Threats: Obstacles That Can Trip Up Your Business | The Hartford (2024)
A threat to your business is typically external. Threats are one of four parts to a SWOT analysis; the others are strengths, weaknesses and opportunities. What are your threats? They might include your peer companies’ relative strength, an industry-wide shortage of materials needed to make your products or a sluggish economy.
Unlike identifying weaknesses, which are hard to self-identify objectively, you only need to look around your world and communicate with peers and customers to recognize your threats.
They can include:
Weather. These affect seasonal businesses that depend on good conditions.
The economy.If you sell something consumers need in any economy, you will fare better than others.
Material shortage.Tensions in an oil-producing country result in big price hikes, raising production costs for plastics manufacturers, trucking firms and others.
Your computer system is hacked. This can knock your website out for days during a crucial selling period.
Employment in your industry is strong. This can make it hard to find skilled workers.
Market demand dries up.Think Blockbuster falling behind Netflix because of its late start streaming content.
Your company should address threats to create opportunities, while they will have to work around other events they cannot change.
Threats include anything that can negatively affect your business from the outside, such as supply-chain problems, shifts in market requirements, or a shortage of recruits. It's vital to anticipate threats and to take action against them before you become a victim of them and your growth stalls.
Threats include anything that can negatively affect your business from the outside, such as supply-chain problems, shifts in market requirements, or a shortage of recruits. It's vital to anticipate threats and to take action against them before you become a victim of them and your growth stalls.
Threats refer to factors that have the potential to harm an organization. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. Other common threats include things like rising costs for materials, increasing competition, tight labor supply. and so on.
Introduction: My name is Stevie Stamm, I am a colorful, sparkling, splendid, vast, open, hilarious, tender person who loves writing and wants to share my knowledge and understanding with you.
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