On this page
- Undertake an analysis of your business
- Review the external factors impacting on your business
- Review your products and services
- Conduct a SWOT analysis
Internal Business Analysis
Recognising the strengths and weaknesses of your business is vital to your overall success, at home or abroad.
Before you begin exporting reviewing your business will help to clearly identify what you are doing right, what could be done better and what needs to be changed.
It will help to ensure that you have the best operating structure in place, are following the right processes and that your business has clear, achievable and relevant goals. It will also assess if there are any changes in regulations and competition that your business needs to respond to in your target markets.
Reviews should be an honest assessment of your technical and managerial performance, financial strengths and unique technologies. They also provide the chance to identify your competitive weaknesses and think about your motives for exporting.
Review of external factors
It is also important to review factors outside the business that may affect your ability to export successfully, such as regulations or prohibitions.
Being aware of issues outside your control allows you to focus on the markets most likely to offer the best export prospects. It provides early opportunity to modify your product or service to meet local requirements and provide an after-sales service.
Review of products and services
A review of your products and services will help you decide whether to market your existing range, modify it to suit the export target market, or develop new products or services that are solely for export.
You will need to consider factors such as standards, packaging, brand names, quality and durability, physical appearance and methods of operation and usage. It’s extremely important that service exporters are locally competitive.
Undertaking a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis helps make sense of information gathered in the internal, external, and product/service reviews.
Major strengths and weaknesses should be identified from the internal review. Major opportunities and threats should become evident from the external review. The product or service review should reveal further strengths and weaknesses.
Undertaking a SWOT analysis will help your business capitalise on its strengths and minimise the effects of any perceived weaknesses.