Question

Can you please provide a SWOT for a complete home renovation?

Answer 1

SWOT Analysis

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Strengths and weaknesses are internal to your company, things that you have some control over and can change.

• Strengths: These are generally within your control. A strength might be a high rating of 97 percent on your client satisfaction ratings, or 70 percent referral or repeat business.
• Weaknesses: These are generally within your control also. They are areas that you would like to improve or eliminate. A weakness could be your company being understaffed and clients having to leave a voice mail message rather than talk with someone immediately, possibly resulting in lost work.
• Opportunities: These could be short term or long term. They are things that would be good to do. This is brainstorming; don’t worry about the “how”, just the “what” now. These are also usually the opposite of your weaknesses. For example; if a weakness for your business is “slippage” or projects finishing over budget, an opportunity would be either projects finishing on or above budget. Another may be hiring a receptionist to answer client calls immediately capturing lost business
• Threats: These are usually things that are outside your direct control, yet may have some impact on your business. For example, if your business relies heavily on home equity loans, a threat may be increased interest rates. It could lead to new ideas to hedge against the threat.

Please find the below SWOT analysis for the home renovation.

Strength

1. Good selection of contractor

2. Successful obtaining of project documentation and building permits.

3. Big market demand

4. Contractor and subcontractors willingness to make frequent project changes.

5. Possession of cash

Weakness

1. The absence of determined buyer

2. Supervisory board is not protecting the investors interest

3. Impossibility of using the desirable materials

4. The contractor’s unwillingness regarding the big changes.

Opportunity

1. Chance to win the contractor for future projects

2. Favorable contract terms

3. Good expense control

4. Good communication with all participants in the project

Threats

1. Expiration of time limit

2. Reduced construction quality.