SMALL BUSINESS MANAGEMENT

Chapter 3 gives a good overview of the Environmental Analysis, also known as a SWOT analysis. Also, you can refer to your text, pages 87-89, for an overview/description of the Environmental Analysis (SWOT) and the Industry Analysis.

The Environmental Analysis consists of two major elements,

1) An analysis of the internal factors that effect a small business and 2) external factors that effect a small business. The internal analysis assesses the strengths and weaknesses of your company. It identifies what it is that your company can do well, as well as what it can do better. The external analysis assesses the opportunities and threats present at the time the business plan is written. Use the external analysis to identify trends and changes that are happening outside of a company's control (at the local, national, and/or international levels) which may influence the future of the business. Such external categories as economic, competitive, legal, political, cultural, and technological can all affect your business and should be included in the external analysis.

Also, you will do an Industry Analysis that will describe the industry within which your business will operate. The major focus of this section is on specific industry trends.

THIS WILL BE BASED ON A HAIR SALON

Milestone Two: Environmental and Industry Analysis

In 2-3 Final Project: Business Plan Milestone Two: Environmental and Industry Analysis, you will submit Milestone Two. The format should be:

An environmental and industry analysis of your company.

The internal section of the environmental analysis assesses the strengths and weaknesses of your company. It identifies what it is that your company can do well, as well as what it can do better.

The external section of the environmental analysis assesses the opportunities and threats of your company. It identifies trends and changes that are happening outside of your control, such as at the local, national, and international level that can influence the future of your small business. Such categories as economic, competitive, legal, political, cultural, and technological can all affect your business and should be included in this milestone.

Also, you will do an industry analysis that will describe the industry within which your business will operate. Focus on specific industry trends.
Your essay should be from 800-1000 words in length.