Strategic Plan Part 2: SWOT Analysis

Bobby Blake

BUS/475

November 14, 2016

Walter Sienkiewicz
Strategic Plan Part 2: SWOT Analysis

Double B Truck Accessories is a family owned and operated business that sales and installs truck and jeep accessories. This SWATT analysis will analyze the strengths, weaknesses, opportunities, threats, and trends that the owners of this business will face. “The goal of a SWOTT analysis is to analyze the business environment, to develop a strategic plan of action that captures opportunities using internal strengths (and avoids threats while addressing weaknesses)” (Boundless, 2016).

Relevant Forces and Trends

Double B Truck Accessories will have to deal with and overcome a multitude of external forces and trends that will affect their strategic decisions. The most commonly faced external forces and trends to a small business are legal and regulatory forces, economic trends, environmental forces, and competitive analysis trends. The legal and regulatory forces will be difficult for the business to control unless they develop and implement and method to stay current with the changes. Economic trends will revolve around the strengths and weaknesses of the global economy. Environmental forces will be an ever changing and evolving force that the business will have to deal with. The competitive analysis trends will help the company become and stay successful if they stick to the plan.

The company will also be subjected to internal forces and trends. These forces and trends include but are not limited to strategy, resources, strategic capabilities, and leadership. All of these forces and trends will require the owner/operator to follow or modify the swott analysis of the business to stay relevant in a highly competitive market.

Issues and Opportunities

Some of the major issues this business will face are, competitiveness of this type of business, working with family members and building a successful business and strong customer base. There will be many opportunities that come along for this business and as long as they keep their eye on the prize they will be very successful.

Conclusion

A SWOTT Analysis is a very important tool that a business can use to aid in the success and longevity of the business. It can also be changed in the future should the business owners and management team realize that the original analysis is not getting the results they had expected.

References

Boundless (2016). Boundless Management. Retrieved from https://www.boundless.com/management/textbooks/boundless-management-textbook/strategic-management-12/internal-analysis-inputs-to-strategy-88/swot-analysis-427-607/