Their shoe style is elegant and classic. According to the style of the shoe, they already have a niche (You may not know it)
They have a relative (younger son) who knows about entrepreneurship.
Weaknesses
There is no invention. They have stuck to the classic line in their shoes.
The business must support two families. Less capital to invest.
The youngest son does not want to continue working in the shoe business.
They will need to hire more staff for the new project.
Opportunities
They are located in strategic areas. The sales opportunity can increase by leaps and bounds.
His eldest son has very good business ideas that will increase the business's income. They will be able to cover more space in the market.
They have the potential to become a major industry in their field.
They own a premises that has the potential to become a shoe factory.
Threats
The competition is gaining ground, while they are losing customers.
His youngest son, who is familiar with entrepreneurship, does not want to continue collaborating in the family business. There is a risk of losing a great help, a real talent.
The market offers better and cheaper options.
Market trends and consumer tastes have changed.
With this example, we hope we can make it clear how to do a SWOT phone number identifier philippines analysis to study the environment of your company, brand or product.
You have to try to be as honest as possible about the weaknesses of your brand or company. It is useless to be clear about the opportunities if within your defects you will find obstacles to progress.
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Don't go on too long, don't try to find solutions to everything, prioritize your company's problems.
And finally, don't just stick to the SWOT analysis, there are more methods that can help you fine-tune details, such as the PEST analysis .
Although many people tend to confuse them, it must be clarified that they are not the same. The main differences lie in the fact that PEST is based on analyzing external factors , those that are capable of affecting the business, but without the minimum intervention of the business itself.
That is why we recommend using it, as it will help you to know all the details outside of your actions in order to know the growth opportunities of your business.
It is usually done before performing the SWOT analysis and based on the data it provides, you can evaluate whether it is necessary to go deeper with the PEST.