How To Get Your Business Brexit Ready
Why you should invest in your Brexit business assessment?
With Brexit now well on its way, if you haven't managed to review your business and identify what works and how your business could be affected by Brexit, don't worry. Why not start with the help of this simple internal assessment and use this SWOT analysis tool.
A SWOT will enable you to analyse your business strengths, weaknesses, opportunities and threats. It's an effective way to identifying your key business investment areas and can be used at any stage during your business development planning.
Conducting a SWOT will require an investment of your time and resource, but the return on this investment (ROI) will far out-weigh any time and resource used.
How to use your SWOT Tool?
You should start by setting out to develop around 4-6 key questions for each of the boxes and use SMART: Specific, Measurable, Achievable, Relevant and Time-bound actions as you complete each of the boxes of your SWOT analysis Tool.
Strengths and Weaknesses are the things that you will be able to change in your business, and Opportunities and Threats are often very difficult and can’t be changed internally, so the aim here is to mitigate them.
Here are some examples of areas that your business could identify during your SWOT analysis:
· STRENGTHS: *Marketing *Technology *Demand *Availability *Accessibility *Quality
· WEAKNESSES: *Insufficient capital *Lack of resources *Marketing exposure *Location *Growth funding
· OPPORTUNITIES: *Partnerships *Gap in the market *Resource support *Networking & relationships
· THREATS: *Existing & new competitors *Consistency of customer service *Perception of existing customers
Make SWOT part of your business plan and keep reviewing it from time to time, if you want to protect your business and stay ahead of the competition, and get in touch if you need help to prepare your business for change firstname.lastname@example.org
Disclaimer: The information, data, used and any techniques, ideas and skills shared in this and all publications are done so for the purpose of individual and business guidance and support only. Data and Information changes constantly within the legal and statutory systems and we highly recommend that you always check and work with any information through your own legal and support process.