SWOT ANALYSIS
I incorporated the research and derived outcomes in the above sections to develop a comprehensive SWOT analysis. The SWOT analysis was conducted to identify internal and external factors that identify, offer or pose Strengths, Weaknesses, Opportunities, or Threats to CAS.
BRAND SWOT ANALYSIS
STRENGTHS
Well-established and presented Portfolio.
The unique and memorable brand name ‘Storm’.
WEAKNESSES
Weak brand identity.
Business name not known by clients.
Dated website.
Google rankings have fallen due to lack of reviews.
OPPORTUNITIES
Effectively leverage a world-class portfolio.
Adjust brand and portfolio to cater to a global market.
ZAR cost base makes international work competitive.
THREATS
Competitors with stronger websites.
Strong photographic portfolios by alcohol industry competitors.
Memorable studio identities stand out more in online searches.
Perception of better reputations for competition winners.
Competitors coming up higher in Google rankings.
Brand - Analysis
The brand can be strengthened by:
A stronger positioning communication to the market via a better digital footprint.
Stronger leveraging of the memorable name “Storm”.
Leveraging the existing portfolio through competitions, and website display.
Exposing the brand to first-time online searchers by increasing the brand presence in competitions and exhibitions.
SYSTEMS, PROCESSES, BUSINESS FUNCTIONING SWOT ANALYSIS
STRENGTHS
As a single entity, CAS has no reporting noise and is aware of all business aspects.
CAS controls the finances and has a clear idea of profitability and cash flow.
WEAKNESSES
Limited time results in administration as a trade-off to creative work.
No digital automation and project management.
Risk of litigation exposure due to outdated contracts.
Dated, time-consuming accounting software.
Non-standardized administration and filing systems.
OPPORTUNITIES
Improved time efficiency through digitisation and automation of business systems and staff functions.
Migration to an efficient accounting platform.
Outsourcing accounting and administration.
Digitisation and automation of client service, accounts, administration, traffic, and project management. Time-saving through template creation for rates, quotes, and client inquiries
THREATS
Devaluing ZAR makes equipment, design programs and applications expensive.
Difficulty acquiring specialised computer hardware in South Africa.
Outsourced administration reduces visibility on profitability, cash flow, and reaction time.
Freelancers are too expensive for competitive use.
Systems, Processes and Business Functions - Analysis
As stated in previous sections of this SWOT, digital automation of basic administration and customer engagement functions is a key future success factor for CAS.
It’s also been revealed that high visibility into the company's financial position should not be compromised at the cost of automation and delegation. Visibility should be ensured through adequate and detailed reporting if accounting is outsourced.
Another aspect to consider is the outdated business functions that pose a risk to CAS should be updated. Furthermore there’s a need for the standardisation of filing and communication archives that will increase time efficiency.
CLIENT ACQUISITION AND RETENTION
STRENGTHS
Technical print and production knowledge and experience.
Effective one-on-one client relationships.
Technical knowledge and experience allow for rapid and effective client communication.
Strong personality of owner, me, results in a high success ratio from initial face-to-face meetings.
CAS is established enough to pick and choose clients and work.
WEAKNESSES
A single entity lacks redundancy and cannot delegate, resulting in limited time for adequate account management. CAS has limited resources to:
- Maintain client relationships.
- Field extensive calls and meetings.
- Capitalise on clients’ networks and recommendations.
- Connect clients to the CAS network.
- Respond timeously during high workload periods.
- Increase the capacity for new clients owing to a long lead client pipeline.
OPPORTUNITIES
Administrative time saving through automation in:
- Client onboarding.
- Capitalising on client networks and recommendations.
- Including the website testimonials and clients results.
CAS website value offerings to potential clients:
- Brief templates.
- Packaging legislation information.
- Affiliates information and recommendations.
A devalued ZAR makes CAS affordable to overseas clients and profitable for CAS.
Capitalise on reputation.
Consultancy service addition.
THREATS
Sole proprietor status may be a deterrent for larger clients.
A flooded freelance market.
Increased online “off-the-shelf” services.
Lower barrier to entry due to increased access to the Internet.
Client Acquisition and Retention - Analysis
Through case studies the need to optimise printing costs, was revealed as a key element that is desirable to clients. Printing costs need to form part of the initial core discussions.
CAS’s success is built around long-term relationships with fewer clients, as well as having longer termed product lines. Client account management and pipeline should focus on identifying where these needs exist and approaching companies that exhibit these needs.
Additional value can be provided to clients free of charge from the website. This move will increase the Google footprint and open up opportunities. The potential fit can be measured using data that’s been automatically gathered from the website or a client matrix.
Focusing on technical and niche clients and projects will mitigate the threats from an abundant freelance market.