Introduction
Wright Score is a medium-sized company that offers repair consulting services. The main business activity is removing inaccuracies from clients’ financial reports and rebuilding their credit card scores for a fee. The functional area of my work in the organization is management information systems, a mid-managerial level role. An excellent monetary status is necessary to acquire charge card authorization, obtain mortgages, and get hired. Therefore, the establishment acts as a mediator between customers, creditors, and credit bureaus to holistically resolve bad credit scores.
Strategic and Non-Strategic Decisions
The first strategic decision is to file for a credit repair surety bond. It protects the clientele from any possible damage from the firm actions. Secondly, the business invests in a website and customer relationship management (CRM) system to showcase industry authority and stay relevant in the credit repair market. Studies show that a web presence is ideal for a business to earn the trust of potential customers, demonstrate long-term value to current users, and establish a resource for the stakeholders (Sharma & Tripathi, 2023).
Non-strategic choices include creating free services for the first 30 days and building a profile on communal platforms. Offering unpaid bonuses in a short span is ideal for getting the actual results and testimonials from potential users. Social media presence entails running Facebook and Instagram ads to gain more reputation and appointment signoffs.
External Factors Analysis
PESTLE Analysis Tool
The tool lists all the external factors that could impact a business. Models of the method include political, economic, societal, technological, legal, and environmental aspects. The nature of operations of Wright Score implies economic, societal, and legal factors will likely impact it. For instance, the entity deals with economically disadvantaged people alongside negative perceptions of similar businesses battling legal cases.
Opportunities
A business solely doing credit repair competes with thousands of other firms. Furthermore, people have low credit scores for one or several reasons, and credit repair is perceived as a band-aid to a larger problem for most buyers (Witkowski & Nici, 2023). For example, they could struggle to pay debts because they do not make enough money, fail to save or invest, or overspend. The enterprise will explore reasons for user problems and fix them alongside improving creditor ratings to differentiate from existing businesses. According to Thompson et al. (2020), every corporation’s strategy should have a distinct aspect that attracts purchasers and presents a competitive edge since copying successful rivals sometimes fails. The company’s model will enable the client base to work on all aspects of their finances by providing the quickest, easiest, and most efficient means to raise their scores.
Threats
Setting up a similar business is easier, given no certification is required to register credit repair establishments. The ease of entry and significantly low starting capital mean unlimited potential for new competitors and disruption. In addition, the market is already crowded with firms and individuals that offer parallel services and significantly high bankruptcy rates (Witkowski & Nici, 2023). Mostly, these debit card repairs are things people can easily do without help, making marketing and recruiting purchasers more difficult.
The Firm’s Strengths and Weaknesses
SWOT Analysis
The SWOT analysis tool was applied to analyze the resources and capabilities that affect the enterprise’s performance. Wright Score’s main strengths are the ability to supply holistic solutions to client issues and diversify to include online services. The technology integration through a propriety credit restoration platform will facilitate the workflow and administrative work. However, the business may struggle to match the popularity of existing alternatives with an established client base and credibility.
Recommendations
The corporation should sell itself differently by boosting debit scores more quickly than credit repair to overcome this obstacle. The risks that could jeopardize my employment with the company include the ability of other firms to innovate and leverage better technology to streamline operations and drive Wright Score out of the market. It should give customers the benefit of having their monthly utility payments, such as cable and energy, and rent expenses reported on their credit reports for the business to be viable for a long time.
References
Sharma, H., & Tripathi, K. (2023). The importance of website usability in digital marketing- A review. International Journal of Innovative Research in Computer Science and Technology, 11(3), 27–31. Web.
Thompson, A., Strickland, A., & Gamble, J. (2020). Crafting and executing strategy: The quest for competitive advantage: Concepts and cases. McGraw-Hill/Irwin.
Witkowski, R., & Nici, D. (2023). Credit repair giants agree to multibillion-dollar settlement for socking consumers with illegal fees. Forbes. Web.