Strategic Plan, Part II: SWOTT Analysis
A SWOTT analysis is a necessary systematic tool used to evaluate both external and internal factors, which have influence over business decisions and adjustments to their market. Applying the SWOTT to Peter’s Accounting Services will help identify economic, legal, regulatory forces that affect business. This analysis will not only allow the business to identify strength but weaknesses in its industry. Understanding the weaknesses of the industry will also allow to strategies for different opportunities. By identifying threats and trends we can make bold predictions to take advantage of opportunities and changes before they come to fruition. We will be identifying seven different forces and trends that affect business.
Economic trends play a major role in all businesses. This is a major factor that an accounting services business will have to force to make predictions and adjustments. Based on trends the company may anticipate hiring more or less employees. A positive strength for Peter’s Accounting Services is that regardless of a good or bad economic year individuals still have to file state and federal taxes. Business will still pay quarterly taxes and need help with bookkeeping as well as annual filing of taxes for the state and federal government as well. Threats of a poor economy can tend to not impact this industry too much because it is a constant need. An opportunity for this business lies during an economic upswing new businesses are being created meaning the need for an accounting services will be used frequently. Being able to offer year round services will help fight the idea of seasonal work that tax prepares and consultants have to compete with.
Legal and Regulatory
In order to be a reputable company the Peter’s Accounting Services should be equipped with Certified Public Accountants. A CPA is an individual who has taken the time to take a series of four rigorous exams that have to be...
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