Last Updated 27 Jul 2020

Strategic Plan, Part I: Swott Analysis for SIFT

Category Swot Analysis
Essay type Research
Words 919 (3 pages)
Views 459

The company started when one person realized the need for help in Algebra for parents and students. Growing up, the business owner had an expressed interest in the field of mathematics and always maintained a love for it through her time in school. In the fall of 2006, a parent approached the founder of SIFT to see if she could help her daughter in her Algebra class.

In trying to help the student, Brittany realized that another struggle the family faces is that the mother had not seen any algebra in over 20 years and a light bulb went off. If Brittany could essentially remind the parent of the basics of Algebra and refresh her memory, she would be better suited to help her own child and Brittany could focus the tutoring more on specifics. Once that was underway tutoring for both the mother and child took off. The child's test scores improved significantly and the mother found her self better suited to help her daughter study for her weekly tests.

Brittany noticed that all it took was the illnesses of both the parent and student and they could learn together effectively. Once other parents heard about the success of the one student and her mom more parents began approaching Brittany about tutoring sessions for themselves and their children and that's how SIFT was birthed. Once SIFT realized the popularity of the curriculum, it was important for them to develop a strategic plan to help operate in the day-to-day activities.

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There were a number of factors to take into consideration given the current Business environment. One of the first steps in getting the seines off the ground was to do a SWOT analysis. The purpose of A SWOT analysis is to provide a framework about a firm's situation and provides a basis for insightful discussion and information sharing which may help to improve choices of managers (Pearce ; Robinson,2009). SWOT Table The following is an example of early discussions regarding the SIFT Company.

Strengths

Appeals too wide variety

Experienced Leaders

Opportunities

Weakness

Limited Financial resources

Goals are limited Threats

Threats

Opportunity to impact the community on a large scale interiors with more finances
Larger - Become a leading innovator in focused Strategic Plan, Part 'I: SWOT Analysis By Britton the need for External Forces & Trends

Considerations face-to-face tutoring

There are a wide variety of external forces that sway a firm's decisions.

The external environment is made up of three connected subcategories: the remote environment factors, the industry environment and factors in the operating environment (Pearce ; Robinson, 2009). A firm must consider economic trends in the segments that affect its industry. Fortunately for JET, the economy will only hinder the company when it isn't doing well and families don't have the extra disposable cash to spend on the need for tutoring.

Also, another hindrance is that people do not really want to spend the money on quality tutoring because everyone does not take education as seriously as others so the propensity to spend is not there. Legal and regulatory forces also affect the way a business will be run. They sometime place restrictions on companies and thus reduce profit that a company will see (Pearce ; Robinson, 2009). When deciding to hire employees, SIFT had to keep in mind minimum wage legislation and think about how many people it could afford realistically and still provide quality tutors.

Another important internal force was the strategy the company would use to operate. Having a solid strategy is important in any business because the company needs to know where it's headed, where it is now and any steps it will take to maximize profits. It is the hopes of SIFT that it becomes a leading brand in their field and a go-to for other small businesses. One thing that gives SIFT a leg up on their competitors are the innovations. They instantly look for ways to grow and be of better service to their clients.

Most recently, they have acquired software that will allow them to offer tutoring online as well where the educators will record the actual lessons step by step and people can get the same quality tutoring in the comfort of their own homes. It will also give SIFT an opportunity to reach and help more people outside of their own local community. Adaptation to Change SIFT is able to adapt to changes in their industry quickly and efficiently. They have a person dedicated to learning the latest changes in the Mathematics field and incorporate the ones they think will help their clientele best.

The company has not seen much in the way of roadblocks or any other forces that stop them from adapting to change. Supply Chain Operations Johnson Family Tutoring has maintained great relationships with their supplier and plans on keeping it that way. They understand that these relationships are key to them surviving in the long run because without supplies, the company obviously cannot run. Our supplier continuously work to ensure that they can offer us the lowest prices possible and are readily available should the company need any favors.

Conclusion

Johnson Family Tutoring hopes to remain a relevant part of the industry and be leading innovators. The executives realize the importance that both external and internal forces and trends have on the success of the company. It is important to goals, technology and innovations have on the longevity of a company and helping to have a solid strategy in place.
References
Pearce, J. A. , & Robinson, R. B. (2009). Strategic management: Formulation, Implementation, and Control (1 lath De. ). Retrieved from The University of Phoenix eBook Collection database.

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Strategic Plan, Part I: Swott Analysis for SIFT. (2018, Aug 15). Retrieved from https://phdessay.com/strategic-plan-part-ii-swott-analysis-5/

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