SWOT, Current Economic Conditions, and Some Mock Interview Prep Work

Below is a list of all the stuff we'll need to do this week.  As you will see, it's a mixture of business plan prep and Mock Interview Competition prep.

Monday: Internal Strengths and Weaknesses & External Opportunities and Threats

Reference this article for some questions that you may use to complete your SWOT analysis.  Think about it… your business is not perfect.  There will be things your planning, organizing, leading, and controlling will allow you to have as a strength, but no business is without weakness.  Identify those weaknesses, make your plan of action to improve upon them, and lay out how you plan to implement it (yes, more planning).  Further, 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 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.

Tuesday: Discussion of Business Risks

Have you ever heard someone break down the word assume?  If not, let’s just consider you to be one of the lucky few.  In any case, the assumptions made in our SWOT analysis are likely to be backed by research about our industry.  Unfortunately, even with hundreds of hours of research, some assumptions end up being incorrect.  Today’s classwork deals with handling business risks and incorrect assumptions.  From the rubric:

·       Discussion of business risks - 5 points

o   Identify the risks that will occur if assumptions you have made are incorrect.

o   Provide a strategy for dealing with the risks identified.

Essentially, we’re making sure we have all bases covered.  Today’s work should be somewhat challenging, but fun.  Your final draft for discussion of business risks should be about 100-150 words.

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.

This activity should last approximately 10 to 15 minutes since you will have all the bullet points in place.  We will use the remaining class time to begin our research on current economic conditions.  The following items should be searched and logged in your Google Doc:

• National unemployment rate
• TN unemployment rate
• Prime Rate
• Average 30-year fixed mortgage rate
• Rate of inflation
• Rate of change of GDP
• What is the GDP?
• Value of USD vs. Euro vs. GBP

With this information, you will begin to think of how this information affects the buying power of your customers.  Are more people working?  Does this mean more people are available to buy your products/services?  How about borrowing and credit card spending?  We can have a nice discussion about this in class, which will lead to me explaining the dangers of credit.

Thursday: Current Economic Conditions

While you’ve already completed an industry analysis, on Tuesday and Wednesday, you will take a look at the economy from a “big picture” perspective.  The information you research at the end of class Wednesday is your guide for today's work.  Here’s a breakdown taken straight from our rubric:

·       Current economic conditions: a “snapshot” of the economic environment that may include information such as employment levels, interest rates, rate of inflation/deflation, rate of change of GDP, balance of trade, exchange rates, and/or any other information you think is appropriate.

Now, this “snapshot” is essential to determine what effects the economy will have on your business.  It’s one thing to report to me that consumer discretionary income is dwindling as a result of inflation.  It’s a completely different (and more thorough) situation when you explain that because of dwindling discretionary income, your profits will be negatively affected, since fewer consumers will be capable of actually paying for your products/services. It will be even more thorough if you balance the decrease in unemployment vs. increase in inflation (if this exists) to determine whether profits will be negatively or positively affected.  Seeing the whole picture is key for success.

Friday: Cover Letter Lesson

Today, you will take a break from the business plan and focus on preparation for our Mock Interview Competition with a lesson about Cover Letters.  Below is a screenshot of what Coach Bruce planned for this lesson in the LGI Room back in 2014.  The plans are so well written, we're going to use them again!

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?

Long story short, this week will consist of five days of work, whether we're in class all five days or not.  I strongly recommend you stay on top of things daily, make use of your Google Doc (so you can remotely work together without having to be face to face), and email me with any questions if they arise if we're not in class.  Staying on track will lead to us having a lot of success at Mock Interview Competition AND having a ton of fun doing more promotional business stuff.

Thanks for reading.  I hope to see you on Monday!