SWOT Analysis & Some Cover Letter Info

This week, we will focus on the long-term potential of our business, as well as learn a little bit about cover letters while we're in the LGI room (Tuesday, Wednesday, Thursday).  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 (and EASY TO READ) template and enter your findings as a final draft. This will be a fun and creative day!  I know it.

Thursday: Cover Letter Lesson

Today, you will take a break from the SWOT analysis and focus on preparation for our Mock Interview Competition with a lesson about Cover Letters.  Below is a screenshot of what Coach Bruce has planned for you in the LGI Room:

The activities are well planned and will be a huge help for you.  If you want additional help with writing cover letters, consult with the following links:

1. How to write a cover letter & What is a cover letter?

2. What to include in a cover letter

3. What is "block form" all about?

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!