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2.4 Create an international vision for your business

In order to gain an effective international vision of your business, firstly you need to know that the main steps throughout this exciting journey are:

steps

That means that you need to:

2.4.1. SWOT analysis example

To take the very first steps, you can perform a SWOT analysis that is a strategic planning tool guiding you throughout the simultaneous assessment of four different aspects:

These four aspects must be considered together because potential market opportunities may "disappear" if the company does not have sufficient resources and the skills necessary to exploit them.
Similarly, a particular market selection could be "vulnerable" if motivated only by opportunities, without taking into account any of its weaknesses. Such actions could also cause the company to inadvertently amplify negative effects of associated threats and risks.
Only the integrated development and presentation of the four SWOT elements will ensure that any negative interrelationships are not underestimated.

Let us take a quick look again at each element of S.W.O.T.

Strengths

Internal things that your organisation is doing well.

  • What is your organisation doing well?
  • What is its competitive advantage?
  • How does it meet your clients’ demands?

Weaknesses

Internal things that your organisation can improve.

  • What should be improved?
  • What is not working?
  • Where is the organisation spending too much?
  • What prevents products/services from selling?

Opportunities

External factors that your organisation can take advantage of in order to improve.

  • Can your organisation expand in your current markets?
  • What other markets can it expand into?
  • Is there a growing demand for the products or services being offered?
  • How can technology improve your business?

Threats

External forces that could harm your organisation.

  • What challenges does or will you face in the market?
  • How does the economy impact profitability?
  • Has changing technology negatively impacted your organisation?

Unit revision

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