Project 1: Goals, Objective and Competitive Analysis Business Analysis - Phase 1

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SWOT Analysis

A SWOT analysis allows businesses to assess internal strengths and weaknesses in rela�on to

external opportuni�es and threats.

SWOT analysis is a strategic planning method used to evaluate a

business’s strengths, weaknesses, opportuni�es, and threats.

The goal of a SWOT analysis is to analyze the business environment

to develop a strategic plan of ac�on that captures opportuni�es

using internal strengths (and avoids threats while addressing

weaknesses).

Businesses set objec�ves a�er the SWOT analysis has been

performed, which allows the organiza�on to define achievable goals.

Key Term

environment—the surroundings of, and influences on, a par�cular

item of interest

A method of analyzing the environment in which businesses operate is referred to as a context

analysis. One of the most recognized of these is the SWOT (strengths, weaknesses,

opportuni�es, and threats) analysis. Performing a SWOT analysis allows a business to gain

insights into its internal strengths and weaknesses and to relate these insights to the external

opportuni�es and threats posed by the marketplace the business operates in. The main goal of

a context analysis, SWOT or otherwise, is to analyze the business environment to develop a

strategic plan.

Learning Resource

Key Points

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SWOT and Strategy

The SWOT analysis matrix illustrates where the

company’s strengths and weaknesses lie

rela�ve to factors in the market. Strengths and

opportuni�es (the S and O of SWOT) are both

helpful toward achieving company objec�ves,

but strengths originate internally while

opportuni�es originate externally. Similarly,

weaknesses and threats (the W and T of

SWOT) are harmful toward achieving

objec�ves, but weaknesses originate internally

and threats originate externally. Assessing all

four points of the SWOT acronym ensures a

thorough evalua�on.

A SWOT analysis is a strategic planning method used to evaluate the strengths, weaknesses,

opportuni�es, and threats related to a project or business venture. A SWOT assessment

involves specifying the business’s objec�ve and then iden�fying the internal and external

factors that are favorable and unfavorable toward the business’s ability to achieve its

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objec�ve. Se�ng the objec�ve, in terms of moving from strategy planning to strategy

implementa�on, should be done a�er the SWOT analysis has been performed. Doing so allows

the organiza�on to set achievable goals and objec�ves.

Components of SWOT

strengths—internal characteris�cs of the business that give it an advantage over

compe�tors

weaknesses—internal characteris�cs that place the business at a disadvantage against

compe�tors

opportuni�es—external chances to improve performance in the overall business

environment

threats—external elements in the environment that could cause trouble for the business

Iden�fying SWOTs is essen�al, as subsequent stages of planning can be derived from the

analysis. Decision makers first determine whether an objec�ve is a�ainable, given the SWOTs.

If the objec�ve is not a�ainable, a different objec�ve must be selected, and then the process

can be repeated. Users of SWOT analysis must ask and answer ques�ons that generate

meaningful informa�on for each category to maximize the benefits of the evalua�on and

iden�fy the organiza�on’s compe��ve advantages.

Licenses and A�ribu�ons

Internal Analysis Inputs to Strategy (h�ps://courses.lumenlearning.com/boundless-

management/chapter/internal-analysis-inputs-to-strategy/) from Boundless Management by

Lumen Learning, originally published by Boundless.com, is available under a Crea�ve

Commons A�ribu�on-ShareAlike 4.0 Interna�onal (h�ps://crea�vecommons.org/licenses/by-

sa/4.0/) license. UMUC has modified this work and it is available under the original license.

© 2019 University of Maryland University College

All links to external sites were verified at the �me of publica�on. UMUC is not responsible for the validity or integrity of

informa�on located at external sites.

2/5/2019 What is PESTLE Analysis? A Tool for Business Analysis

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What is PESTLE Analysis? A Tool for Business Analysis What is PESTLE Analysis? PESTLE analysis, which is sometimes referred as PEST analysis, is a concept in marketing principles. Moreover, this concept is used as a tool by companies to track the environment they’re operating in or are planning to launch a new project/product/service etc.

PESTLE is a mnemonic which in its expanded form denotes P for Political, E for Economic, S for Social, T for Technological, L for Legal and E for Environmental. It gives a bird’s eye view of the whole environment from many different angles that one wants to check and keep a track of while contemplating on a certain idea/plan.

The framework has undergone certain alterations, as gurus of Marketing have added certain things like an E for Ethics to instill the element of demographics while utilizing the framework while researching the market.

How to write a PESTLE analysis from scratch: There are certain questions that one needs to ask while conducting this analysis, which give them an idea of what things to keep in mind. They are:

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What is the political situation of the country and how can it affect the industry? What are the prevalent economic factors? How much importance does culture has in the market and what are its determinants? What technological innovations are likely to pop up and affect the market structure? Are there any current legislations that regulate the industry or can there be any change in the legislations for the industry? What are the environmental concerns for the industry?

All the aspects of this technique are crucial for any industry a business might be in. More than just understanding the market, this framework represents one of the vertebras of the backbone of strategic management that not only defines what a company should do, but also accounts for an organization’s goals and the strategies stringed to them.

It may be so, that the importance of each of the factors may be different to different kinds of industries, but it is imperative to any strategy a company wants to develop that they conduct the PESTLE analysis as it forms a much more comprehensive version of the SWOT analysis. Here’s how to write your first SWOT analysis.

It is very critical for one to understand the complete depth of each of the letters of the PESTLE. It is as below:

1. Political: These factors determine the extent to which a government may influence the economy or a certain industry. For example, a government may impose a new tax or duty due to which entire revenue generating structures of organizations might change. Political factors include tax policies, Fiscal policy, trade tariffs etc. that a government may levy around the fiscal year and it may affect the business environment (economic environment) to a great extent.

2. Economic: These factors are determinants of an economy’s performance that directly impacts a company and have resonating long term effects. For example, a rise in the inflation rate of any economy would affect the way companies’ price their products and services. Adding to that, it would affect the purchasing power of a consumer and change demand/supply models for that economy. Economic factors include inflation rate, interest rates, foreign exchange rates, economic

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growth patterns etc. It also accounts for the FDI (foreign direct investment) depending on certain specific industries who’re undergoing this analysis.

3. Social: These factors scrutinize the social environment of the market, and gauge determinants like cultural trends, demographics, population analytics etc. An example for this can be buying trends for Western countries like the US where there is high demand during the Holiday season.

4. Technological: These factors pertain to innovations in technology that may affect the operations of the industry and the market favorably or unfavorably. This refers to automation, research and development and the amount of technological awareness that a market possesses.

5. Legal: These factors have both external and internal sides. There are certain laws that affect the business environment in a certain country while there are certain policies that companies maintain for themselves. Legal analysis takes into account both of these angles and then charts out the strategies in light of these legislations. For example, consumer laws, safety standards, labor laws etc.

6. Environmental: These factors include all those that influence or are determined by the surrounding environment. This aspect of the PESTLE is crucial for certain industries particularly for example tourism, farming, agriculture etc. Factors of a business environmental analysis include but are not limited to climate, weather, geographical location, global changes in climate, environmental offsets etc.

There are many templates available for companies to conduct PESTLE analysis. Many organizations have provided information regarding their PESTLE analysis as case studies available on the Internet.

Image: dizain/Shutterstock.com

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Chartered Global Management Accountant

Porter’s Five Forces of Competitive Position Analysis June 11, 2013

 

What is it? Framework/theory

Porter's Five Forces of Competitive Position Analysis were developed in 1979 by Michael E Porter of Harvard Business School as a simple framework for assessing and evaluating the competitive strength and position of a business organisation.

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This theory is based on the concept that there are �ve forces that determine the competitive intensity and attractiveness of a market. Porter’s �ve forces help to identify where power lies in a business situation. This is useful both in understanding the strength of an organisation’s current competitive position, and the strength of a position that an organisation may look to move into.

Strategic analysts often use Porter’s �ve forces to understand whether new products or services are potentially pro�table. By understanding where power lies, the theory can also be used to identify areas of strength, to improve weaknesses and to avoid mistakes.

Porter’s �ve forces of competitive position analysis:

 

The �ve forces are:

1. Supplier power. An assessment of how easy it is for suppliers to drive up prices. This is driven by the: number of suppliers of each essential input; uniqueness of their product or service; relative size and strength of the supplier; and cost of switching from one supplier to another.

2. Buyer power. An assessment of how easy it is for buyers to drive prices down. This is driven by the: number of buyers in the market; importance of each individual buyer to the organisation; and cost to the buyer of switching from one supplier to another. If a business has just a few powerful buyers, they are often able to dictate terms.

3. Competitive rivalry. The main driver is the number and capability of competitors in the market. Many competitors, o�ering undi�erentiated products and services, will reduce market attractiveness.

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4. Threat of substitution. Where close substitute products exist in a market, it increases the likelihood of customers switching to alternatives in response to price increases. This reduces both the power of suppliers and the attractiveness of the market.

5. Threat of new entry. Pro�table markets attract new entrants, which erodes pro�tability. Unless incumbents have strong and durable barriers to entry, for example, patents, economies of scale, capital requirements or government policies, then pro�tability will decline to a competitive rate.

Arguably, regulation, taxation and trade policies make government a sixth force for many industries.

What bene�ts does Porter’s Five Forces analysis provide? Five forces analysis helps organisations to understand the factors a�ecting pro�tability in a speci�c industry, and can help to inform decisions relating to: whether to enter a speci�c industry; whether to increase capacity in a speci�c industry; and developing competitive strategies.

Actions to take / Dos Actions to Avoid / Don'ts Use this model where there are at least three competitors in the market Consider the impact that government has or may have on the industry Consider the industry lifecycle stage – earlier stages will be more turbulent Consider the dynamic/changing characteristics of the industry

Avoid using the model for an individual �rm; it is designed for use on an industry basis

 

 In practice: Porter's Five Forces of Competitive Position Analysis  

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Analysis of the Indian business environment

Download full case study (http://www.cimaglobal.com/Documents/Student%20docs/Studyresources/TechIndiaJun.pdf)

In the June 2010 issue of Financial Management magazine, the Five Forces model was applied to the emerging Indian business environment in comparison with more developed markets. The analysis found that factors such as state protectionism and a lack of infrastructure are greater barriers to entry in India than they are in more developed nations, where market forces are more powerful.

The analysis highlighted many issues a�ecting competition in emerging economies and compared them to those that are more prevalent in more developed markets.

One factor that could play a crucial role in India is public opinion, which exerts a considerable in�uence on the government. A good example of this is a campaign by local retailers against Walmart, who feel that the arrival of the US retail giant could put them out of business. Walmart has made huge investments in India, but is having to �nd ways around stringent regulations that prevent it from doing things as basic as putting its brand name on stores.

 

 

 

Related and similar practices PEST analysis (/resources/tools/essential-tools/strategic-planning-tools.html)

 

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Chartered Global Management Accountant

CGMA is the most widely held management accounting designation in the world with more than 150,000 designees.  It was established in 2012 by the  AICPA (https://www.aicpa.org/) and CIMA (https://www.cimaglobal.com/) to recognise a unique group of management accountants who have reached the highest benchmark of quality and competence. The CGMA designation is built on extensive global research to maintain the highest relevance with employers and develop the competencies most in demand. CGMA designation holders qualify through rigorous education, exam and experience requirements. 

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2/5/2019 Planning Tools

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Planning Tools

Goal se�ng, similar to management by objec�ves (MBO) and SMART, is a simple method for

strategists to establish and enforce specific goals within the organiza�on or strategic business

unit (SBU). Goal se�ng creates incen�ves for employees by iden�fying achievable end results,

which drive the direc�on of the company toward commonly established goals. This theory was

developed by Edwin A. Locke in the 1960s. It is considered an “open” theory, which implies

that new thoughts and developments may be layered on top of the original goal-se�ng

framework.

MBO is the process of defining, dissemina�ng, and implemen�ng the strategic objec�ves that

an organiza�on has iden�fied. Objec�ves provide factual and achievable strategies that align

with employee and manager goals to ensure that all par�cipants are on the same page. It is

also useful to set goals and a �meline to assess progress and ensure that each individual is

achieving their part of the plan.

The SMART model aims to design goals that are specific, measurable, achievable, realis�c, and

�me-targeted (SMART).

The SMART model iden�fies specific goals, measures inputs and outputs, ensures that the

goals are a�ainable and relevant to the mission of the company, and constructs a �meline.

(See table in “Core Requirements of Successful Managers” sec�on, Week 1.)

Learning Resource

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Though there are many other poten�al tools for strategists, these three provide a strong

framework for further development of strategic methodologies. Incorpora�ng concepts such

as forecas�ng and benchmarking within larger corporate strategy frameworks such as SMART

goals and MBO will equip strategists with strong short-term and long-term approaches.

Strategic Management (h�ps://courses.lumenlearning.com/boundless-

management/chapter/strategic-management/) from Boundless Management by Lumen

Learning, originally published by Boundless.com, is available under a Crea�ve Commons

A�ribu�on-ShareAlike 4.0 Interna�onal (h�ps://crea�vecommons.org/licenses/by-sa/4.0/)

license. UMUC has modified this work and it is available under the original license.

© 2019 University of Maryland University College

All links to external sites were verified at the �me of publica�on. UMUC is not responsible for the validity or integrity of

informa�on located at external sites.

2/5/2019 The Importance of Strategy

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The Importance of Strategy

Strategic management is cri�cal to organiza�onal development as it aligns the mission and

vision with opera�ons.

Strategic management seeks to coordinate and integrate the

ac�vi�es of the various func�onal areas of a business in order to

achieve long-term organiza�onal objec�ves.

The ini�al task in strategic management is typically the compila�on

and dissemina�on of the vision and the mission statement. This

outlines, in essence, the purpose of an organiza�on.

Strategies are usually derived by the top execu�ves of the company

and presented to the board of directors to ensure they are in line

with the expecta�ons of the stakeholders.

The implica�ons of the selected strategy ma�er. They are illustrated

through achieving high levels of strategic alignment and consistency

rela�ve to both the external and internal environment.

All strategic planning deals with at least one of three key ques�ons:

What do we do? For whom do we do it? How do we excel? In

business strategic planning, the third ques�on refers more to bea�ng

or avoiding compe��on.

Key Terms

Learning Resource

Key Points

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board of directors—the group elected by stockholders to establish

corporate policies and make managerial decisions

mission statement—declara�on of the overall goal or purpose of an

organiza�on

Strategic management is cri�cal to the development and expansion of all organiza�ons. It

represents the science of cra�ing and formula�ng short-term and long-term ini�a�ves

directed at op�mally achieving organiza�onal objec�ves. Strategy is inherently linked to a

company’s mission statement and vision—these elements cons�tute the core concepts that

allow a company to execute its goals. The company strategy must constantly be edited and

improved to move in conjunc�on with the demands of the external environment.

Strategy and Management

As a result of its importance to the business or company, strategy is generally perceived as the

highest level of managerial responsibility. Strategies are usually derived by the top execu�ves

of the company and presented to the board of directors in order to ensure they are in line with

the expecta�ons of company stakeholders. This is par�cularly true in public companies, where

profitability and maximizing shareholder value are the company’s central mission.

The implica�ons of the selected strategy are also highly important. These are illustrated

through achieving high levels of strategic alignment and consistency rela�ve to both the

external and internal environment. In this way, strategy enables the company to maximize

internal efficiency while capturing the highest poten�al of opportuni�es in the external

environment.

Key Strategic Ques�ons

The ini�al task in strategic management is to compile and disseminate the organiza�on’s vision

and mission statement. These outline, in essence, the purpose of the organiza�on.

Addi�onally, they specify the organiza�on’s scope of ac�vi�es. Strategic planning is the formal

considera�on of an organiza�on’s future course, and all strategic planning deals with at least

one of three key ques�ons:

What do we do?

For whom do we do it?

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How do we excel?

In business-related strategic planning, the third ques�on focuses to a large degree on bea�ng

the compe��on.

Strategic management is the art, science, and cra� of formula�ng, implemen�ng, and

evalua�ng cross-func�onal decisions that will enable an organiza�on to achieve its long-term

objec�ves. It involves specifying the organiza�on’s mission, vision, and objec�ves; developing

policies and plans to achieve these objec�ves; and alloca�ng resources to implement the

policies and plans. Strategic management seeks to coordinate and integrate the ac�vi�es of a

company’s func�onal areas in order to achieve long-term organiza�onal objec�ves.

Product Improvement Strategies

This strategy map illustrates an example of how product improvements are designed and

implemented. Improvements move from the original plan, to design changes, to produc�on

modifica�on, to deployments, to upgrades.

Making Strategy Effec�ve

Effec�ve strategies must be suitable, feasible, and acceptable to stakeholders.

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Johnson, Scholes, and Whi�ngton suggest evalua�ng strategic

op�ons based on three key criteria: suitability, feasibility, and

acceptability.

Suitability refers to the overall ra�onale of the strategy and its fit

with the organiza�on’s mission.

Feasibility refers to whether or not the organiza�on has the

resources necessary to implement the strategy.

Acceptability is concerned with stakeholder expecta�ons and the

expected outcomes of implemen�ng the strategy.

Will Mulcaster provides an addi�onal 11 strategic forces which may

impact the effec�veness of a given strategy.

Key Terms

strategy—plan of ac�on intended to accomplish a specific goal

effec�veness—the capability of producing a desired result

Effec�veness is the capability to produce a desired result. Strategy is considered effec�ve

when short-term and long-term objec�ves are accomplished and are in line with the mission,

vision, and stakeholder expecta�ons. This requires upper management to recognize how each

organiza�onal component combines to create a compe��ve opera�onal process.

Suitability, Feasibility, and Acceptability

With the above framework in mind, a number of academics have proposed perspec�ves on

strategic effec�veness. Johnson, Scholes, and Whi�ngton suggest evalua�ng the poten�al

success of a strategy based on three criteria:

Suitability. One method is through the previously discussed SWOT analysis. A suitable

strategy fits the organiza�on’s mission, reflects its capabili�es, and captures

opportuni�es in the external environment, while avoiding threats. A suitable strategy

should derive compe��ve advantage(s).

Key Points

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Feasibility. One method of analyzing feasibility (whether or not the organiza�on has the

capital, people, �me, market access, exper�se and other resources required to implement

the strategy) is to conduct a break-even analysis. It can iden�fy whether there are

sufficient inputs to generate outputs, as well as whether there is enough consumer

demand to cover the costs involved.

Acceptability. It is important for stakeholders to accept the strategy and its risk, as well

as the poten�al returns. Employees are par�cularly likely to have concerns about non-

financial issues like working condi�ons and outsourcing. One method of assessing

acceptability is through a what-if analysis, iden�fying best and worst-case scenarios.

Mulcaster’s Managing Forces Framework

Mulcaster (2009) argued that while research has been devoted to genera�ng alterna�ve

strategies, there has not been enough a�en�on paid to the condi�ons that influence the

effec�veness of strategies and strategic decision making. For instance, in retrospect the

financial crisis of 2008 and 2009 could have been avoided if banks had paid more a�en�on to

the risky nature of their investments. However, hindsight cannot address how banks should

change the ways they make future decisions.

Mulcaster’s Managing Forces framework addresses this issue by iden�fying 11 forces that

should be taken into account when making strategic decisions and implemen�ng strategies:

�me

opposing forces

poli�cs

percep�on

holis�c effects

adding value

incen�ves

learning capabili�es

opportunity cost

risk

style

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While this is quite a bit to consider, the key is to be as circumspect as possible when analyzing

a given strategy. In many ways it is similar to the poten�al issues a scien�st faces. A scien�st

must always be objec�ve and conduct experiments without a bias toward a specific outcome.

Scien�sts don’t prove something to be true; they test hypotheses. Similarly, strategists must

not create a strategy to get to an end point; they must instead create a series of likely end

points based on organiza�onal inputs and opera�onal approaches. Uncertainty is key to

allowing strategic improvement for higher efficacy.

Example

A firm may perform a break-even analysis to determine if a strategy is feasible. The

break-even point (BEP) is the point at which expenses and revenue are equal; there is no

net loss or gain. For example, imagine that if a business sells fewer than 200 tables each

month, it will incur a loss; and if it sells more, it will make a profit. Knowing this,

managers could determine if they expected to be able to make and sell 200 tables per

month and then implement a strategy consistent with their projec�ons.

References

Mulcaster, W. R. (2009). Three strategic frameworks. Business Strategy Series, (10)1, 68–75.

Licenses and A�ribu�ons

Strategic Management (h�ps://courses.lumenlearning.com/boundless-

management/chapter/strategic-management/) from Boundless Management by Lumen

Learning, originally published by Boundless.com, is available under a Crea�ve Commons

A�ribu�on-ShareAlike 4.0 Interna�onal (h�ps://crea�vecommons.org/licenses/by-

sa/4.0/) license. UMUC has modified this work and it is available under the original license.

© 2019 University of Maryland University College

All links to external sites were verified at the �me of publica�on. UMUC is not responsible for the validity or integrity of

informa�on located at external sites.

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Home (https://www.business.gov.au/) News (https://www.business.gov.au/news) How to set goals and objectives for your business in 2019

 How to set goals and objectives for your business in 2019 A step-by-step guide to help you set and achieve your business goals...

Last updated: 2 January 2019

As business owner, it’s important that you take the time to set goals and review your business as a whole.

Having clear, well-de�ned goals can:

help your business grow

> >

business.gov.au (https://www.business.gov.au/)

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achieve your objectives

improve teamwork and collaboration

help everyone understand the direction your business is heading in.

The new year is a great opportunity to take some time out of your business to re�ect and review. Not only can it help you evaluate the e�ectiveness of your strategies from the previous year, it can help you set your sights on new goals and objectives for the year ahead to help you set yourself up for business success in 2019. Your goals should form part of your business plan (https://www.business.gov.au/Planning/Business-plans/Writing-a-Business-Plan) and will likely become your business objectives.

Before you start

Before you even begin to write down your goals, you need to know what areas your business needs to improve in, or could improve in. Although you may already have an idea of the key areas, it’s important to regularly step back and review your business.

Here are some help tools and strategies you can use to help you assess your business:

SWOT analysis – identify your business's strengths, weaknesses, opportunities and threats.

Benchmarking – research similar businesses in your industry or location and compare industry averages on income, and expenses. This can help you assess how your business is performing. Check out our information on �nding government statistics (https://www.business.gov.au/Marketing/Marketing-research/Finding-government- statistics).

Market research (https://www.business.gov.au/Marketing/Marketing-research) – do your homework and research the market and industry of your business to identify customer needs, trends and changes in the market or technology.

Setting goals

Setting SMART (speci�c, measureable, achievable, relevant and timely) goals can help you evaluate the goals you wish to set. Think about whether they are realistic. You should write down your goals in your business plan to help keep you on track to achieve them.

Here are a few things to consider when setting your goals:

Speci�c – be clear about what you want to achieve

Measurable – make sure the goal can be measured, and you can recognise if you’ve achieved your goal

Achievable - check that your goal is something you have the time, money and resources to meet

Relevant – ensure your goal is relevant to the direction you want your business to head in, for example, increasing pro�t, employing more sta�, increasing brand awareness

Timely - set a realistic deadline for completing the goal.

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Example of a SMART goal Overall goal: I want to grow my gardening business.

Speci�c: I will gain four new clients for my business.

Measurable: I will measure my progress by keeping track of how many new clients I gain while maintaining my current client base.

Achievable: I will gain four new clients as I currently have four available spaces in my fortnightly client scheduling diary.

Relevant: Adding clients to my customer base will allow me to grow my business and increase my income.

Timely: I will have four new clients within three months.

SMART Goal: I will gain four new clients for my gardening business within a three month period �lling my current available diary places. This will allow me to grow my business and increase my revenue.

Achieving your goals

Once you’ve got your list of business goals, you’ll need to �gure out how to achieve them. Be realistic in what you can achieve. It might be helpful to break down the steps into smaller chunks.

Here’s a list of things to consider when planning your strategy to achieve your business goals:

time frame – how long do you expect a task will take to complete (include both a start and �nish date)

actions – describe the actions you are going to take in detail (e.g. research �ve di�erent ice-cream suppliers in Hobart and make a list of their pros and cons)

responsibilities – write down the person or people responsible for achieving each step

resources – detail your budget, sta�ng requirements and any supplies you’ll need

the desired outcome – describe what you expect from your actions and how you’ll know when the goal has been achieved.

If you haven’t done so already, make sure you update your business plan (https://www.business.gov.au/Planning/Business-plans/Writing-a-Business-Plan) to re�ect your new goals.

How do I know if I’ve achieved my goals?

Put a system in place to help you measure your goals and keep you on track.

You can keep it simple, such as ticking o� a completed task from a list, or use more complex measurement processes if that’s relevant for your business.

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Don’t forget to reward yourself and your employees when you achieve your business goals.

Find out more:

Read Research your market (https://www.business.gov.au/Marketing/Marketing-research/Research-your-market) to understand how to analyse your industry and compare your business to others.

Visit the Business Queensland website for: tips on improving your business by analysing your business and setting goals

information on using benchmarking to improve your business

information on using trend analysis for business improvement .

Head to the Australian Taxation O�ce’s (ATO) page on Small business benchmarks to �nd information on industry benchmarks, or use their Business performance check tool in the ATO app to see how your business compares with similar businesses.

Seek the help of a business expert or adviser to help you plan your goals – search for a business expert or adviser (https://www.business.gov.au/Advisory-Services) now.

Head to the Australian Bureau of Statistics for Australia wide statistical information.