Petrogram - Summer 2009 - (Page 34)
C-store TIDBITS Heath’s Hints – SWOT the Competition Better manage your business today and in the future s business owners and operators, we continue to face the most challenging downwa rd econom ic pressures that our industry, our counIrv Heath try and the world have experienced in recent generations. These broad economic challenges may take years to correct. Therefore, when these factors are coupled with other business, operational and supply issues – including but not limited to pricing and margin concerns, and changing bank restraints – additional pressure is placed on everyone to meet the financial needs and demands of their businesses. There is a proven management tool that has, for years, assisted business owners, at minimal costs, to evaluate their business practices, plans and strategies. This tool is referred to as a SWOT analysis. and Survive growth and longevity of your business and revenue streams. Honestly review your business to determine what challenges you must overcome to remain successful. This may include a review of your ﬁnancial status and lines of credit, trends toward super stores and other site acquisition activities, compliance with regulatory mandates at all of your sites, and the need to develop and/or plan to ﬁll management positions. Opportunities When making viable business plans we cannot forget opportunities that allow us to grow and survive. The review of these opportunities should include new markets, sites, staﬀ, ﬁnancing options, supplier oﬀerings, pricing and equipment options, and other changing and new technologies that may eﬀect how you will do business in the future. Threats Finally, all business planners must consider the threats they may face now, and have a vision for those they may encounter in the future. These threats may include increased government oversight, tax issues, foreign competition, changing supplier relationships, and a shift in employee loyalty or surplus staﬀ with higher expectations for both salary and health care. This is just a brief summary of an excellent management planning tool that you can easily use with your staﬀ to better manage your business today and in the future. Good luck, and go SWOT the competition. ❍ Irv Heath is president of HCR, SE, LLC. Irv is also the vice chair of the FPMA Environmental Committee. You can contact Irv at firstname.lastname@example.org or 352-735-1800. www.fpma.org A This analysis helps management evaluate the most important factors impacting their business by reviewing both their internal environment for Strengths and Weaknesses, and their external environment for Opportunities and Threats. When owners are armed with this information they can properly adjust and implement business plans that will respond to today’s highly competitive and changing business environment. Strengths You can easily utilize existing staﬀ and others to perform your SWOT analysis beginning with a review of internal strengths of your organization. You can add to the list, but it might include an evaluation of items like the experience of your top management and those in key positions or knowledge that may be required to eﬀectively compete in both today’s and tomorrow’s market. You may also see strength in your site locations, conﬁgurations, market share, and supplier contracts and duration. Weaknesses There should also be a detailed review of your weaknesses so that you ensure the This analysis helps management evaluate the most important factors impacting their business by reviewing both their internal environment for strengths and weaknesses and their external environment for opportunities and threats. 34 | Petrogram | Summer 2009
Table of Contents for the Digital Edition of Petrogram - Summer 2009
Petrogram - Summer 2009
2009 Convention and Trade Show Information
What, Another Deadline?
Out & About the Industry
The Un-Comfort Zone with Robert Wilson
FDOT’s Attack on Business Damage
Crime Doesn’t Pay – Neither Should You
The HR Advisor
Meet New Member: WatchDog Calibration
Keep It Local
Index to Advertisers/ Advertisers.com
Petrogram - Summer 2009
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