Leadership

SWOT ANALYSIS 1

Bruna Martins

BU 521 Organizational Leadership

Instructor: Dr. Michelle L. Clemons

May 2019

SWOT analysis

Event planner business

Because of my good communication and socializing skills, I thought that to start a business for event planning. I decided that I would be planning events such as birthdays, weddings, and other types of events.

The other reason for starting this type of business is the fact that I have event planning knowledge obtained from helping out my friend who organized his own entertainment events in our hometown. I observed and learned some of the things that make an event memorable.

Strengths

I have the skills required to start this business. Since my business is a starter we will charge less compared to other businesses in order to attract more customers. I will use a team of very social and skilled people to make the events livelier. People willing to hold events will see the company be appealing since we will use modern decorations and modern equipment to ensure that clients choose as over other people. We will advertise our business through all means possible to ensure that many people know about our services. We will ensure that communication with clients is handled in a professional and polite manner (Rohm, 2009). 

The business is also going to be chosen by customers because it has no bad reputation, unlike other businesses. The business will also be eyeing the young people because they hold a lot of parties. This type of market will be got by employing young people with a lot of influence on young people. The last but not least strength of the proposed business is that the business will offer high-quality services than other existing businesses.

Weaknesses

As much as I think that I have the experience I running an event planning business, my experience is not comparable to the experience of the existing businesses. My business will have to learn new things as it already running.

On business startup the business, we will not be in a position to make profits because of the investments that will be implemented to support the running of the business. Running an event planning business requires a lot of attention. The planners have to the conscience of many things to make the event successful. This type of business involves traveling. Travelling may cause isolation from family. Because of the fact that this is a new business, some customers may not have faith in us. Some customers may not expect us to perform as well as the order businesses. Our competitors may think of us as non-experienced armatures and hence see as to be no relevant competitors. Our competitors have numerous resources which are yet to have (Bodner, 2011). Our competitors have already developed customer relations.

Opportunities

Our competitors won’t consider us to be a threat. This means that some of our competitors won’t develop strategies to protect their markets; this will give us enough time to penetrate the market (Yuece, 2012). Because of our extensive advertisement using internet sites and word of mouth our business will be known to many people. The strategies that will create new opportunities include:

-Use of new methods of advertisement.

-Changes in government policy related to events planning.

-The people holding events this day have increasingly become young people. Since I am a young citizen with young friends I and my employees will have a lot of influence.

-Clients demands. Our clients demand may be difficult for the archive with the available resources.

-Budgeting may be another problem in a startup because we won't have a clear figure of the amount of money required in an event.

Threats

-The quality of our services may not be optimal because of lack of experience.

-I will have to stop in the other economic activities in order to venture into this business.

-The other threat is being able to form the right team to run the business.

-Managing business resources and property.

-Maintaining business standards and reputation.

-Bad debts after starting up the business

The vision statement for the business

The business has a number of visions. The business vision is creating a good reputation and to become the leading event planner company in the state. We will make this come true by maintaining a good customer relation and complying to our customer’s request in order to make them happy.

The mission statement for the business

Be the best in event planning and make our customers proud of choosing us.

Competitors

-Our main competitors will be sunshine events and exclusive events companies.

-Our business will advertise more using the internet rather than using word of mouth like our competitors.

-My business will also ensure that the team is selected professionally rather than using random guys who avail themselves for work like our competitors. The business will also ensure that it abides by all legal requirements.

References

Bodner, B. (2011). Company Analysis of Red Bull. GRIN Verlag.

Parsons, N (2018). What Is a SWOT Analysis, and How to Do It Right. Retrieved from: https://www.liveplan.com/blog/what-is-a-swot-analysis-and-how-to-do-it-right-with-examples/

Rohm, A. (2009). The SWOT Analysis. Munich, Germany: GRIN Verlag.

Yuece, I. (2012). SWOT Analysis of McDonald’s and Derivation of Appropriate Strategies. GRIN Verlag.