THE INTERNSHIP SWOT ANALYSIS

 

Internship SWOT Analysis

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Internship SWOT Analysis

Abstract

Individuals’ incorporation in internship programs offers them substantial opportunities to understand the company’s strengths and weaknesses and the opportunities and threats that effectively help improve the company’s overall performance and perceived productivity. Involvement internship programs also offer substantial benefits at personal levels, especially to the individuals involved. The most notable benefits of engaging in an internship include but are not restricted to incorporating educational content taught in classrooms and career exploration in the relevant field of study. The content taught and gained in the classroom is effectively applied in real-world experience enabling the individuals to sharpen their skills and improve their creativity towards ensuring productivity in the relevant areas involved. Incorporating the skills learned into the workforce also ensures exploring different career paths and relevant specializations that individuals feel best suits them.

Individuals are also entitled to gaining experience and increasing their marketability levels, thus enabling them to gain a relevant edge over other potential candidates while applying for various firms. Individuals are also entitled to dire preparation of their work areas’ expectations, thus increasing their confidence in such jobs. The internship also forms an effective way of gaining a professional network. Interns are bound to meeting professionals and highly qualified personnel in the career fields being applied and other individuals within the same field having similar interests. Individuals’ professionalism is also well enhanced during the internship programs by acquiring appropriate leadership skills and other applicable technical skills entailing but not restricted to effective communication skills, problem-solving mechanisms, and teamwork engagement in offering solutions in the relevant areas of study.

This study was carried out during an internship period and aimed at establishing the strengths, weaknesses, opportunities, and threats facing the Gaines, Goldenfarb, and Associates company. The study also develops insights regarding the relevant recommendations that should be incorporated into the company to ensure increased productivity and overall performance of the employees working within the company towards accomplishing the company’s goals and objectives.

SWOT analysis of the Company

Company Description

Gaines, Goldenfarb, and Associates company was established back in 1992 by Michael D. Gaines, CPA. The company is located in Woodbridge, United States, and primarily specializes in offering various accounting services to its esteemed customers and potential clients. The company entails a total of eight employees incorporated in its various locations. Additionally, the company supplies the relevant sales leads and intelligent data, including but not restricted to contacts, financial information, and competitors’ information to other companies across the entire globe operating within the company’s relevant accounting fields. The other services offered by the company also entail but are not limited to; income tax preparation regarding all forms of individuals, and business types, IRS and state audit representation reports in the relevant state and federal agencies, payroll reports on business transactions, business commencement, and startup services, company’s monthly bookkeeping, and consequently, preparation and updating of financial statements ensuring their accuracy and utilization on a timely basis.

Additionally, the company also offers sales tax services by collecting and submitting sales taxes in various vicinities. The company entails numerous employees tasked with facilitating the compilation of information and preparing the relevant sales tax returns efficiently and on a timely basis. The company officials also do tax planning through computerized means and research soft wares available within the company. Incorporating modern and advanced technology ensures the company’s preparation and compilation of various tax returns for various entities accurately and efficiently. The company also incorporates estate planning activities, ensuring effective transfer of individuals’ assets to the relevant beneficiaries, ensuring safety to the surviving spouse, and facilitating elimination of taxes on the transfer process for one’s business and relevant assets (Jain & Yadav, 2017, p. 50). Business succession planning services are also offered by the company ensuring efficient, and convenient transition of businesses to the appropriate companies’ successors towards ensuring continued expansion and success of the various operations carried out.

The company’s strong and well-established background in tax and financial matters qualifies it to fully address the complex concerns regarding business continuation, ensuring the development of a strategic and sound plan. The company’s increased investment in the required resources in professional continuing education, computer technology, and numerous business relationships play critical roles in facilitating the company’s commitment to enhancing qualitative and substantial excellence in offering the required services based on the customers’ preferences tastes. However, Gaines, Goldenfarb, and Associates company faces competition from other companies and other firms offering similar services within the region. The most notable competitors include but are not restricted to; Dorfmann Mizrach & Thaler, LLP, Bdo USA, LLP, and Acquavella Chiarelli Shuster Berkower & Co LLP, to mention a few.

Strengths

Coordinated and Organized Management

The study established the company’s SWOT analysis entailing the various strengths, weaknesses, opportunities, and threats of the company, which substantially affects its incorporation of the various operations carried out within and outside its premises. The company’s various strengths entail but are not restricted to; the company’s operation under coordinated, organized, and well-established management. The coordination experienced within the company offers numerous benefits to the entire organization facilitating productivity and improving employees’ overall performance. Coordination also promotes higher efficiency levels in the company’s everyday operations by facilitating avoidance of work duplicates and overlapping of individuals’ efforts (Li, et al., 2019, p. 290). The employees’ efforts are also well integrated, and individuals’ efforts are well balanced towards enhancing a smooth and harmonious working environment for employees’ creativity and productivity to be well incorporated into the company’s operations. Additionally, coordination facilitates the company’s optimized utilization of resources towards accomplishing the relevant goals and objectives set in place.

Coordination also enhances the creation of desirable human relations within employees in the firm. The good relations incorporated enhance the general employees’ morale and job satisfaction levels, promoting their hard work and motivation to accomplish the assigned tasks. The composite and orderly efforts incorporated by encouraging teamwork and appropriate leadership ensure that employees attain the appropriate team spirit deriving a sense of security and personal contentment towards their assigned responsibilities (Li, et al., 2019, p. 290).  The coordination embraced by the company also enables it to attract and retain highly trained and qualified professionals who enhance the company’s success by reconciling the company’s employees with the organizational objectives set in place. Additionally, the coordinated management fuels the company towards moving in a unified direction. The unity of action created ensures that individuals develop the necessary capabilities to face the various disruptive forces that may hinder the company’s general performance.

The company’s different entities, sectors, and departments are also welded together into one uniform entity, ensuring substantial stability and eventual growth. The company’s management and the executive are thus entitled to seeing and managing the company as a whole instead of a narrow section of entities (Li, et al., 2019, p. 290). The entire individuals’ interests are subordinated to the set common interest more conveniently and efficiently, resulting in increased overall performance. Coordination within the company’s management also ensures the entire organizational effectiveness by fostering loyalty and commitment among its employees. The employees’ loyalty consequently enhances the company’s general effectiveness and stability in the various sectors (Li, et al., 2019, p. 290). Employees’ satisfaction also ensures that highly trained and qualified professionals are retained within the company to promote its convenient and effective delivery of services to its customers and clients.

Strategic Location

The other strength which forms part and parcel of the Gaines, Goldenfarb, and Associates company is its strategic location and positioning. The strategic positioning offers the company substantial access to relevant knowledge and talent pools within the existing markets. The company is also entitled to enjoying the existing economies of scale and adequate access to the most proficient and applicable business specialization. Additionally, with the increased war on talents existing within various firms, the company’s attraction and retention of top talents remain its central focus (Li, et al., 2019, p. 290). The hiring of top-notch and desirable talents works successfully towards facilitating the company’s substantial success in its various sectors. The company’s strategic positioning also enables it to effectively utilize the available resources and maximize the available opportunities within the organization’s location to ensure accomplishment of the set objectives and goals while minimizing the risks and associated costs.

The company’s location also ensures the attraction of numerous new customers and ensures retaining loyal customers and clients. Woodbridge forms one of the largest shopping centers in entire Northern Virginia. The individuals’ shopping needs thus attract them towards gaining substantial information on business management and other accounting services from Gaines, Goldenfarb, and Associates company occupying the city’s central position (Li, et al., 2019, p. 290). Additionally, the company’s strategic position facilitates increment in the company’s brand visibility. The company can fully market itself to customers and other potential firms, ensuring the formation of mergers and acquisitions whenever deemed appropriate. The location also helps determine the company’s total costs of operations, taxes entitled to be paid, and the various regulations needed to be followed in facilitating the company’s operations. Thus, the company is capable of compiling the total costs needed and devising the appropriate strategies towards raising the amounts on a timely basis.

Highly Qualified Personnel

The other company’s strength entails the incorporation of highly qualified service personnel. The highly trained personnel offer a substantial benefit to the company. It improves the employees’ confidence in accomplishing their responsibilities, thus enhancing their morale, which translates to increased overall good performance (Li, et al., 2019, p. 290). The highly qualified individuals are also high productivity in offering various services. The operations’ accomplishment is also enhanced, resulting in offering desirable and high-quality services to customers and clients. Additionally, the company is entitled to safety while working with these individuals to establish the relevant risks and uncertainties likely to occur, thus devising the most mechanisms necessary for combating the detrimental impacts likely to occur as a result.

Weaknesses

Seasonal Work Structure

The company also entails numerous weaknesses that affect its performance on various operations. The weaknesses entail but are not restricted to high seasonal work structure within the company. Seasonality in the work structure offers the company a challenging working schedule. The company has to restructure the schedule more often towards ensuring the smooth running of operations (Jain & Yadav, 2017, p. 50). The immense changes may confuse the employees, making it ambiguous to appropriately and conveniently accomplish its objectives and goals. Seasonality in working structures also increases the chances of losing top talents and highly qualified individuals working within its premises. Employees are entitled to low salaries and wages, which would not be the case if employed permanently (Jain & Yadav, 2017, p. 50). The other weakness entails the company’s limited and small space set for accomplishing its operations.

Small Working Space

The company’s small working place makes it inefficient to accommodate vast customer numbers, affecting the delivery of the relevant services. Additionally, the small place makes it ambiguous for the company to expand and increase its esteemed customers’ services. The small working space also bounds the employees to noises and disruptions. Employees are constantly talking with each other, making calls, and creating unnecessary noises, which may result in diminished productivity, and consequently, affect the company’s general performance (Jain & Yadav, 2017, p. 50). The small space also offers an immense risk to the company’s privacy. Personal files and computer systems are highly vulnerable to being exploited due to their easy access.

Lack of Strategic Location

Additionally, the lack of a clear strategic direction forms another company’s weakness. The company’s unidirectional progress offers detrimental impacts to its general operations, including losing employees following unfair results. The employees are less motivated to work effectively, resulting in them getting withdrawn and disengaged from the company’s operations. Lack of direction also bounds the company to the misuse of the available funds and resources. The finances are mishandled and utilized ineffectively in various operations less crucial (Crowley & Jordan, 2017, p. 480). Employee turnover also increases with the company’s lack of direction. The employees perceive the company as a limiting factor towards facilitating their career development, making them resign and seek employment from other well-established firms.

Opportunities

Entry into New Segments

However, the other company is entitled to various opportunities that, once well utilized and incorporated, can substantially promote its general performance and profits. The opportunities include but are not limited to the entry into new segments (Crowley & Jordan, 2017, p. 480). Entering into new segments and offering the appropriate services offers the company an opportunity to acquire new clients and potential customers within a given setting. Engaging in new segments also facilitates the company’s market diversification. The company will consider focusing on a more specified and target market, ensuring that its services fully meet the customers’ demands and requirements. Diverse markets also make it convenient for the company to gain substantial profit margins and returns, thus maximizing its overall performance. Involvement in other segments also results in an immense reduction in the total risks likely to occur during business operations.

Satisfaction Between Rivals

The other opportunity for Gaines, Goldenfarb, and Associates company is the potential to offer satisfactory services between its rivals. The company entails highly experienced and qualified personnel who may better understand the company’s customers and clients (Aldaihani & Ali, 2018, p. 45). Developing knowledge regarding the customers’ wants will enhance the company’s competitiveness over other firms resulting in immense profits. The company’s consideration of its esteemed and loyal customers’ feedback may also promote satisfaction and enhance its competitiveness. The feedback will enable the companies to devise the most appropriate strategies towards resolving the concerns raised by the respective customers. The company has established positive customer relations should also create appropriate Omni channels to effectively enhance communication meant to stream all the relevant conversations with the customers (Crowley & Jordan, 2017, p. 480). The company will thus deliver a unified brand experience, and consequently, boost its overall brand credibility enhancing its competitiveness compared to other firms.

Rapid Market Growth

The other opportunity includes the company’s potential for rapid market growth. The company can effectively increase its market share by increasing the sale and delivery of its existing services to new markets. Rapid market growth can also enhance by partnering with other successful firms offering similar services to their customers. Products and services expansion through the company’s launching of new and improved services into the existing markets (Aldaihani & Ali, 2018, p. 45). The company can research the services highly regarded by individuals but lack within their firms and thus devise strategies towards offering them. Additionally, being a successful firm venturing into mergers and acquisitions with other companies can substantially improve its performance facilitating substantial market growth and expansion.

Threats

Technological Skills and Resources

The Gaines, Goldenfarb, and Associates company, however, faces numerous threats whose impacts on the company can be detrimental. The threats entail a lack of substantial technical skills and relevant resources. The company only entails a few resources with limited technological skills, thus resulting in a substantial decline in the company research and development sectors meant primarily for improving the quality of the services offered (Aldaihani & Ali, 2018, p. 45). Additionally, the lack of advanced technology makes it difficult for the company to communicate effectively and produce desirable outcomes.

Competition

The other threat to the company includes competition from other companies and firms offering similar services. Competition has resulted in the company lowering its total market share and shrinking the company’s customer base with increased demand in services for their competitors (Crowley & Jordan, 2017, p. 480). The competition also forces the company to lower the services offered, resulting in a gradual decline in returns of the services offered, thus resulting in losses. The extreme competition also entitles the company to risks of losing its employees to competitive firms. The company is likely to register losses and undesirable outcomes following competitiveness from other well-established firms forcing employees to resign and join them.

Slow Market Growth

Slow market growth forms another company’s threat. The slow market growth can be attributed to its lack of realistic short-term and long-term goals. The company’s failure to devise strategies meant for enhancing its general productivity and performance facilitates its slow growth. The company’s lack of modern and advanced technology in enhancing its operations’ success contributes to the company’s missing relevant opportunities, declining its innovation and competitiveness and consequently lowering its general growth (Aldaihani & Ali, 2018, p. 45). The government policies set in place also contributes to the company’s slow growth rate. The high taxes imposed on the various operations carried out, and the government policies set in place makes it ambiguous for the company to register substantial growth.

Conclusion and Future Study

The study offers various recommendations that once incorporated, can enhance the company’s maximum growth and development. The recommendations include but are not restricted to; creation of e-commerce platforms. The active marketing platforms will enhance communication with their customers enabling them to give feedback on the services offered and the various improvement areas. The company would thus incorporate the appropriate strategies and fully improve the situation. The other recommendation entails investment in advanced and modern technology. The company should use the available resources and finances to bring modern systems and technologies towards enhancing the delivery of services to the customers (Aldaihani & Ali, 2018, p. 45). The technologies will also save the company a substantial amount of time by facilitating efficiency and convenience in performing operations. Additionally, the other recommendation includes devising an appropriate plan meant to accomplish both short and long-term goals. The company should establish a uniform model towards ensuring that the company employees work in one direction towards accomplishing the company’s objectives and goals.

 

 

References

Aldaihani, F. M. F., & Ali, N. A. B. (2018). Impact of Social Customer Relationship Management on Customer Satisfaction through Customer Empowerment: A Study of Islamic Banks in Kuwait. International Research Journal of Finance and Economics170, 41-53.

https://survicate.com/customer-satisfaction/tips/

Crowley, F., & Jordan, D. (2017). Does more competition increase business-level innovation? Evidence from domestically focused firms in emerging economies. Economics of Innovation and New Technology26(5), 477-488.

https://www.sifounderregion.org/advantages-and-disadvantages-of-competition-in-bus/

Jain, E., & Yadav, A. (2017). Marketing and technology: the role of technology in modern marketing. IOSR Journal of Business and Management19(5), 49-53.

https://bizfluent.com/about-6082161-role-technology-business-organization.html

Li, C., Zhang, F., Cao, C., Liu, Y., & Qu, T. (2019). Organizational coordination in the sustainable humanitarian supply chain: An evolutionary game approach. Journal of Cleaner Production219, 291-303.

https://www.preservearticles.com/business/5-most-importance-advantages-of-coordination-in-management/6398

 


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