In the previous article, we learned about the SWOT analysis which can describe as strengths, weaknesses, opportunities, and threats in business. We also explained areas of each of the letters of the word SWOT. We wish to do an application and practical aspect of what we have discussed to understand clearly how to apply it in our business. We have chosen one area of a business for application.
There are indeed a lot of businesses in the different sectors of the economy from which few were cited as examples under “C – opportunities” above. Also, it is highly necessary to apply the SWOT analysis to one of them for a better understanding of this article. Therefore, let us take fishery (fish farming) as the business we want to pursue to see the strengths, weaknesses, opportunities, and threats that are likely to face the business.
Before we can apply the SWOT on farming, we should simply explain the goals of doing this. This is a measurable result that has a particular objective or objectives to be achieved within a set time either long or short. It is also an achievement towards which efforts or an endeavor is directed. In light of this, a simple business goal means a specific business aim or objective that is easy to understand towards which the effort of all people in the organization is directed which is to be achieved within a particular time for the growth of the business.
Entrepreneurs or businessmen and women need to set simple business goals, especially in the following areas for business growth and efficiency. They are strengths of an identified business they wish to engage in, weaknesses of an identified business they wish to engage in, opportunities of an identified business they wish to engage in, and threats of an identified business they wish to engage in. Also, desire to achieve, set a realistic business goal, write the goals down, be disciplined to achieve the goal, and do something daily towards the achievement of the set goal. We shall choose a fishery business to illustrate the SWOT analysis.
Areas of strength in farming (fishery) business
Natural Lake: This is where there is the availability of natural water such as rivers, streams, etc.
Dam Lake: This is the availability of a lake that is preserved for fishing. For example, the dam can be preserved for fishing.
Different species of fish: This is the availability of different types of fish.
Fishery colleges: This is the availability of different schools and colleges where students can learn different courses relating to the fishery for more knowledge and understanding about the business, for example, universities and colleges of agriculture and fishery.
Fishery facilities: This is when different facilities to take care of fish are available such as drugs in case of crisis, feed mills where they can get food nets, etc.
Research institutes: This is the availability where the students can find out more information about fish and other related facts.
Good storage facility: This is the availability of where fish can be stored after cropping or drying before taking them to market.
Areas of weaknesses in the farming (Fishery)business
Inadequate cooling and freezing: In situations where there is no or little cooling and freezing equipment for the preservation of fish cropped, it always hurt the business of fishery as a whole.
Substandard fishing equipment: When the equipment used is not up to the standard needed or expected, there will always be a problem in the business.
Protocols from the government: Different rules and regulations from the government at times may not be favorable type.
Areas of opportunities in farming (Fishery) business
Diet product: When different types of people all over the world are using fish as part of their diet i. e. food, it will be to favor fishery as a business.
Increase in consumption of fast food made up of fish: Anytime there is an increase in the rate of consumption of snacks and another diet where fish is part of or their major material, it always serves as an opportunity for those in the business of fish.
Fishery product: This is when the outcome from the fishery is still used by other industries or businesses around e. g. roughage (intestine and bones) can be used by those who are rearing pigs, fats can be used by cord liver oil industries, feed mill,s and so on.
Red meat disease: When there is spread of red meat disease all over a place like that of lacer fever in some parts of the country a few years ago, people will shift their consumption to fish heavily and it will be an added advantage for the business at such a time.
Differences in the prices of meat and chicken: When the prices of both meat and chicken are very high, the alternative will be fish and the demand generally will be very high which is an advantage to the fishery.
Increase in the aqua feed industry: If there is an increase in the number of those making feed for aquatic animals where part of the needed materials is fish, it serves as a great opportunity for the fishery as a business.
Provision of financial aid for fish farmers: Anytime the government of the day favored farmers by assisting them, it will also serve as an added advantage to the fish farmers.
Provision of technical aid for fishers: If the technical knowledge and experts are not enough, it can affect the fish and may result in death of the fish.
Areas of threat in the farming business
Sea pollution: This is a period when there is pollution in the sea, it usually makes a lot of aquatic animals die prematurely and as a result caused a lot of losses for businessmen and women in the field of fishery.
Overfishing in the natural rivers, seas, and lakes: Those who are into the business of fish selling usually find it difficult to make both ends meet again as a result of cover fishing by fishermen.
Low level of cooking: Situations where the majority of women no longer make use of fish in cooking regularly may be because of their regular fasting or abstinence from food for some time also used to serve as a threat to fishery as a business.
Inadequate fishing equipment: Where all the equipment needed to succeed is not available, it is used to pose great problems to those who were engaged in fish farming.
Lack of freezing facilities: Where there is a lack or no freezing facilities, it is always a threat to those in the fishery.
Overfeeding: Where pond owners overfeed their fish, it always results in great loss because their fish may be dying one by one before they rectify the effect.
Availability of predators: In a situation where predators such as alligators, toad, snake, hark, and so on were available, there will be no peace for the fish farmers.
You as a business learner and owner must be very careful in your decision-making concerning the type of business you will engage in, bearing the SWOT principle in mind for the growth of your business. You may now study your business to restructure the simple business goals, considering the analysis of SWOT. I believe the goals will help you to achieve in business.