Strategic Plan Part II: SWOTT Analysis
The business world of today the rate of a business succeeding is far outweighed by the rate at which they fail and this needs to be understood when undertaking these endeavors. One of these factors to success or to failure is external factors and how they will work in the operations of a business. In this paper there will be a definition of some external factors for the Two Brothers food truck and how well the business adapts to these factors. We will analyze the supply chain and as well as the operations into consideration along with the identification of other issues and opportunities that may happen.
Economic, Legal and Regulatory Forces and Trends
One of the biggest driving external forces that can impact my business is the need for people to know where their food is coming from and that it is a good and healthy choice for them. Today’s focus on obesity has many people turning away from the fast food chains like McDonald’s and turning to options like Chipotle for healthier options and knowledge that their food is coming from excellent sources and is handpicked as well as made fresh daily. The Wenatchee Valley is very compact so the ability for people to travel for lunch is easy except the only real options are fast food restaurants dominating a large percentage of the choices. Because these health trends are extremely popular among the many in the valley it is wise to include social factors of healthy living are a huge positive trend for the food trucks fresh philosophy. The active population of the valley is more likely to be health conscious because it is the goal to be in shape and fit with the amount of outdoor recreation in the valley and surrounding areas. Therefore, by eating healthy homemade options provided by the truck, the average Wenatchee resident is a positive external force.
Competitive analysis as an external force that we can use to measure the possibility of success or failure or trends which may affect the business. Since the food truck is in the Wenatchee valley and we are known for our agricultural history there is a large population of Hispanics thanks in part to the long history agriculture and the need for skilled labor. Mexican cuisine and “Taco trucks” are quite prevalent in the area and a different style food truck would be an outlier among the usual fast food chains and the family-owned restaurants. This provides an advantage as the food truck has something new, and different to offer. In addition, the restaurant is mobile and can be available in various areas gives it advantages over restaurants and most other food trucks since most are mainly stationary and no longer mobile. Because the food truck will be in a mobile we can monopolize areas where many people work with the least amount of food options available, we have to cater to them this way and offer a quick high quality option for lunch. The Wenatchee valley also has many spots for tourist exploring attractions of the city and events that could support the food truck. Since the warms temperatures of the valley in the summer and the mild winters, I expect people to at least stop for food or for something to drink year round as well as eventually becoming a destination spot for locals.
External technological forces/trends could go either way depending on how the business is opened. First impressions do matter – as much as businesses do not want them too especially in the era of social media. Wenatchee is a smaller town so word of mouth spreads quickly via sites like Facebook, Instagram, and Craigslist so in this situation, it is very important that the food truck makes a strong first impression. Also the local newspaper is a popular source of information to the valley and perhaps some sort of coupon or deal in the newspaper would be a good way to attract residents to the restaurant.