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Casual Articles - Don't SWEAT Over Business Plans Use a SWOT to Pinpoint Practical Ways of Growing Your Business
Recently I attended a trade show in London. At this show, many companies brought along their software in order to demonstrate features. Several of the companies had software which ran exclusively on the internet. On the surface this looks like a simple and straight forward thing.However, on three occasions, when I asked to see the software, access to the web was down! There was no way to see the software and move m
What intelligence do you have of your key competitors? Do you know their relative strengths and weaknesses? This information is vital for you to differentiate yourself effectively. For example, one competitor may have wider expertise but much higher overhead costs. You could probably compete directly on pri
An accountant once told me that he never met anyone who didn't want to make 30% more money. Whether you want a better lifestyle or to take more vacations, buy a fancy car, spend more time with your family, send your children to college or to give it all away, you could always use more money.If you sell services, your primary limitations on earnings are your costs and the number of hours in a week. Most independent
So what is a SWOT?
SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. It is a review of micro and macro factors affecting your business. None of us operate in a vacuum and we all need to take account of several influencing elements with all our marketing activities.
How to produce your SWOT
Start by considering the external environment that will produce opportunities and threats. This includes factors such as political, economy, social, technology, environmental and legal. For example, the UK political environment is stable at present. There are terrorist threats, however, that remain particularly while the Iraq crisis continues. Some of these factors may have an impact on your business.
The UK economy and interest rates are stable. Inflation remains below 2%. These factors could influence your borrowing requirements, funding plans and dividend policy.
Social factors are continuing to be influenced by increasing corporate and personal social responsibility. People are more aware of health related issues in the home and within the workplace.
There may be technology, environmental and legal issues that also have an impact on your business.
Next, consider your internal environment that will indicate your strengths and weaknesses. These elements include customer, supplier, intermediaries, competitors and other stakeholders, for example, shareholders. Customer satisfaction levels are important to you gaining more ongoing business and them passing on referrals. When is the last time you conducted a customer survey? If some time ago, the chances are that the climate of customer satisfaction may have changed. Here are some key measures:
Price competitiveness
Quality of service
Range of services
Strength of relationship
Delivering results
Reliability
Consider the links you have with suppliers. What scope is there for negotiating volume deals or gaining more marketing support from them? You may be able to work with other business intermediaries who offer kindred products and services to yours. I have witnessed spectacular growth from businesses that work together in an alliance partnership.
What intelligence do you have of your key competitors? Do you know their relative strengths and weaknesses? This information is vital for you to differentiate yourself effectively. For example, one competitor may have wider expertise but much higher overhead costs. You could probably compete directly on pric
The costs to go public via direct public offering varies substantially with the type of company, size and complexity. The four major costs include:1. The accounting fees: When a private company goes public, they must obtain financial audits. These audits are incorporated into a registration statement that is subsequently filed with the United States Securities and Exchange Commission.The cost of financial a
How to produce your SWOT
Start by considering the external environment that will produce opportunities and threats. This includes factors such as political, economy, social, technology, environmental and legal. For example, the UK political environment is stable at present. There are terrorist threats, however, that remain particularly while the Iraq crisis continues. Some of these factors may have an impact on your business.
The UK economy and interest rates are stable. Inflation remains below 2%. These factors could influence your borrowing requirements, funding plans and dividend policy.
Social factors are continuing to be influenced by increasing corporate and personal social responsibility. People are more aware of health related issues in the home and within the workplace.
There may be technology, environmental and legal issues that also have an impact on your business.
Next, consider your internal environment that will indicate your strengths and weaknesses. These elements include customer, supplier, intermediaries, competitors and other stakeholders, for example, shareholders. Customer satisfaction levels are important to you gaining more ongoing business and them passing on referrals. When is the last time you conducted a customer survey? If some time ago, the chances are that the climate of customer satisfaction may have changed. Here are some key measures:
Price competitiveness
Quality of service
Range of services
Strength of relationship
Delivering results
Reliability
Consider the links you have with suppliers. What scope is there for negotiating volume deals or gaining more marketing support from them? You may be able to work with other business intermediaries who offer kindred products and services to yours. I have witnessed spectacular growth from businesses that work together in an alliance partnership.
What intelligence do you have of your key competitors? Do you know their relative strengths and weaknesses? This information is vital for you to differentiate yourself effectively. For example, one competitor may have wider expertise but much higher overhead costs. You could probably compete directly on pri
If you don't have a plan for generating more traffic and sales in 2006, now is the time to create one.With Christmas just around the corner, business is slow for most business owners who sell to other businesses.However, in January, this will all change when Christmas shoppers start looking for extra ways to make cash to pay off Christmas bills.Below are three of my best tips for planning your promotion n
Social factors are continuing to be influenced by increasing corporate and personal social responsibility. People are more aware of health related issues in the home and within the workplace.
There may be technology, environmental and legal issues that also have an impact on your business.
Next, consider your internal environment that will indicate your strengths and weaknesses. These elements include customer, supplier, intermediaries, competitors and other stakeholders, for example, shareholders. Customer satisfaction levels are important to you gaining more ongoing business and them passing on referrals. When is the last time you conducted a customer survey? If some time ago, the chances are that the climate of customer satisfaction may have changed. Here are some key measures:
Price competitiveness
Quality of service
Range of services
Strength of relationship
Delivering results
Reliability
Consider the links you have with suppliers. What scope is there for negotiating volume deals or gaining more marketing support from them? You may be able to work with other business intermediaries who offer kindred products and services to yours. I have witnessed spectacular growth from businesses that work together in an alliance partnership.
What intelligence do you have of your key competitors? Do you know their relative strengths and weaknesses? This information is vital for you to differentiate yourself effectively. For example, one competitor may have wider expertise but much higher overhead costs. You could probably compete directly on pri
You are the only one who controls your destiny. Yes you. And you know what; you are preprogrammed to do so. Most of the time we are the one who gets in our own way. So when you want to change what happens, how do you do it? That is what I will talk about today. There are a few steps that you must take to become who you want to be. And that is the same in anything, a business person, athlete, teacher, coach, whatever it
Price competitiveness
Quality of service
Range of services
Strength of relationship
Delivering results
Reliability
Consider the links you have with suppliers. What scope is there for negotiating volume deals or gaining more marketing support from them? You may be able to work with other business intermediaries who offer kindred products and services to yours. I have witnessed spectacular growth from businesses that work together in an alliance partnership.
What intelligence do you have of your key competitors? Do you know their relative strengths and weaknesses? This information is vital for you to differentiate yourself effectively. For example, one competitor may have wider expertise but much higher overhead costs. You could probably compete directly on pri
Whats in a name?Think of your business name as an external mask for your business. If its something your target audience like, they would consider checking it, if they dont, in most cases you have lost a customer even before you could tell them what your product or service is. Your marketing campaign is usually like a beautiful outer covering for your business which attempts to portray it as the best business on ear
What intelligence do you have of your key competitors? Do you know their relative strengths and weaknesses? This information is vital for you to differentiate yourself effectively. For example, one competitor may have wider expertise but much higher overhead costs. You could probably compete directly on price with your core services.
All of the above information will enable you to complete an analysis grid showing your key strengths, weaknesses, opportunities and threats. You can then use this to develop an informed marketing plan that will produce more sustainable revenues and profits.
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