Unit 1, Task 1- business analysis tools

 SWOT Analysis on myself

Strengths
-I’m a young person who regularly uses social media, giving me the tools to understand what is trending/ popular at the moment.
-I have good social skills in talking to new people and this could be used to help me attract new customers/ work contacts
-I aim to improve my filmmaking skills as this is what I want to do in the future 
-I am passionate about filmmaking and social issues.

Weaknesses
-I cannot drive yet, therefore travel is limited
-I don’t have much experience/ developed practical skills in my preferred field
-I struggle with professional independence and decision making, wh9ch may lead me to relying on other people.

Opportunities
-I could take advantage of social media and young people’s interests/ passions.
-My passion for filmmaking and fairness in society could lead to an opportunity of creativity.
-the creative industry is growing more than 4x the rate of UK economy as a whole

Threats
-creative industries can be niche and not attract many customers
-finances, i.e. paying for equipment. Businesses/ people may be hesitant to fund me due to my lack of experience
-larger, national businesses are more attractive



SWOT Analysis can be used to review a business or a personal analysis by researching strengths, weaknesses, opportunities and threats within yourself/ business. By completing this, you can analyse what your business is currently successful at and create a future strategy to further improve your business. 


PEST(EL) Analysis

PEST Analysis is a strategic framework used to track the external environment factors that affect businesses. This includes analysing multiple external factors:

P – Political. Political factors include how government actions affect the economy and business. E.g. Trade restrictions, tariffs, bureaucracy, tax policy. Current relevant political issues affecting businesses could be Brexit and how this affects trading and foreign relations. 

E – Economic. Economic factors affecting businesses can be external. This includes the current economy of the industry and the country during your start-up. Economic indicators usually come from Central Banks and Government Agencies. Including: interest rates, economic growth rates, inflation and unemployment rates.

S – Social. Social factors include cultural perceptions, age distribution, population growth rates and health consciousness. Following social factors like this can determine consumer behaviour and needs.

T – Technological. Businesses usually move with trends and innovation in technology 

E – Environmental

L – Legal

This can be used to evaluate the effectiveness of a business plan and predict the success of a business. This requires businesses to research their industry and the surrounding circumstances to create an effective business.


- How Brexit may affect the creative industry.

The UK has now left the EU Single Market and Customs Union and EU law no longer applies in the UK.

‘To export goods to the EU your business now needs to comply with new customs procedures, including UK export declarations and import requirements on entry to EU Member States. For importing goods into the UK, border controls are being introduced in stages to give businesses time to adapt, with full customs checks’

Businesses in the UK who provide services to the EU need to check the new rules and requirements on this. This includes trade regulations of the countries that you trade with.

There is a reduction in free movement due to Brexit, this means there is less diversity and talent available in the creative industry. The new trading rules also makes it harder for businesses to have foreign relations/ provide services to the EU.

I got this information from the UK Gov website.

- Cultural policy and what’s currently happening in the UK

Government funding is currently being put towards the growing creative industry in the UK. Specific examples are the UK Global Screen Fund, totalling almost £1 million to support independent film and TV.

UK City of Culture bids different cities to win the City of Culture, the winner becomes the centre of the UK’s cultural spotlight in 2025, attracting millions of pounds in additional investments, creating jobs and attracting thousands of visitors. This helps to grow and bring investment to the creative/ cultural industries.

I got this information from the UK Gov website about Department for Digital, Culture, Media & Sport.


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