Swot Analysis Of Small Business

INTRODUCTION

Small businesses as much as large businesses need strategies for their businesses to thrive and grow. Focusing on a small businesses they tend to fail to formulate or adopt a culture of using growth strategies to thrive their business income. According to Webster, New world finance and investment dictionary small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. It employs ten to less than five hundred people. The owner exercise close control over operations and decisions. The equity is not publicly traded and business financing is personal used by the owner (s).

As small businesses are encouraged to use strategies a strategy is the direction and scope of an

Reinventing the business- SWOT analysis has to be done-identify strengths and weaknesses and possible markets. Make thorough assessment, ask yourself questions that need critical thinking.

2. Customer Suggestion analysis-Determine if customers still want and buy the same type of products or services you provide and make changes if possible.

3. Check if the type of industry and style used before still working for the business or not

4. Is your business competitive in the market, if not what changes should you adopt to make your business excel and be global or local competitive and focus on making the business profitable.

5. Do internal research and find out what is going to bring new products and services and know what your customers want. Know how to retain customers to your business either a particular niche that buys regularly and see how you can bring in more of the same

Use technology to reach out to customers or people. Sell on the internet if possible. People are now modernized and use technology reforms to meet their needs. Use social media to advertise and network with people and other businesses. Determine which of the social media sites that attracts the hand of customer you want to reach and utilizes those channels. Do questionnaires and make discussions related to your product and industry in the site. Delegate the member of the staff to handle the social media like Facebook. Use mobile phones and computers or electronics to reach out to customers.

7. Make use of the networking and connections- position yourself for new sales by keeping in touch with the people as they change employments. Make business in conjunction with other businesses. Refer customers if need be to other businesses and encourage them to do the same in return aiming at making high sales and eventually making