Business analysis tools (Task 1)
Business analysis tools
Task 1 :
SWOT and PEST(EL) analyses - what are they and how can they be used?
SWOT:
Strengths - Things that the company does well this could include certain quality's that separate you away from similar competitors. Another good thing could be assets inside the company from staff to certain pieces of technology that the business owns.
Weaknesses - Things that your company lacks / doesn't have access too. certain things that similar competitors do better than you. Limited resources. an unclear selling model that is hard to understand.
Opportunities - large untapped markets with very little competition in the sector. An expanding need for the product that you our offering. Good quality advisement and media coverage of your company.
Threats - Negative press that downplays your business , followed by a downplay in customer attitudes towards the business which could cause a money downturn. A change to taxes or regulatory changes that could call for a larger investment into the business to come in line with the regulations.
SWOT is used to analyse the working environment to gain a understatement of how the company is doing and will help highlight areas for improvement. Both opportunities and threats our out of the company's control as they our changed by external features.
PEST(EL):
Political - Government intervention into the sector on things like policy's , trade , laws and foreign markets. An organisation needs to be able to respond to change otherwise they could be operating in a possible illegal manner.
Economic - economic factors that have a significant impact on the profitability of a business. Main economic factors could be the economic growth / downturn. changing rates could also play a part in profitability.
Social - All down to the people you appeal too. Social factors could include health consciousness and career attitudes along with many other factors. People that market your product often use this information to gain an understatement on the customer base.
Technological - New and further innovations into improving and moving with the times from goods and services productions and distribution and ways of contacting customers and gaining brand identity
Environmental - Taking into consideration the affect of your business on the planet, this could be done in reducing the company's carbon footprint and looking into ways of supporting initiatives that can off set any carbon produced by the company.
Legal - Equality , health and safety, laws and other very important rights and regulatory restrictions.
Pest(el) is used to monitor the macro-environmental factors that could have an impact onto a business .
PEST(EL) analysis - what current factors are impacting businesses and ventures in the UK?
The coronavirus has also added to pressure that has forced many business to rethink the way that they work and the way that they look after employees and had to adapt to every small change that the government made.
What does / might Brexit mean for the creative industries? Start here.
One thing that could change is access to workers depending on how restrictions and freedom of movement is affected. Trade deals may also have an affect as it might cost extra to gain access to certain materials and equipment. Some clients will be timmed into investing and parting way with money because of the uncertainty of the projects completion.
Cultural policy - what is currently happening in the UK? Start here.
The UK has the Department for Digital, Culture, Media and Sport and they try and support and promote UK business to help grow the economy and British business.
SWOT - conduct a personal SWOT analysis.
Strength:
Filming content with quality audio. I also have a good knowledge of how a wide range of different equipment works. I also have developed skills in premiere pro so can edit my own videos. other people see my knowledge of how equipment works and its setup. I also am always ready when called on.
Weakness:
Limited access to higher quality equipment to increase quality of content. I could personally improve on being more informative to clients and people I work with.my confidence is possibly something that people would describe as a weakness.
Opportunities:
With a growing need for a good online presence the need for good quality advisement also grows, so a business that offers both in one package and can do majority of the work in house isn't often seen. When creating advertisement you will always have to adapt to new trends to make sure content being posted is relevant.
Threats:
Bigger company's also spotting the gap or seeing your work and moving in a taking potential clients. Equipment failure as if it fails on set then a bad review from a client could come in which could ruin the reputation of the business. There is many business that offer creation of advisement content or creation and help with brand identity (social media and websites etc) but very little that offer both but bigger company's in advertisement could easily move into offering both areas. Both with Brexit and coronavirus they could both largely affect the business in terms of clients which will then have an affect on the business cash-flow.
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