When it comes to getting an edge over their competition, most business owners will do everything in their power to get that competitive advantage they long for, even if that means using unorthodox practices. However, most of them forget one of the best tools they have at their disposal – a SWOT analysis.
What is a SWOT Analysis?
The SWOT analysis is a very effective tool that can be used by companies to understand the position in their niche or industry. Also, it allows them to develop powerful strategies in order to remain strong and competitive on the market.
Used mainly in a business context, the SWOT analysis can help your company stand out of the crowd by knowing what your strong points and weaknesses are. Moreover, a SWOT analysis can help you find out opportunities and stand away from threats. However, if used in a personal context, this tool can help you make the most of your skills and find the best career that complements your abilities, talents and opportunities.
What makes this tool extremely powerful is that it can help you uncover real opportunities that can be exploited. Additionally, by understanding the weaknesses of your business, you can eliminate those threats that lie in wait for you. Made by Albert S Humphrey back in the 1960s, this analysis is as useful now as it was 5 decades ago.
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Strategic planning and KPIs are powerful tools for achieving sustainable business success. Strategic business planning is the process through which corporate executives devise a strategy to fulfill the company’s main purpose. First, the business owners state the main purpose or objective that the company is meant to achieve – mission and vision statements are written down to set the company’s overall direction and philosophy. This is followed by an analysis of the company’s strengths, weaknesses, opportunities, threats, competitors, collaborators and target consumers. Then long-term strategic goals or objectives are set for the entire company and its major divisions. Finally, short-term tactics are formulated to achieve these corporate objectives.
An effective planning process will enable business owners to take charge of their company’s future and focus on the most important factors that deliver outstanding performance. The performance of the business can be effectively monitored and improved through the use of appropriate KPIs. In this post, we will be discussing the process of creating strategic business plans and KPIs that will produce the desired business growth and success.
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Choosing the right key performance indicators (KPIs) can dramatically improve the performance of an organization. KPIs are an excellent tool to achieve strategic business goals. But only carefully selected KPIs actually provide the information required for monitoring and assessing performance. Whether you are a business owner or part of a management team, you need to know the steps required to select KPIs that aid continuous improvement. In this KPI article, we will be discussing the process of choosing KPIs that drive the achievement of strategic and operational objectives.
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What are Key Performance Indicators and Why Are They Important?
Key performance indicators (KPIs) are benchmarks used to measure results in an organization. Effective use of KPIs can drive improvement and growth in any company or business. KPIs must be relevant and streamlined to suit your type of industry or business. This article provides a brief introduction to KPIs and discusses their characteristics; it also provides relevant examples and insight on how to choose KPIs for your organization. KPIs is also a very important knowledge in order to correctly implement BI. So to make sure BI Projects are successful, in the coming months, I will cover some KPI knowledge.
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The KPI Institute
Recently, I got my certification with The KPI Institute. My general feedback is that the course and certification is well worth the investment. Even if you have to take this money out of your pocket, I would still suggest it to anyone that is already or going to be in the BI or Strategy field.
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