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Business SWOT Sample
SURVEYING AND ENGINEERING BUSINESS SWOT
Combining all our experiences and educational backgrounds, we would like to create this business to join the recent needs of rebuilding and constructing new roads, residential and commercial properties, highway infrastructures, etc. Demands for surveying and engineering services should continue to climb during the next decade for four important reasons. First, the rapid escalation of property values during the millennium years has increased the need for these services by several customer groups. Second, greater mobility among the general public has increased the number of land transfers. Third, the trend of larger financial institutions to buy and sell residential and commercial mortgages translates into more work for surveyors, who must provide closing plats showing property boundaries, location of permanent fixtures, encroachments, and easements. There has been an extremely rapid growth in golf course communities in the last two years, with new development announced to begin in the next three years. Fourth, recent Gulf War and natural disasters brought forth the needs for these services.
- We have 2 principal members with extensive background and education. One possesses a master of engineering degree and the other one possess an MBA. Our principal members are bright individuals whom graduated top of their classes. In additional, we have a third member with a BS in Business.
- Both principal officers have relatively strong financial assets so that they can fully concentrate on the business.
- We have credentials and the technology know-hows. Our team can do the certifications and provide engineering seals because both of our principal members have Professional Engineering licenses.
- We are familiar with different engineering standards and their governing bodies in the US.
- We are able to get contracts from both federal and state governments. Federal grants are sometimes available for this type of business.
- Because of the expertise level, we might encounter some recruiting issues.
- This business requires big investment because of high working capitals and overheads.
- People don’t always pay promptly so we have cash issues. We tend to invest both times and monies into projects and net 30-60 day payment term established by these contracts.
- Government contracts sometimes only extended to veteran-owned or woman-owned businesses ONLY and we do not have the principal owners to meet this qualification.
- We have to rely on the works of translators when we expand our business to foreign countries. Currently, there is no in-house translator. We must establish working relationship with a reputable translation services agency.
- We might not have employees willing to work in foreign countries.
- There is no competition in the hometown where this business is located. There are only 3 major competitors nationwide offering this level of expertise.
- We would like to expand our business to other countries, we would benefit from recruiting more members.
- More members and a bigger organizing committee could do more contracts and thereby expand this business to global market.
- As a result of recent hurricanes and nationwide disasters, our services will be needed in the following states: Texas, Louisiana, Mississippi, Florida, Iowa, etc.
- More contracts are available resulting from the Gulf War, Vietnam joining the WTO, and third world countries developing more roads and buildings.
- We will also able to get contracts to rebuild and survey the part of the world affected by the Tsunami in Southeast asian countries such as: Vietnam, Cambodian, Thai.
- If we expand our business internationally, we might encounter misunderstands because of different cultures and customs.
- Different countries might have different standards and we might have to learn those new standards and regulations.
- We have to compete with other big companies in the US who have strong financial backings and assets.
- We have to learn to establish relationships in foreign countries and we will have some hard times getting oversea businesses.
- Lost in translation of correspondences, contracts, blueprints, etc. which put dents in our project budgets. We might also encounter liability as a result of these errors.
- We might also encounter compatibility issues with other countries’ computer systems.
- Security working in foreign countries is a big concern. Health and environmental pollution in other part of the world might affect or employees’ performances.
This SWOT is the basis for creating a formal business plan for this business. The information in this SWOT will be used to create the financial, strategic, and marketing plans as part of a startup business.