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.
Gibson Accounting is an accountancy practice authorised and regulated by the Association of Chartered Certified Accountants (ACCA). We were awarded our practicing certificate and started trading in 2009. We have steadily built our client base mainly through recommendations from satisfied clients. Our aim is simple: We want our clients to know that all their accounting and taxation needs are being looked after and are in hand, so they don’t have to worry enabling them to concentrate on doing their job.Learn More
Gibson Accounting are a small chartered certified accountancy practice based in Hatfield, close to the A1, M1 and the M25. Since the practice was established in 2009 by qualified Accountant Julie Gibson FCCA, we have grown steadily building a strong client-base. We work hard to simplify their lives and offer a fresh approach to the typical accounting taxation and business services out there. We allow our clients to dedicate their time to what they do best; growing their business.Learn More
Cash Flow and Forecasting
A valuable asset to any business, no matter the size. Indeed, for start-ups and SMEs, it holds greater importance as potential cash flow issues will have a far more devastating effect as they will not have access to the credit facilities available to larger or more mature organisations. Producing a forecast will give you a window into your financial strength and allows you to plan for growth and understand any funding requirements.Learn More
Profit Analysis and Improvement
Understanding the make-up of your business profit and how to improve it, is an essential tool every business needs to grow and plan for the future. We can assist in this process with analytical review and profit analysis reports. Our commercial experience within a diverse range of business sectors will benefit your business planning and its future performance.Learn More
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