{"id":1240,"date":"2022-04-03T00:16:27","date_gmt":"2022-04-03T00:16:27","guid":{"rendered":"http:\/\/felicia.premierjones.com\/?post_type=portfolio&p=1240"},"modified":"2022-05-02T04:20:32","modified_gmt":"2022-05-02T04:20:32","slug":"pursue-the-right-strategy-for-your-business","status":"publish","type":"post","link":"https:\/\/premierjones.com\/felicia\/pursue-the-right-strategy-for-your-business\/","title":{"rendered":"Pursue the Right Strategy for Your Business"},"content":{"rendered":"\t\t
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A highly motivated and inventive business manager or entrepreneur can generate a number of business opportunities for his or her company. The best chances of success, however, evolve from pursuing a strategy that is a good fit for the company.\u00a0 In this article, we will review the types of actions generated by an Action Oriented SWOT analysis (aka TOWS) and how you can determine which ones are likely to be the best fit for your business.\u00a0\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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What is an Action Oriented SWOT Analysis?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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An action-oriented SWOT analysis generates forward thinking strategic options by pairing internal factors (Strengths and Weaknesses) with external factors (Opportunities and Threats).\u00a0 Refer to this video<\/a><\/strong> for information on how to generate an Action Oriented SWOT.\u00a0 This pairing creates 4 different types of strategic options:\u00a0 Offensive, Conversion, Utilization, and Defensive Strategies.\u00a0 Refer to the diagram of the Action Oriented SWOT framework is shown below.\u00a0 (Click hotspots to see additional information.)<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Figure 1. Action Oriented SWOT Framework with Strategy Hotspots<\/strong><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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What choices should you factor in?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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While conducting an Action Oriented SWOT analysis can help to generate strategic options, it is important to note that this analysis does not provide guidance on which ones to pursue.\u00a0 \u00a0The right choice for your business is based on the opportunity’s context and your company’s collective values, biases, experiences, advantages, and needs.\u00a0 So, let’s continue on to discuss how you might filter and prioritize options.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Context<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The first critieria for determining whether a strategic action is the right one for your business is to circle back to your reasons for doing the analysis.  Was it in response to actions taken by a competitor?  Did a customer opportunity trigger your response?  Is a global trend or new law the trigger for making a change?  Review the options generated in the SWOT analysis and filter out options that don’t address the need that triggered the analysis.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Company Values<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Another key indicator of whether a strategic option is a good fit for your business is whether it is aligned with the company’s values.\u00a0 These values can be formally stated, such as in a mission or vision statement, or informally implied based on what the company chooses to spend money or recent decisions made.\u00a0 For example, consider a\u00a0company that is very steeped in tradition yet careful about having each next quarter be better than the last one.\u00a0 When faced with new challenges and opportunities, they may more included to pursue a Defensive Strategy.\u00a0 They may see this approach as a means of\u00a0<\/span>making sure that they stay on track.\u00a0 Based on this reasoning, they may opt t<\/span>o shore up their weaknesses and stave off market factors that are not in their favor.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Biases<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The biases of a company’s employees can also influence fit.\u00a0 For example, a company with an energetic, new leadership team that values out of the box thinking or “winning” may be open to taking\u00a0risk.\u00a0 They may be inclined to invest in business cases with a strong ROI (Return on Investment).\u00a0 Thus, this company will likely be receptive to an Offensive Strategy.\u00a0 \u00a0<\/span><\/p>

Beyond leadership biases, there may be biases within the implementation team.\u00a0 An easy way to stop team biases is to review the lists within the SWOT analysis itself.\u00a0 Generally speaking, if there is a list that is much, much longer than the rest, this is an indication of where the team tends to focus the most.\u00a0 An example of this is a very long list of Weaknesses or Defensive Strategies as compared to the other sections of the Action Oriented SWOT analysis entries.\u00a0\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Experiences<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The past experiences of a company can color it’s views of future opportunities.\u00a0 Insights from these experiences will likely surface during the generation of the analysis and may continue to arise during the vetting of the options generated.\u00a0 While bad experiences can be overcome and look-backs can be discouraged, it should be noted that the strategies that trigger these reactions may not be an easy fit when it comes to deciding upon a path forward.\u00a0 Companies that are focused on a set-back that they have experienced in the past may be more receptive to an opportunity that avoids the weaknesses, such as, a Conversion or a Defensive Strategy.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Advantages<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Deciding upon the best strategic option to pursue may also be based on its advantages.\u00a0 One advantage would be the company’s strengths such as core competencies, relationships, and reputation.\u00a0 Another way to look at advantages is the upside potential for the strategic options under consideration.\u00a0 As an example, consider a case where a competitor is building a new plant to increase capacity.\u00a0 A company may choose to respond by pivoting to a Utilization Strategy, that is using their strengths to overcome weaknesses, by marketing their products as hand crafted and premium.\u00a0 This approach may help to maximize their advantage as they may be able to drive home the rarity and special nature of their products and increase their prices in the face of this new competitive threat.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Needs<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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The underlying driver for any business change is its needs.\u00a0 The needs of a business may be to drive growth, profits, or lower costs.\u00a0 This may exist through a range of situations and heavily influence what types of moves the company feels that it should focus on – directly or indirectly.\u00a0 An indirect need that can influence a company’s decisions is a lack of market information.\u00a0 If the company does not have access to market research or does not have the ability to dive in and make sure that the company managers are aware of and responding to change, then this need may drive the company to reject strategies that it does not recognize the need for.\u00a0 Companies that are internally focused may opt to focus on internal needs, like addressing its own, known strengths and weaknesses rather than any of the strategies of the Action Oriented SWOT analysis which seeks to pair the companies internal strengths and weaknesses with external opportunities and threats.\u00a0 \u00a0In this case, it is likely that the company will not be receptive to a future looking perspective at all.\u00a0\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Hopefully, this article helped to provide some food for thought at you seek to narrow down your strategic options down to the ‘critical few’.\u00a0 As an exercise, you might try running a scenario for yourself.\u00a0 Consider the world today and generate an Action Oriented SWOT analysis based on your own career aspirations and think through which strategic options are the best fit for you and why.\u00a0 And, share your thoughts with me.\u00a0 I’d love to hear about your results.<\/div>
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Interested in learning more?\u00a0 Check out my eBook \u2013\u00a0Foundations in Business Strategy:\u00a0 Using an Action Oriented SWOT Analysis<\/a>.<\/i><\/b><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Author Information<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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[simple-author-box]<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

This entry is part 4 of 4 in the series Action Oriented SWOT Analysis. A highly motivated and inventive business manager or entrepreneur can generate a number of business opportunities for his or her company. The best chances of success, however, evolve from pursuing a strategy that is a good fit. In this article, we’ll provide insights on how to identify the best types of strategies based on an Action Oriented SWOT Analysis.<\/p>\n","protected":false},"author":1,"featured_media":1254,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[],"class_list":["post-1240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy-management"],"_links":{"self":[{"href":"https:\/\/premierjones.com\/felicia\/wp-json\/wp\/v2\/posts\/1240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/premierjones.com\/felicia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/premierjones.com\/felicia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/premierjones.com\/felicia\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/premierjones.com\/felicia\/wp-json\/wp\/v2\/comments?post=1240"}],"version-history":[{"count":0,"href":"https:\/\/premierjones.com\/felicia\/wp-json\/wp\/v2\/posts\/1240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/premierjones.com\/felicia\/wp-json\/wp\/v2\/media\/1254"}],"wp:attachment":[{"href":"https:\/\/premierjones.com\/felicia\/wp-json\/wp\/v2\/media?parent=1240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/premierjones.com\/felicia\/wp-json\/wp\/v2\/categories?post=1240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/premierjones.com\/felicia\/wp-json\/wp\/v2\/tags?post=1240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}