Managers and Business

Proper analysis of all business aspects offers top managers and business owners valuable information on company position in various environments, its strengths and weaknesses, as well as helps in decision making and strategic planning. Analysis of company performance can be a daunting task since analysis is not only about locating strong and weak points, it is about evaluation of company stance and position in relation to different factors and indifferent external environments. The problem is that there are certain factors influencing business performance that do not depend on the company itself. Just to the contrary, it is the company that should adapt to peculiarities of external environments it is operating in. Thus, the company cannot change environment but should rather change itself in order to achieve success. This is where various analysis types help. SLEPT analysis is one of them. It is widely used throughout various industries and businesses. This article will give a brief overview of SLEPT components.

SLEPT is abbreviation for social, legal, economic, political and technological factors. Creators of SLEPT analysis claim that these factors cover the most important issues in external environment of any company.

Social factor analyzes company position in the society and attitude towards social issues. Business goes social these days. Business owners came to understand that business is a part of the society and thus in order to meet high demands and needs of customers it is important to be aware of all social trends that determine customer behavior.

Legal factor covers all legislative issues. No matter in what country the companies registered it is operating in a certain legislative field, which means it has to comply with norms of applicable legislation. Analysis of the legal factor evaluates company approach in solving of legal issues, as well as possible changes inside the company for a better compliance with the laws.

Economic factor is considered the most important since above all the companies operating in a certain economic environment. If the country’s national economy is weak businesses cannot expect positive financial results since customers and partner companies will have no money to buy products and services. Purchasing power of customers as well as availability of cheap loans are one of the most important indicators in relation to national economy. There are other indicators that are equally important such as inflation rate, national debt, gross domestic product etc.

Political factor is often said to be the least important. However, experience shows that political decisions and statements very often have a strong impact on national economy, investment climate and business environment. That’s why many companies look for services of experienced political analysts who will make forecasts as to possible consequences from certain political events.

Finally the importance of technology in a business development must be stressed. No one will doubt the fact that business acquired a modern shape only due to technological progress. Every smart business owner and top manager now understands that without an effective use of the latest technology is the company is doomed to fail.

SWOT Analysis is one of the most common and the most used techniques in business, and is what you’ll most likely be taught in your very first week in business school – that’s how important it is. So what is SWOT Analysis? First of all, the word ‘SWOT’ is the shortened version of the four principles that make up SWOT Analysis. These are ‘Strengths’, ‘Weaknesses’, ‘Opportunities’ and ‘Threats’.

You would usually be said to ‘do a SWOT Analysis’ of your own business to find out each of these four things, as once you know exactly where you stand in the marketplace and as a company you can make better decisions for the future and for the good of the business.

While this model is extremely basic and is probably a tad too simple for most companies, it can be extended so that it fulfils the needs of bigger businesses. In addition to this, it’s a great way for those that are new to business to start looking at things from a different angle and with a new mindset (hence why it is taught so early on in business school). Often students will be asked to pick a business or company of their choice and to do a SWOT Analysis on them.

The main reason that a company would do one of these is if something is going drastically wrong. For example, their profits may have suddenly dropped, or they may be steadily losing their share of the market. These problems, if not dealt with properly can lead a company to bankruptcy, so it is important to identify what is wrong early on so that you can change your strategy to deal with it quickly and effectively.

What’s a clincher? It’s a statement at the end of your promotional piece, that motivates the reader to take the next step.

Up to this point, your material is focused on persuading the reader that he or she really needs your service or product. Now, when they’re teetering on the brink of a decision, it’s time to use some nifty phrases to help push them over the edge.

Here are some examples for you to copy. Or to use as patterns to adapt to your own situation.

- Why settle for [this] when you can have [that]?

- What do you have to lose?

- We have only a limited supply.

- You’ll wonder how you ever lived without it.

- That’s all it takes.

- Don’t miss out!

- Put these ideas to work for you.

- Now it’s time for you to make a winning decision.

- Don’t miss this once-in-a-lifetime opportunity!

- Reserve your [item] today.

If your goal is to have people contact you, here are some clinchers that will help get them to pick up the phone or make a beeline for your store.

- Please don’t hestitate to call us.

- We’d love to hear from you.

- Just give us a call.

- All you have to do is fill out the enclosed form.

- Come in and introduce yourself to us!

Often promotional materials leave you thinking “What now?” When you use a powerful clincher, the reader knows exactly what’s expected of her. Without any direction, she’s at a loss to know what happens next. When you don’t give clear instructions, she’ll be confused and is likely to leave your website, discard your letter, or just dump your ad in the trash can.

It’s up to you to make sure she doesn’t.

Now it’s your turn: What clinchers could you use to underscore your offer?