|Strengths||Among the key strengths of the current company , the following advantages can be considered: |
|Weaknesses||Unfortunately, there are yet several weaknesses which need to be taken into account when offering a strategy for the further course of actions: |
|Opportunities||The above-mentioned strength in the current situation create a number of opportunities for the company to use in the nearest future: |
|Threats||However, it is necessary to admit that the current situation also presupposes that the company should fight numerous obstacles and face several threats to be avoided: |
Taking into account the above-mentioned issues, one must assume that the Gulf Coast Bank has all what is needed to succeed in the new venture. It is important that the offered services are not only unique, but also are based on what customers demand. Hence, it can be assumed that the Gulf Coast Bank will triumph soon.
We will write a custom Essay on Gulf Coast Bank: SWOT Analysis and Recommendations specifically for you
301 certified writers online
What are your final recommendations over the short and long term?
Taking the above-mentioned issues into account, one can suggest that the Gulf Coast Bank should draw a plan for the short-term activity. To start with, the company will obviously need to take notes on every single instance of communicating with the clientele. Considering the exiting options, one must admit that there are several issues to focus on.
First of all, the bank should introduce an example of their efficient work. For instance, the fact that the company has introduced an efficient customer service and considers the complaints and commentaries of the latter, making the service better is an obvious improvement. However, it seems that Gulf Coast Bank needs a more efficient campaign that can prove the system’s efficiency. For instance, offering an account of the major requests and the resulting changes will be a good idea.
Secondly, it is evident that the Gulf Coast Bank should do something about the employees who do not handle the task and do not provide the required services to the customers.
In addition, it is also crucial that the bank should attract as many customers as possible with the new program, which means that the company should spend a considerable amount of money on advertizing campaign. Once efficient commercials attract the public’s attention, the bank will have enough clientele.
As for the recommendations for a longer time period, it can be suggested that the payback to the customers should be increased. Taking into the consideration a number of financial and economical factors, one has to figure out the amount of payback to the customers for the next few years. Once people realize that they are offered not token money, but a guarantee for the provided services, they will trust the Gulf Coast Bank better.
Finally, the issue of the company development must be considered as well. Though the system works at present, in the course of several years it will wear out its welcome. Hence, it is necessary to come up with new ideas now. For example, company can offer not only paybacks, but also discounts for the clients. Thus, the Gulf Coast Bank will most likely stay afloat.