Traditionally, July each year is the start of a financial year for an organization in Malaysia. About 2-3 months before the financial year begins, each associate companies under this organisation would do a review of their business and adopted a Business SWOT Analysis to identify key issues that may hinder the company to move forward as well as identify significant different in SWOT Factors derived from the previous SWOT Analysis.
As all the companies have conducted their Business SWOT Analysis as well as Capability SWOT Analysis, one question always raised was that “Is it necessary to conduct another round of SWOT Analysis?”
Well, if you refer back to the SWOT Analysis Template, it is a tools to collect the four factors of SWOT Analysis. therefore, the relevance of the data in the four factors of SWOT Analysis could have deviated from the early months. As a practice, SWOT Analysis is to be carried on a yearly basis but not limited to a yearly cycle depending on the degree of changes to business environment.
During this this time of the economic crisis, it is even more crucial that each companies evaluate the changes to the SWOT factors and draft out the key difference that could have an impact to the strategy formulated in the previous year.
Unfortunately, the uncertainty remain somewhat unpredictable therefore made it difficult to collect meaningful external SWOT factors i.e. Opportunities and Threats. However, there is not reason data are not collected and analysed for those internal SWOT Factors i.e. Strengths and Weaknesses.
There is one saying though, “every crisis, there is an opportunity”. If this statement holds true, then it is more critical to conduct a Business SWOT Analysis during this time of the economic downturn.
One of the Business SWOT Analysis considered was an opportunity to acquire or join venture (JV) with companies along the value chain. Due to the business instability, there are companies readily available for disposal.
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