SWOT Analysis Time!

Welcome back to the business plan project!  Last week we took a look at how we plan to choose our employees, and what qualities we feel are essential to carrying out our vision for our business.  We profiled an ideal candidate, outlined knowledge, skills, and abilities necessary for a specific manager at our business, and have a solid idea of what our human resources will be.  With that in mind, and with a true vision for our business, we will now move forward with the SWOT analysis and discussion of risks our new venture will face.  These are important components of a business plan, since potential investors want to know whether or not they’re dealing with a realistic entrepreneur or a daydreamer.

This week, we will focus on the long-term potential of our business.  Our goal is to analyze the internal and external environment as thoroughly as possible.  This will be accomplished through completing a SWOT analysis.  Here’s a breakdown of the weekly tasks.

Monday: Internal Strengths and Weaknesses

Here is a great link to an article that summarizes how to compose a SWOT analysis.  The first two portions, strengths and weaknesses, deal with your internal operations.  In the article, there are bulleted questions that you can answer to complete your analysis for each section, but you may also choose to identify other highlights that are industry-specific if you wish.  For example, do you have any technology at your disposal that separates you?  Are your employees trained in a certain way that helps your business stand out?

We will share out some of our findings in the last 7 minutes of class, so please work diligently and be prepared.  Also, don’t hesitate to use some great points from your classmates if you can add them to your plan.  The purpose of this exercise is to share best practices (buzzword: collaborate).

Tuesday: External Opportunities and Threats

Again, reference this article for some questions that you may use to complete your analysis.  Think about it… your established competitors may be resting upon their laurels, and may be missing out on opportunities in the marketplace that you can use to your advantage.  Conversely, these established competitors do have name recognition and good reputations on their side.  Will this pose a threat to your business penetrating the market?  How will you address this?

We will again make use of the last 7 minutes of class to share out our findings.  I urge you to think hard when it comes to what “best practices” you can use for your own plan.  This is a great way to expand your thinking and be productive.

Wednesday: SWOT Analysis Final Draft

OK, today we are going to put it all together.  Take your notes/draft for your SWOT analysis and make it pretty!  Here are a few ideas for making your final draft

Now, you can use tables in Microsoft Word or use Google to search for some SWOT analysis templates if you wish.  I found a really good one that’s in my Public_Faculty folder saved as Business Plan – SWOT Analysis Template.ppt as a PowerPoint file.  I happen to LOVE slide 2 of the presentation, and would use that for my SWOT analysis. 

Your assignment today is to find an aesthetically pleasing template and enter your findings as a final draft.  I will prompt you to email me at mattspinella@gmail.com with your templates for a grade, and in the last 5 minutes of class, we will analyze and critique one of them as a group.  This will be a fun and creative day!  I know it.

Thursday: Share Out Activity

Surprise!  Well, maybe this isn’t a surprise if you’ve read ahead.  In any event, we are going to present our SWOT analysis and get some real constructive feedback.  I will gladly accept volunteers for today’s activity (I’ll need 4), but can just as easily use equity cards to choose presenters.  For some added incentive, volunteers will receive 5 extra credit points on today’s assignment (allowing you to earn 55 points today).  The rest of the class will fill out a SWOT analysis critique sheet. 

As was the case last Friday, your objective is to find 2 aspects of the SWOT Analysis that you like, 2 aspects of the analysis that you would change, and determine whether or not you feel the analysis is accurate, including an explanation of why.  Don’t worry if you don’t know too much about the industry being presented.  Simply focus on the analytical aspect of the business owner.  Was the owner realistic?  How will his analysis help him penetrate the market?  How can he gain an edge over existing competitors?

Friday: Catch-up Day and Blog

This week was pretty intense, I’ll admit.  You used your analytical skills to assess your business, your competitors, your industry, and your classmates’ hard work.  You used creativity in formatting an aesthetically pleasing SWOT analysis and presenting it to the group.  Perhaps there are still some loose ends to tie up. 

Let’s use today’s class to catch up on the entire project and write a blog entry about where you stand.  Feel free to address these questions in your blog entry:

1.     Are you caught up with every section of the plan?  If so, how have you accomplished this?  If not, what has kept you from staying on track?  Be honest and create a plan to catch up.

2.     Now that you’ve completed a majority of the plan, how well will your business perform in the marketplace?

3.     How do you think an investor will react to your plan?  Do you think you can get the startup capital needed for your business?  Why or why not?

Feel free to write a short intro to your blog entry and then list the questions in your post, addressing them one at a time.  I look forward to reading your reflections about your progress.

See you next week!