SWOT analysis

  

Businesses that's been operating for a year or two can start making a SWOT analysis to their organization, specially those who has a lot of competitors in their proximity, the daily sales is not consistent.

What does SWOT really means?

S stands for STRENGTH, or what is your company good at? Example: knowledge you have, pricing, resources

W is for WEAKNESSES, what are the things that you need to improve at? like poor location, absences of staff, financial issues etc

O means OPPORTUNITIES, what trends in the market that you can exploit? like faster, stylish, etc

T means THREAT, who are the new competitors that are entering your market or can be a loss of major customers, inflation, seasonality, raw materials and transportation.

STRENGTH and WEAKNESSES can be controlled because this is a internal issue among the organization, but OPPORTUNITIES and THREAT, a phenomenon that is outside of your control.

I have here an example of an Internet Café SWOT Analysis:

 

Strengths:  Specifications of units are personalized,  it is of high quality products. Variety of services are offered from encoding, printing, photocopying, scanning,  cellphone loading and any other customer related services.

Weaknesses:  It relies solely on the internet provider and power supply to operate.

Opportunities:  The products and services can answer the needs of the customers and the possibilities of success through words of mouth can be achieved so less advertisement.  Can use the internet for other passive income like online jobs.

Threats:  Location of the internet café is not located strategically where more traffic is present.  There will be no income if there is a power and internet café shortage or technical difficulties. Influx of new entrants is high.

Plan of action: Maintain good customer relationship and provide good services all the time. Café assistant must be courteous, honest, diligent, knowledgeable and must know basic trouble shooting (and the most important is –passionate of his or her work and must be aware of what the business is all about).  Offer other related services like school supplies.  Improve marketing strategy.

By doing a SWOT analysis at least once or twice a year can be your guide on how to improve more on your services to gain more sales or improve your profit. This has worked for a lot of times to big companies and there is no harm in trying this specially to newbies.

Give a try!

What to prepare before you apply for a business permit

 

Before you plunge yourself into opening up a business, you need to prepare the following:

1. Money - of course how can you mobilize your ideas if you do not have money.
                   "when money talks, everyone listens"

2. Documents - what are they?


a. Baranggay Clearance or Community Clearance - Baranggay or Community Hall
b. Community Tax Certificate (cedula in the Philippines) - City Hall or Baranggay Hall

 

 

c. Lease of Contract to your commercial space if you are renting - Lessor of commercial space
d. Department of Trade and Industry Certificate - DTI (another seminar to attend)
e. Tin Number -  BIR
f.  SPA- Special Power of Attorney (if you are going to hire other person to process your documents)
g. Government Identification card or I.D with signature

3. Certificate or Clearance from the following:

a. DENR - Department of Environment and natural Resources (u need to attend a seminar before you can have a certificate)
b. Fire Department Certificate - Fire Department
c. City Health Permit (for your employees health benefits)

Make sure you have all those documents photo copied two or three pieces in case you need to submit to other government agency.

Try to give enough time and patience while processing because those permits and certificates will give you a head ache and there is a tendency that your blood will rise due to time constraints. These may differ from other countries wherein their business permit application is electronically done.

To hire a book keeper to process this will be okey, but if you want to experience it by yourself then it would also be better. All you have to make sure is hire as a book keeper that is a trustworthy one or else you will end up wasting your time and money.

Ingredients on becoming a successful entrepreneur

Everyone who wishes to put up a business think of nothing - but to become successful.

Who doesn't?

May it be just a simple business or a big one.
Everybody wanted to be SUCCESSFUL!

Many of us would like to put a business in order to keep away from 8 to 5 day job
or keep away from endless job they do not like,
or explore our potential entrepreneur side,
or just simply wanted to be their own boss.

Whatever reasons each of us have in our mind -
one this is for sure, we wanted to become a gorgeous, independent,
successful entrepreneur.
period.

Here's my personal list on becoming a successful entrepreneur, try to check this if you have or do not have this capabilities.

1. Dreamer and goal oriented.
2. Patience. (lots and lots of it)
3. Organized.
4. Leadership.
5. Resourceful.
6. Persistent.
7. Determined.
8. Resilient.
9. Cashability. (a.k.a MONEY)

If you have these general capabilities, I tell you - you have at least 83.99 percent ingredients to become successful in your desired business or entrepreneur ideas. If you do not have then better practice those capabilities. You better remind yourself that, "to get yourself into business is  NOT A JOKE". Risk is always around the corner. Be prepared before diving into the sea of entrepreneurship. In a no particular order sharks or a so called 'business threat' attack, this is an incredible warning you should take SERIOUSLY.