This is basically a look into the cost of the company, the competency, and the relative viability that each firm has. These assessments performed within the company tend to utilize metrics which give you better insight on what the companies’ strength, weaknesses, opportunities, and threats (SWOT) are.
Data from this assessment is beneficial because it may lead to the creation of planning goals, determination of crucial partnerships with vendors, and more than that, in ensuring that the maintenance and strength of the company are not compromised. When conducting the internal assessment, take the following into consideration:
- Organizational Weakness – Weaker companies tend to make use of old technologies, lack of expertise, or working with substandard assets. A complete in-depth check-up of the company will help highlight existing weaknesses that may otherwise not be as apparent.
- Cost Position & Opportunity – This cost position is primarily the capacity of the company in the acquisition and administration of resources in a bid to provide exceptional service to the customers, one that is ranked above that of the rivals.
- Looming Threats – Complacency can be the root of your demise. Because there are always new companies that are coming in as competition, it is better to constantly innovate and be extremely alert in the global context.