Business leaders are always looking for new opportunities to reduce costs or increase profits. However, these opportunities can only be discussed during strategic meetings, often by analyzing strengths, weaknesses, opportunities, threats (aka suits). For Swat leaders, see is a great way to see where this business has been, where it is now and where it can go. However, the result of SWOT is very low when the identified occasions cannot be followed up immediately. This may be due to the perception of the management that they need to do more research before proceeding with any opportunity. Following up on research can result in a lot of time, effort, dollars, and potentially lost opportunities. Instead, decide whether additional research is necessary and what opportunities are immediately applicable by following the SWOT exercise with immediate benefits and barriers (BB) reviews.
To review BB, simply create a T-chart with each opportunity listed at the top of a separate page. Then put “Benefits” on the left side of the T and “Barriers” on the right side. Once the chart template is ready, leaders can stress out the ideas to put in each part of the chart.
- Benefit Example: fast cash flow, easy to do, increase profits, already mastered, low cost of implementation, matches long-term goals / objectives, can use existing equipment, cost savings, products Sell strong market, easy to sell, fits in corporate values, improve customer satisfaction, etc.
- obstacle For example: Implementing is expensive, there is no expertise, training is required, there are quality concerns, special equipment is required, it is expensive to implement, it takes a long time, government restrictions, from the existing customer base Outside, legal issues, need extra insurance, need more space, etc.
Once the chart ideas are exhausted, leaders can easily see the benefits of implementing faster on some occasions where the obstacles far outweigh the obstacles. If the obstacles outweigh the benefits, they will not be able to pursue these opportunities at this time. Where the advantages and disadvantages appear to be the same, further research can be validated to determine the likelihood of a return on investment. For opportunities that will not be implemented immediately and still look promising, leadership can now plan to overcome barriers so that businesses can reap future benefits.
An alternative way to quickly analyze every opportunity during a strategic meeting is to break the leadership team into subgroups of three to four people. Each subgroup will be assigned two or three very interesting opportunities to chart a BB in a short period of time. Once the charts are complete, the subgroups will reunite in a large leadership team to get votes on which opportunities to pursue, which to research more, and which to leave now.
Suit analysis is a useful tool for business leaders to decide where the business is and what business they want to go into. However, don’t stop there as there may be cracks in easy opportunities by trying to do a lot of research before you start. Instead, use the BB chart to highlight potential benefits and barriers. This method of charting allows for quick implementation of opportunities that will benefit the business immediately. At the same time, to find out what opportunities for time and effort are worth competing with additional research that may not be as rewarding as they are when presented to business leaders.