What is a PESTEL/PESTLE Analysis? PESTEL or PESTLE Analysis is a strategic business planning or market research tool for Small Businesses Owners to identify, analyze and monitor the key macro external factors that impact their businesses now and in the future. The macro external environment can be defined as the global business conditions, entities, events and factors within which a small business operates. The PESTEL framework considers the Political, Economic, Social, Technological, Environmental and Legal external factors as basis for analysis and how they affect the probability of  small businesses being successful and profitable. PESTLE analysis helps you to identify business opportunities and threats withinRead More →

What is the Strategic Planning Process for Small Business Owners? Strategic planning is systematic process of envisioning a desired future of you small business and translating this vision into broadly defined goals and actions plans to achieve them. It aligns your resources to carry out the action plans. In addition, strategic planning ensures that everyone in your small business is on the same page on the direction and future of the your small business. Read more about strategic planning here: Basic Strategic Planning and Key Statements for Small Businesses. The outcome of the strategic planning process is normally documented in the business plan: Read OutlineRead More →

What is Small Business Market Research? Market research for small businesses is the systematic collection, analysis and interpretation of data and information about consumers, competitors and the effectiveness of marketing initiatives. Comprehensive market research provides small business owners with an accurate view of the prevailing and future marketing conditions to address in order to solve the marketing challenges facing them. Market research is the key to formulating market segmentation and market differentiation strategies. Why do Market Research Market research helps small business owners to: Make well-informed decisions about products and services, set achievable targets and develop effective marketing strategies for business growth. Understand your target market,Read More →

In this blog post you will learn about basic strategic planning for small businesses and the advantages. Also covered are the key small business statements with an example of each. This includes the small business vision, mission and value statements. What is Strategic Planning? Strategic planning for small business owners is a systematic process of envisioning a desired business future (end state) and how to get there. Within the strategic planning process, you decide on your small business direction, broadly define goals/objectives and set priorities. In addition, you identify and align available resources to accomplish the sequence of actions necessary to achieve this. Basic strategicRead More →

7 Reasons Why a Business Plan is Important for Small Businesses Most small business owners are very busy and find it difficult to justify spending the time to write a business plan. However, success comes to those who plan for it. A business plan gives you as small business owner the best possible chance to succeed in business. In other words, a business plan reduces the probability that your small business will fail, like so many others do. Whether you’re starting a small business or running an existing one, a business plan is important for your businesses.  It will help guide on your roadmap toRead More →

What is a Business Plan A business plan for small businesses is a set of documents that are prepared by/with the small business owner. The purpose of a business plan is to demonstrate the feasibility of a business idea, justification of expansion, or update strategic documents that are essential for small business success. It describes the nature of the small business and contains the business goals, reasons why they are attainable, and plans on how to reach them. A well thought-through business plan is one of the main components of your roadmap to small business success.  It provides the foundation and serves as a blueprintRead More →

What is A SWOT Analysis? SWOT (strengths, weaknesses, opportunities and threats) analysis is a useful small business analysis and planning tool that allows owners to focus on their strengths, minimize their threats and exploit new opportunities. SWOT analysis is most successful during brainstorming sessions and identifies the internal and external factors/conditions that are favorable or unfavorable in achieving specific business or project goals/objectives. SWOT analysis helps small business owners to set realistic expectations by being aware of weaknesses and threats. It also helps them to discover new prospects that they are well-positioned to take advantage of based on their strengths and external opportunities. SWOT analysisRead More →