Internal business analysis
If you're planning your first export venture – or expanding into a new market – an internal business analysis will help you to:
- Identify and evaluate the strengths and weaknesses of your business.
- Ensure your decision to export is aligned with your business goals and objectives.
- Establish if your product and/or service will have a competitive advantage within your chosen market segment.
It's also a great method to identify your organisational capabilities, which generally includes:
- Human resources: number, quality, skills, and experience.
- Physical and material resources: machines, land, buildings etc.
- Financial resources: money and credit.
- Information resources: pool of knowledge, databases etc.
- Intellectual resources: copyrights, designs, patents etc.
Keep in mind that these capabilities may need to change once you start exporting.
Identify internal and external factors
A Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis can help you identify the internal and external factors that will affect future business performance.
Try to be as objective as possible when completing your SWOT analysis – you need to determine if the benefits of exporting exceed the anticipated costs.
Consider the following questions:
- How can you use your strengths to take advantage of the opportunities identified?
- How can you use your strengths to overcome the threats identified?
- How can you overcome the identified weaknesses to take advantage of the opportunities?
- How will you minimise your weaknesses to overcome the identified threats?
Other useful resources
- Discover what it takes to be a successful exporter by taking a look at some of our case studies.
- Asialink Business has developed a series of case studies profiling how Australian businesses are successfully engaging with Asia.
- The Grow Your Business Program offers grant funding for strategic business reviews.
- Business Victoria provide a range of helpful resources such as;
- Funded assistance to help businesses strategically identify, plan and meet their business goals.
- Mentoring through the Small Business Mentoring Program. Mentors assist businesses in refining their business strategy, mapping out their direction, and setting goals for success.
- Funded assistance is available through Group Programs – encouraging small businesses to develop their management skills and competencies to support long-term growth.