An analysis is the key to business planning, offering insights that can open up a whole new world of achievement. Here, successful Manchester-based marketing firm, Glowing Global understand that businesses must undergo self-analysis to determine their course of action needed to meet objectives and address possible obstacles.
Previously, many successful startup firms created a recipe combined of hard work and courage with being in the right place at the right time with the right idea. They had a gut feeling and just enough money to buy a truck or shop, they understood the value of their service that they could offer customers, and they took off successfully. Then a second generation came along, and then a third, then all of a sudden the “right place at the right time” theory became challenged as competition rises and the modern market evolves dramatically. Business planning has now become essential. In return, you can turn weaknesses into strengths and threats into opportunities, and once the analysis is complete, the course of action needed to meet objectives and address obstacles can be determined.
When undergoing your business analysis, you should put your business plan into the following categories: strengths, weaknesses, opportunities and threats. Glowing Global understand that strengths are what makes the business what it is, the attributes that have created financial and personal growth for the business owner and the staff members, and which can be used to create a competitive advantage. For example location, company reputation and industry knowledge. As opposed to this, Weaknesses are factors that prevent the business from achieving success. These are generally internal issues and may relate to both personal and industry issues, such as rivalry, capital funding and communication. Most businesses will succeed if orchestrated effectively, any business which fails, usually narrows down to the running of management and how they conduct their business. Early signs of weakness could be, poor leadership, lack of training, poor quality work and lack of measurement metrics.
Glowing Global always look for opportunities, even in the darker and greyest of times, they see ‘threats’ as opportunities to improve and better themselves in areas that need attention. Threats are often external factors and sometimes internal, for example, the departure of a high performing staff member who has become indispensable. This could be seen as a major negative and set back for the company. However Glowing Global see this situation as an opportunity to keep on their toes and a challenge to teach and train somebody new to those standards of the previous staff member. This prevents them from becoming comfortable and relying on individuals to run the success of their business.
Glowing Global recommends Introducing measuring metrics into your business planning, as it will provide valuable insights and open up a whole new world of achievement and success. This doesn’t just mean when starting out as a new business, and you should continue to use this method regularly, even after years of being open.