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Business owners often wonder whether or not they are in a strong or weak position when compared to their competition. The SWOT analyzes a businesses strengths, weaknesses, opportunities and threats in order to help the owner/manager precisely where their business stands. The extended SWOT or E-SWOT compares the responses generated on the SWOT to determine an appropriate course of action. The SWOT and the E-SWOT is easy to use and only takes a few minutes to complete with some foresight. The example below is provided for a simple SWOT and E-SWOT on The New Business World Blog (NBWB). SWOT Strengths • A solid base of readers has been formed with a high level of return visitors. • The cost of maintaining such site is considered relatively low. • NBWB has a three-time published author to write high-quality articles • The site uses research and authority to be the back bone of its articles. Weakness • Doesn’t have the resources and web design capabilities of larger sites. • The site doesn’t have multiple writers who keep content constantly changing. • The site doesn’t have a large marketing budget. • The site has limited capabilities to adjust and change layout and design. Opportunities • The site has the ability to expand into European readership. • The site could encourage amateur writers to submit related articles for exposure and pay. • The site could increase its exposure and advertising campaign with low-cost software. Threats • Other webmasters have begun building almost identical sites with nearly the same web address. • It doesn’t take much money to build a similar type website. • The webmaster could be held liable for incorrect information. Extended SWOT: Strengths/Opportunities • NBWB could use its solid customer base to encourage other visitors through book marking and referring. • Since the webmaster/author has complete control over the content he/she can schedule articles related to Europe. Weakness/Opportunities • The webmaster/author can increase its advertising campaign and budget to draw more visitors. Strength/Threat • The best method of protecting against similar sites is to develop a brand image which would include enhanced design features. Since the webmaster/author is in complete control he/she can keep the site fluid. • The webmaster/author can use its return visitors to refer the site to other people and draw more visitors thus increasing brand image. Weakness/Threats • Since there are millions of sites available to readers the site could get lost in web-o-sphere. • The site might not have enough writers to keep readers coming back. We can see from the SWOT that the New Business World Blog has strengths in flexibility, quality of writing and its cost. However, it gets defeated by larger businesses that have the revenue to utilize an appropriate http: address and marketing budget. We find through the E-SWOT that the NBWB could use its return visitors to draw more visitors, receive more corporate advertising, and brand its image (assuming that it developed one). Some of the threats to the sites are the large amount of sites on the Internet and not having additional writers. The New Business World Passwater, T. (2006). Get back to basics for your future. Automotive Body Repair News, 45 (12), 94. Richardson, J., McEing, G. & Glasper, E. (2006). Pre-registration children’s and young people’s nurse preparation. Pediatric Nursing, 18 (10), 34-37. Murad Ali is a three-time business author, a Ph.d. candidate, and a human resource manager. http://www.thenewbusinessworld.blogspot.com
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