SWOT analysis - SWOT (Strengths, Weaknesses, Opportunities, Threats) is a form of analysis that helps either a business, or individual with a purpose, with identifying their factors for success and failure as well as identifying key shifts in the market that will either enrich or threaten your operation. SWOT analysis is useful because it concisely highlights your company's/purpose's major factors and helps show you how to most benefit and learn from them.
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| My personal SWOT analysis |
PESTEL analysis - PESTEL (Political, Economical, Social, Technological, Environmental, Legal) is a form of analysis used by new companies or companies entering a new market to check how different factors will affect the overall performance of their company in the macro-environment they are entering. The importance of each factor depends on the individual company and what their values and needs are in, however a few factors blanket most companies in the market.
The PESTEL factors that affect businesses in the UK vary based on the period of time, but include: the ruling political party at the time, at current being the business and personal wealth focused Conservative party, which affects the political, economical and social factors of the macro-environment; A bigger understanding of the environment and things like the Climate Pledge and the Paris Agreement have affected the technological, environmental and economical factors for businesses as they are pushed to commit to a more sustainable business model and alternative technologies to keep their business going. It could also be said in some cases that the changing environmental policies are a legal factor as certain laws are put in place, such as the recent law that all vehicles made after 2011 must be able to use the lower emission E10 petrol instead of E5.
Currently in the UK business is being affected by two major factors, the Covid-19 pandemic and Brexit. Covid's various lockdowns meant that businesses had to completely rework their formula to fit new guidelines relating to restricted travel, working from home and a huge slowdown of production of company services. While the pandemic has nearly finished up and businesses are back to business as usual, many are still feeling the impact of covid. An example of this is the global shortage of semi-conductors which has impacted a total of 169 industries, most notably the automotive and consumer technology industries.
Brexit has also caused a huge impact universally for businesses within the UK, and has introduced new trade and customs regulations for import/export products and new rules for the domestic stock market. Many new trade agreements have been in effect from the start of 2021 and more are still in discussion which have changed the way UK businesses interact with the international markets.
References -
SWOT analysis: SmartDraw - SWOT Analysis - What is SWOT? Definition, Examples and How to Do a SWOT Analysis
PESTEL analysis: Business To You - PESTEL Analysis EXPLAINED
E10 petrol switch: AutoCar - Government plans E10 petrol roll-out from September 2021
Semi-conductor shortage: Yahoo! Finance - These 169 industries are being hit by the global chip shortage
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