University of Phoenix
This paper will discuss a SWOT analysis for an event planning business. The analysis will discuss economic, legal and regulatory issues and trends in the particular state for the business. The paper discusses how to critique the business to adapt to change. The supply chain and the organization of the business will be discussed. The paper will identify issues and opportunities made aware from the SWOT analysis. Major issues that the business may face will be discussed along with a hypothesis of the conclusion whether or not the business idea should continue to go forward.
The decline of the economy has bought about new creative choices for entertainment trends across the country, the trends and shifts have compelled event planners to be more creative. Seeking out new ideas and concepts. A SWOT analysis was compiled as a strategic plan for starting a new event planning business. The analysis concluded that some of the strengths of starting this business were events can be planned on short notice, this is a creative venture, access to technology is readily available, lots of social involvement, little to no completion, experience with similar functions. Some weaknesses brought to light were: no variety of suppliers, no clients, no marketing, low economy, minimum resources. The SWOT analysis showed opportunities of: a chance to meet new clients, expand into different locations, the desire for services, and word of mouth. Some of the threats observed from the SWOT analysis were: liabilities, no market, expensive for consumers, zoning laws and decorations and events may be limited.
Some steps that need to be taken in order for the business to survive and succeed would be to research and plan the business, get some expert advice and business training, select a location, learn about financing options, select a name, determine the legal structure of the business, in the state if Ohio, any new news needs to register with the state, if the business is not using the personal name of the owner/ operator. But if the business is a sole proprietorship, there is no need to register. Obtain an Employer Identification Number, this number is used to identify the business entity to the Federal Government, register for state taxes, businesses that operate in Ohio are required to register for specific tax identification numbers, licenses, permits and unemployment insurance, obtain business licenses and permits, in order for a business to operate in the state of Ohio a business license or permit is needed from the state and local government.
Change is constant and required. The business has to be able to respond to complex and fast moving marketplace changes. The business will have to be ready and willing to make drastic changes, which sometimes may mean reductions in force to restructurings, keeping up on technology and revamping product lines and suppliers. Many businesses under estimate the power of change and do not manage change effectively. If the business underestimates change it also underestimates the goals of the business that the changes were intended to achieve. If the business fails to implement effective change management strategies there could be costly results, which could include reduced engagements, customer loyalty, productivity, performance, quality and ultimately the success of the business. The company has to implement systems for managing change that benefits the entire workforce and be able to adapt and uphold the new changes. The business will need to create an agile process that addresses business change and not let it be a one- time event but an on-going process. The business will encompass many different changes that help promote and benefit the success of the business. The business will acknowledge change management as a part of the bigger strategic management plan. The business will focus on improving overall...