business/organizations on the inside and that consequently leads to an effective response to the outside.
Internal information streams deals with your (business/organization) strengths and weaknesses.

External Information

External information streams deals with external situations of a business/organization, these information streams deal with factors/elements that are beyond control of the business/organization.
External information is all about opportunities and threats. Sources of these streams are numerous like electronic and print media, social media, consultants, surveys, researches so on and so forth.

Irrelevant Information

The information that doesn’t have the significant elements and thus needs no special attention (read further to understand the “Significant Elements”).

Right! What’s Next ?!

Now as you know there are two types of information that are important, one deals with internal situations (strengths, weaknesses) and other with external situations (opportunities, threats), next step is to SWOT the information.

SWOT It

In simple words, determine if the information is related to internal situation or the external situation, there would be information part of which would deal with internal situation and other with external situation. In this phase it is more likely that you might include "irrelevant information" as either external information or internal information, don't worry about it, it would be weeded out in the next step.

Determine and categorize information, in other words determine which information is which, internal or external.

Significant Elements

Analyze information under each category; identify significant elements in each category of information. For example internal information would have certain significant elements that would point towards or relate to your strengths or would potentially improve your strengths and or would have elements that would expose your weaknesses or would potentially contribute to your weaknesses.

Likewise identify the significant elements in external information. And once significant elements are identified, act accordingly and if significant elements aren’t clearly identified, request more information to get the clear picture, this would help you get the bigger picture and making smart decisions.

Remember that every bit or piece of information won’t necessarily have significant elements; such information is irrelevant information, so there is no need to deal with it in the aforementioned manner.

You may also like to read How to Justify Marketing Budget

About Publisher Arshad Amin

Certified SEO Professional, Small Business, Start-up, Marketing Expert with ton's of practical, actionable ideas, insights to share, Proud Founder and Owner of www.easymarketinga2z.com and www.topexpertsa2z.com

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