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Conducting A Swot Analysis
 

Conducting A Swot Analysis

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  • Additional Reading Material on SWOT Analysis Australian College of Commerce and Management

Conducting A Swot Analysis Conducting A Swot Analysis Presentation Transcript

  • CONDUCTING A SWOT ANALYSIS Australian College of Commerce and Management
  • CONDUCTING A SWOT ANALYSIS
    • SWOT is an acronym for
    • Strengths
    • Weaknesses
    • Opportunities and
    • Threats.
  • A SWOT ANALYSIS
    • INTERNAL FACTORS:
    • Strengths and
    • Weaknesses
    • EXTERNAL FACTORS:
    • Opportunities and
    • Threats
  • EXAMPLE OF A SWOT ANALYSIS
  • WHY CONDUCT A SWOT ANALYSIS
    • Understand your current business position.
    • Identify internal strengths and weaknesses
    • Identify and evaluate threats and risks in the external market place
    • Prompt action to maximize opportunities and address weaknesses
    • THREATS – What are they
    • Threats are External
    • Businesses need to be realistic and forward thinking about the external threats they face
    • Are all categories of threats addressed?
    • CATEGORIES OF THREATS
    • Competitors
    • Industry Trends
    • Consumer Trends
    • Economic
    • Government
    • Environmental
    • Technology
  • CATEGORIES OF THREATS Imports OR changes in exchange rate making imports more competitive 3. Overseas competitors New businesses OR Diversifying businesses 2. New entrants to the market Your current competitors are strong and growing 1. Competitors in same market Example Category - Competitors
  • CATEGORIES OF THREATS Agriculture in regional areas affects all local businesses Impacts on linked industries Consumer trust threatened Industry reputation Consumer demand saturated or new products make industry redundant eg videos / DVDs Industry decline Example Category – Industry
  • CATEGORIES OF THREATS Your customers may have difficulty paying your bills Interest rate and CPI increases Consumers have less discretionary income Economic Decline Your current pricing will be affected Cost of Materials Example Category - Economic
  • CATEGORIES OF THREATS What component do you or your consumers rely on government money Government Spending Cost and requirements to meet new laws Increased Regulation Example Category - Government
    • OPPORTUNITIES
    • Opportunities to grow your business may occur due to:
    • New Markets being created
    • Expanding in your existing market
    • New product lines
    • Opportunities to access markets that you haven’t had access to before
    • Specialising and becoming a niche player
    • CATEGORIES OF OPPORTUNITIES
    • Ways to grow your business because of changes in:
    • Competition
    • Economy
    • Government Policy
    • Technology
    • Social Trends
  • CATEGORIES OF OPPORTUNITY Potential to market or sell on-line either domestically or internationally E-commerce Potential to export your product Overseas market A main competitor is “taken over” by another company – and customers may prefer a “specialist” supplier Reduction in competitors Example Category - Competition
  • CATEGORIES OF OPPORTUNITY Western Australia – mining boom Growth industries / locations Makes importing cheaper – so can have higher profit margin (as lower resource costs) Exchange rate More income = More new car sales Less income = more collections activity Growth in number of customers (due to changes in discretionary income) Example Category - Economy
  • CATEGORIES OF OPPORTUNITY Special “licence” from the government that opens wider markets or restricts other competitors Accreditation Access government tenders Purchasing Policies Example Category - Government
  • CATEGORIES OF OPPORTUNITY CD players vs MP3 players …. New way that is popular Lower costs due to your production methods More efficient production methods Example Category – Technology
  • CATEGORIES OF OPPORTUNITY But – less grandkids so more money spent on each by grandparents Less children More “Grey Nomads” travelling around More retirees More spending on pet accessories More pets Example Category – Social Demographic Changes
  • CATEGORIES OF OPPORTUNITY Younger people seem more style and trend conscious Fashion Accessories for mobile phones; or phones with BIG numbers for that age group  Mobile phone use Example Category – Social Trends and Styles
    • WEAKNESSES – What are they
    • Internal weaknesses
    • Are all categories of weaknesses addressed?
    • CATEGORIES OF WEAKNESSES
    • Financial
    • Marketing
    • Expertise
    • Personal Capabilities and Commitments
    • Resources
  • CATEGORIES OF WEAKNESSES Prevent internal fraud or accidental errors in external payments Internal Security Policies appropriate to action debtors and ensure paid Debtors Sufficient cash flow to meet trading requirements Cash flow Example Category - Financial
  • CATEGORIES OF WEAKNESSES Skills to implement appropriate customer service standards Customer Relationships Networking skills to promote business AND obtain market information Promotion Skills to determine best marketing strategies for target market Marketing Example Category – Marketing
  • CATEGORIES OF WEAKNESSES Who else can do each critical area in your business. If a sole trader – what happens when sick? Succession Plans Know the legal requirements for small businesses in your field Small Business Management Know the industry you are in Industry Example Category - Expertise
  • CATEGORIES OF WEAKNESSES Can overcome obstacles that will arise Confident and resourceful Analyse information and make sound decisions Realistic Example Category – Personal Characteristics
    • STRENGTHS – What are they
    • Internal strengths
      • Operational
      • Marketing
    • From the perspective of your customers or potential customers (not what you THINK you do well)
    • CATEGORIES OF STRENGTHS
    • Financial
    • Marketing
    • Expertise
    • Personal Capabilities and Commitments
    • Resources / Production methods
    • Human Resource management
  • CATEGORIES OF STRENGTHS Physical resources of value and Assets Sufficient profitability to allow “reinvestment” into the business Profitability Sufficient cash flow to meet trading requirements and avoid overdraft costs Cash flow Example Category - Financial
    • MARKETING STRENGTHS
    • Aspects that your CUSTOMERS value
    • If its not important to them – its not important
    • What is important to them???
  • CATEGORIES OF STRENGTHS Delivering the “type” of customer service your customers want Customer Service Have a product or service that someone needs or wants – the higher the need or “want” the bigger the strength Product or Service features Be “known” as good at a particular product or service or industry Market Reputation Example Category – Marketing
  • CATEGORIES OF STRENGTHS Having a price that customers perceive as value for money Price You advertise in “trade journals” and this is where your potential customers read about your type of product Promotional methods Your customers want quick delivery – and you do it Distribution methods Example Category – Marketing
  • REVISIT YOUR SWOT….