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Applying Swot Analysis for Effective Planning Essay

Introduction

The objective or purpose of applying a SWOT diagram as a planning tool in business is to have a platform of doing business or having a through picture of a business plan. Applying SWOT diagram as a planning tool has helped me to work out the strengths, threats, benefits and strategy of achieving financial prosperity in business. (Draft, 2012/2010, p. 209) I have learned that using the SWOT method as a planning tool will help me in working out an effective way and strategy to solidify my business plan with proper research, and thinking through it before setting the ball rolling for execution. Understand and using SWOT method will expose so many things and points one need to put into consideration while planning a business strategy. I also realized when I took the strategy strength test, I have a balanced formulator and implementer style and I work well in both arenas. New managers bring value to strategic management as a formulator, implementer, or both (Draft, 2012/2010, p. 201).

Exporting used cars to Nigeria is a business venture I and my husband have been working hard to setup. We have put a lot of things into consideration before coming to a conclusion of choosing to set this business up in Nigeria. One of the reasons is based on the fact that Nigeria has a big market for American used cars in the whole of Africa. Next is the opportunities, market potentials and the economic gains are very high. We also intend to use the population of Nigeria and their love for quality American used cars to our advantage. My strategy which is the most important aspect of succeeding in this business is to get my local bank to finance this business. Also with the knowledge, experience and expertise my husband has in business, involving him to become parts and parcel of this business will help me to drive this business to the road of achieving financial prosperity in the near future.

The internal strength to this business is getting to work with my husband as partners in progress. Working with him will be an added plus and also a chance to associate with the best in the field thereby, having an opportunity to open up more windows of business opportunities. Having access to the American used car industry is something that we want to tap in and explore the opportunities available in the American economy. American used car industry is a surplus market and something that we want to work to our advantage 100%.

Also having an opportunity to explore the privilege given to me by my local bank in financing this business is an added advantage and strength of achieving financial prosperity in the near future. If my local bank fail or unable to finance this business that is a big threat and a disaster, but something has to be done to avoid such threat. Our next threat is the Nigeria customs, working with them is not any body’s dream. But with the assurance from my bank and husband all these threats will be taking care off and on time before the commencement of this business.

Diagram

Weaknesses (Internal)
Higher Import Duty
Nigerian Customs
Nigerian Economy
Strengths (Internal)
Knowledge
Experience
Nigerian Market
American Economy
Nigerian Population
My Husband

SWOT Analysis Diagram
Threats
(External)
Finance
Nigerian Customs
Shipment Delays
Opportunities (External)
Attractive Market
Knowledge
Business Experience
American Economy

Problem

Having done my homework and research on this business has helped me to get things up and running within a short period of time. My next part of action is applying for an auction license which will help me in driving this business to a greater height. Getting an auction license means having access or power to buy any kind of used cars from every auction sale point throughout the United States. My business strategy which is the most important aspect of succeeding in this business is getting my husband involved in this business. Getting him involved will help in bringing his knowledge, expertise and experience to my advantage. His experience and knowledge in business will help to put this business to the road of achieving financial prosperity in the future. Exporting used cars to Nigeria is a business venture I and my husband have been working hard to setup. We have put a lot of things into consideration before coming to a conclusion of choosing to set this business up in Nigeria.

One of the reasons is based on the fact that Nigeria has a big market for American used cars in the whole of Africa. Next is the opportunities, market potentials and the economic gains are very high. We also intend to use the population of Nigeria and their love for quality American used cars to our advantage. My strategy which is the most important aspect of succeeding in this business is to get my local bank to finance this business. Also with the knowledge, experience and expertise my husband has in business, involving him to become parts and parcel of this business will help me to drive this business to the road of achieving financial prosperity in the near future.

Analysis

The internal strength to this business is getting to work with my husband as partners in progress. Working with him will be an added plus and also a chance to associate with the best in the field thereby, having an opportunity to open up more windows of business opportunities. Having access to the American used car industry is something that we want to tap in and explore the opportunities available in the American economy. American used car industry is a surplus market and something that we want to work to our advantage 100%. Also having an opportunity to explore the privilege given to me by my local bank in financing this business is an added advantage and strength of achieving financial prosperity in the near future. If my local bank fail or unable to finance this business that is a big threat and a disaster, but something has to be done to avoid such threat. Our next threat is the Nigeria customs, working with them is not any body’s dream.

But with the assurance from my bank and husband all these threats will be taking care off and on time before the commencement of this business. The key strengths to this business are the Nigerian market and my husband who has the experience, knowledge, and know how on what it takes to succeed in used car business. Nigeria a country of over 180 million people and the biggest used car market in the whole of Africa. Utilizing the population and their love for used cars will work greatly to my advantage. In the Nigeria used car market, building a good reputation means being recognize as a company that bring top quality American used cars to the Nigerian market.

Companies, co-operate bodies, banks and individuals who are interested in top quality American used cars will invest in this business in order to get top grade quality cars for their use or resale. Weak point, the import duty is very high, not steady and depends on the year and model of the car. Working with the Nigerian custom is not any body’s dream which is like eating with the devil you have to know the game to remain in the business. But despite all these, doing business in Nigeria is a step in the right direction.

Integration

Using SWOT analysis findings has exposed me to more business opportunities which will take my business to the next level of achieving greater organizational goal. With the help of SWOT, I have setup a 5 years plan of building a solid foundation in this business which will put me on the road of achieving financial prosperity. Within the 5 year plan, I look forward to collaborate with financial institution on the ground of bringing in other investors into the business to partner with me. Allowing investors to come in and partner with me will take this business to the next level of achieving financial prosperity

. Based on the interview I had with Mr. Victor Abba, the questions and his answers are; 1. What decisions made you decide to go into this type of business? A. I decided to go into the used car export because of the present economic problems not everybody has money for a new car nowadays. 2. What do you see ahead for your business in the next 5 years? A. My business prospect in the next 5 years is to be counted among the biggest used car exporter in the United States. My other plan is to work with various insurance companies to be able to buy both accident and used cars direct from the insurance companies. 3. What can you tell me about your new plans for growth?

A. The market potential in the used car industry is enormous here in the United State. Exploring the opportunity in the American economy is a plus towards the success of this business and the growth of the business. 4. How do you rate your competition?

A. Being able to provide our numerous customers with sound and quality used cars that can serve them better. These will enable us to compete with others in the business and at the same time build good business relationships with the end user. 5. What idea’s can contribute in helping someone start a business? A. First they need to know and understand which business they want to go into. Make proper research on the business. Workout the business plan and strategy. Think through it before executing their business plan.

Conclusion

In conclusion, the insights I got from the SWOT method has exposed me to different ways of putting a workable business plan and strategy that will help in putting me to the road of achieving financial prosperity in business. The objective or purpose of applying a SWOT diagram as a planning tool in business is to have a platform of doing business or having a true picture of a business plan. Based on the SWOT analysis diagram, I have learned that knowing the strengths, weaknesses, opportunities and threats to a business plan will help me to stand tall in business.

Understanding Strength, weaknesses threats and opportunities in business has increased my willpower of understanding what I’m capable of achieving and how to backup my plan against threats. Thinking through any business ideas with the SWOT method is a step in the right direction in business planning. Also having a husband who has the knowledge, experience and the expertise in business planning is one of my key strength that wouldn’t be taken for granted. Putting all I have learned through the SWOT method in practice will bring growth and help me achieve greater things in business in the near future.

Reference

Draft, R., (2012, 2010). Management. 10th ed. Mason, Ohio: SOUTH-WESTERN.


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