A business plan needs to be regularly reviewed to reflect the current business environment and actual business results. This allows directors and key stakeholders to have a high level view of business performance to manage it with greater efficiency and improved results.
The dynamic external conditions of the market place, as well as the internal environment, are the prompts to provide a situation analysis for the company.
Factors that can affect your business’ growth include:
- Economic conditions – Recessions and currency swings can create a challenging market environment. It’s been 7 years since 2008 – so when is the next “big one”?
- Industry factors – Downward pressure on oil prices has a positive or negative impact on many businesses. What industry trends impact your line of business?
- Personal health factors – Owners with less drive and energy to grow the business. Are you driving your business forward or is it running in “idle mode”?
- Competitive advantages – If you hold an advantage in your market, your perceived value is increased. Are there more aggressive competitors or new technologies entering your market place?
A SWOT Analysis helps identify areas of growth and minimizes the potential impact from negative conditions. The depth and application of the analysis can be specific to a single objective or can be broad to reflect on the key areas of your business, including:
How can Firstbase help?
Firstbase Business Services is here to help you grow your business. A SWOT Analysis provides market and industry insight and guides an internal review of the company’s performance. Firstbase’s collaborative approach provides clarity of thought and fresh solutions to your unique objectives.
Inderpal Gill, Firstbase Business ServicesFREE Consultation