There are always pros and cons to “big” companies moving into a community and often the local shops that don’t understand their strength and weaknesses, are the ones who will struggle.
This is why the SWOT analysis is an important tool, but unfortunately is often overlooked by small businesses.
If you know your Strengths, Weaknesses, Opportunities and Threats, then you have a much better chance of benefiting from a change to the local economy.
Relationship building and great customer service can make or break a company regardless of size and the business owners who understand this will have a better chance of succeeding next door to their new “big tech” neighbor.
Here is an article written by Jordyn Dahl, titled “What happens to the local shops when a tech giant moves next door?” which does a good job of explaining both the pros and cons of big tech moving into communities.
Are you ready? Have you done a SWOT analysis? No time like the present to prepare for the future!
To find out more about how Beyond Accounting can you help you with a SWOT analysis to make sure you are in the best position for success, give us a call today for a free consultation at 888-893-7593
About the author: Nancy Rumfelt, owner of Beyond Accounting has always loved puzzles and mysteries and realized that she also loves helping companies solve their mysteries of what isn’t working and how to find the missing pieces to complete their success puzzle. Along the way Nancy has developed a knack for understanding manufacturing operations and finding solutions that are simple to use and work for companies small or large.
With over 30 years of accounting and business experience, she can provide a wide range of services to a diverse set of industries such as manufacturing, construction, service or retail.