Importance of Internal and External Business Analysis

Importance of Internal and External personal line of credit line enterprise digestIntroductionIn the current production line milieu in which we do exist, there is train for genius to be dynamic in revision to survive. The lineage milieus, both internal and external are ever-changing spendthrift and swiftly hence not giving chance to businesses and people who are static. at that placefore, in rescript for one to progress in the current business environment, one needs to identify his or internal strengths and weaknesses (Guy, 2009). One in any case should be in a position to identify the possible opportunities and threats and be in a position to capitalize on these threats by the strengths and weaknesses at hand.Knowledge of Strategy and EconomicsStrategy is the direction and scope of an organic law over the long term which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expec tations (Guy, 2009). As the business environment becomes more difficult and competitive, there is need for companies and individuals to go through strategies to aide them embroil through.A prescriptive system is one whose objective is defined in progress and whose main elements have been developed before the strategy commences. (Skinner and Skinner, 2008). An sudden strategy is one whose final objective is undecided and whose elements are developed during the course of its life, as the strategy proceeds. (Abrahams, 2003). From the definations above, it could be seen that a prescriptive strategy provides clear set goals for a business. The prescriptive strategy would not be a intimately strategy for the agent as the business environment is changing. The emergent strategies would be most appropriates as, Emergent strategy increases flexibility in a chaotic environment, anyowing the business to respond to pressure and develop opportunities (Cadle, capital of Minnesota and Yeates , 2010).In a business environment that is constantly changing, forces or furnish and demand constantly affecting the market hence terms volatility. There are also imperfect market conditions meaning businesses could make any profits or losses depending on the s stylus of the market ((Cadle, capital of Minnesota and Yeates, 2010). Agents should have good knowledge of this to allow the business to always be on the gaining side.Changing business EnvironmentA changing business environment is expected for businesses that rely mostly on technologies and forces of demand and supply. The preceding(prenominal) factors are not the only factors that lead to changes in business environment but there exist other factors. As an agent, one should have knowledge of these blusher factors, including globalization, rising incomes, rapidly changing technology, changing economical structure, e-commerce and skill requirement.The understanding of the business environment is a key reflexion for any agent who would want to penetrate the business world. The above factors diversify greatly thereby affecting the business environment accordingly. The agent should wherefore use up emergent strategies that en equal a mortal to adapt in any changes in the external and internal environment. Changes in the price levels and changes in technology levels greatly affect the business plans and strategies. Agents should keep in promontory such changes and be in a position to predict their changes in order to make appropriate strategies in the given industries.Strengths and WeaknessesStrengths of a person can either be analyzed as personal and professional. paid strengths are those acquired through learning and experience thereby depend on the exposure of the agent. Personal Strengths are those acquired through the environment one has been brought up in hence are the characteristics of the agents. As an agent, the possession of variant phrase skills enables one to be in a better positi on to choke and express ideas better (Kaplan and Norton, 2001). As I possess knowledge in only one language, that creates a weakness that should be eliminated. My knowledge in numeracy skills gives me an advantage in the industry as I am in a position to interpret and predict key important factors in the business environment. The possession of moderate IT skills is both a strength and a weakness as I am not fully well-educated in the area but at least literate.Personal traits are also a key factor in the determining ones strengths and weakness. My social skills and self-organization increase my chances of associating well with the outside world. Time management is key of them all this will enable me to strategies well and be in a position to predict the future in a right manner. A weakness exists in my risk taking ability therefore the need to avoid risk or learn on the outgo way to take risks.Connecting to the EnvironmentStrengths could be seen as Numeracy skills, self-organiza tion, time management and social skills. Weaknesses include risk taking ability, language and IT skills. Opportunities include changes in the price levels and changes in consumer preferences. Threats include globalization, experienced agents and rising in incomes causing inflation. With these in mind, I would opt for a job as a theatre director who would thrive to chief executive officer in time.Training in Information Technology and language skills will be of utmost importance. communications skills will increase my employment base from local to international. Currently, with enough capital, the best business to set is the banking business. With increased rate of credit and reduced use of paper money, banking industry tends to be more profitable, (Abrahams, 2003). The best partners would be good financers and people who have special skills in the industry. I would pick them from all over but the first place to start would be from my helpmate list, as I know them better.Conclusio nAnalyzing of ones strengths and weaknesses allows one to be in a position to capitalize on the opportunities and the threats available. Business Environment are known to change frequently due to various factors such as price and technology changes. Therefore, one should be able to choose the best strategy to implement in such a scenario. Emergent strategies are those strategies that can be manipulated with time unlike the prescriptive strategies that are set before the implementation process. For business that are changing, agents are advised to always update their education background and strategies in order to always fit whenever the turn the business may take.ReferencesAbrams, R., 2003.The successful business plan. foremost ed. Palto Alto, Calif. Planning Shop.Blair, A. and Hitchcock, D., 2001.Environment and business. 1st ed. London Routledge.Brooks, I., Weatherston, J. and Wilkinson, G., 2011.The international business environment. 1st ed. Harlow, England Financial Times/ ass imilator Hall.Cadle, J., Paul, D. and Yeates, D., 2010.Business analysis. 1st ed. Swindon British Informatics Society.Campbell, D. and Craig, T., 2005.Organisations and the business environment. 1st ed. 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