internal factors

• internal factors

  controllable factors within a business
• types of internal factors

  corporate culture, staffing, finance, technology
• corporate culture


  attitudes, beliefs, values and norms of the firm
• examples of corporate culture

  uniforms, logo, colour scheme, work environment, mission statement, policies, incentives and rewards for staff, training and development, team building
• advantages of corporate culture

  sense of belonging which increases loyalty to the firm, boosts staff motivation as they want to be a part of a successful company, higher quality service as higher quality staff are attracted by perks, customers may become be aware of their culture which increases or decreases sales
• disadvantages of corporate culture

  takes a long time to develop or change, not all staff will feel comfortable with their culture leading to less creativity
• managers


  staffing factor - they must make decisions, create policies, hire or fire employees, set budgets, conduct appraisals with staff
• employees


  staffing factor - they must be able to satisfy customers, productive, trained, motivated, available, skilful in their field,
• disadvantages of employees

  if they give a poor service the business will receive a bad reputation and customers may be discouraged from purchasing
• finance uses


  developing new products, upgrading software, increases wages, hiring more staff, advertising, expanding premises, buying more vehicles, opening new branches
• technology uses


  boosts profile, staff can work from home to save travel costs, social media can spread the word, e-commerce can increase customer base