Strategic Review and Planning

Strategic Review and Planning

For every start up, there are fundamental questions that must be asked: Who are their main customers? Who are their competition? Why are they different from their competition? How do you make a profit from your product/service? Until questions like these are addressed, a business will likely face a number of problems going forward. Therefore, it’s key that a business prepares its key strategic analysis and planning before trading.

SWOT, or Strengths, Weaknesses, Opportunities and Threats.

First, a business needs to establish its strengths; what it does that makes it better than the competition. Whether it can compete effectively on price, or whether it offers exactly what the market is asking for. Maybe it offers something that brings additional value to another area of the customer’s business or life. Once this strength has been established, it forms a clear path for marketing and promotion to build on this.

Then weaknesses need to be established; maybe the start-up is competing against firms with greater financial resources than they have access to, or have a long-established reputation. Maybe they have enough clout with a key supplier as to pose a chance of removing access to a product. These weaknesses need to be explored, and a resolution to minimise their impact needs to be established.

Opportunities need to be explored; how you will use your established strengths and weaknesses to build a coherent marketing campaign, incorporating business acquisition and retention. This will cover:

• How do you plan for all scenarios?
• How does your strategy work?
• How do you prepare for problems?
• What are the next steps?

And finally, threats; anything that poses a risk to your sales, reputation, or business as a whole. Whether this takes the form of a Health and Safety violation, debt obligations or your competitors keeping you out of the market.

Once these four points have been laid out, it will give you a clear pathway to build a strong foundation for your start up.

Gibson Accounting can help you with your strategic analysis and planning

Gibson Accounting has the experience and knowledge to help you plan your strategy for the future. Our diverse client range and professional experience means we can build a clear picture of your marketplace and how to make the most of it. Why not speak to us to see how we can help you with your strategic analysis and planning. Simply contact us via the below contact form to arrange an appointment to discuss your options.

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