In this series, I share my analysis of different tools that are needed to launch a successful business. This is in fulfillment of the current Masters in Innovation Leadership program I am enrolled in at the Western Carolina University, NC, USA.
A SWOT analysis is a strategic planning tool that aids in the evaluation of a company’s opportunities, threats, weaknesses, and strengths. Find in this brief video my explanation on a SWOT analysis for a currently existing market research freelance business that is intended to grow into a full grown consulting company.
In conclusion, a SWOT analysis is a useful tool that companies can use to create plans that build on their advantages, correct their weaknesses, seize opportunities, and minimize risks. It aids in decision-making and keeps organizations one step ahead of the competition.
Dolapo,
I enjoyed the professional nature of your SWOT analysis. It was my first experience with “Japa” syndrome and the menial work Nigerian’s perform in foreign countries. For example, a CEO becoming a housekeeper. The drain on Africa’s economy and subsequent burden of working beneath one’s skillset is devastating on both ends.
After viewing your presentation, I considered some additional components where I see opportunities.
The consulting industry has been on my radar for years. Two strengths I identified after viewing your work were the emerging talent with the young and educated population who can contribute to the consulting industry and the increasing adoption of technology in Africa (Digital Transformation). I see your consulting firm well-positioned to help the growing number of businesses and governments who must navigate the digital transformation.
An unfair weakness may be the low levels of trust in Africa: businesses and governments may have low levels of trust in consulting firms, due to past experiences or perceptions about the industry. I see a strong opportunity in the emerging industries market. As new industries emerge in Africa (fintech and renewable energy) specialized consulting firms can position themselves to provide services to these growing industries.
Hi Robert,
I agree with every additional contribution, you have made and I also feel very strongly about those opportunities. There is definitely a huge talent base for young people. Unemployment is currently at its highest and the Consulting industry is seeking locally trained but globally competent talent that can do the work in Africa. I intend to add a training arm to my consulting in order to harness these talents for those who desire to pull from them. On the issue of trust, Africa is where it is because of the Western Countries. Nonetheless, we are waking from our slumber and seeking to make things better and right. I am very passionate about being a part of this change in the most minimal way I am able.
Thank you for such insightful contributions!
Dolapo