Like most people who read this I have taken part in a bit of home-schooling with my 15-year-old daughter, Zoe.
To be honest, it was more forcing her to do the work than teaching her anything new. There was a ray of light for me as she is taking Higher Business as a crash course this year and I actually understand this. I have always been a bit rubbish with the maths and sciences but business I can do. I have been in my element with Flip Charts and slide decks and research etc and not only did Zoe benefit from this ( I hope) but also I relearned a few basics that reminded me that there are some fundamentals in business that we all know but do we really take time out to work through the tried and tested practical activities.
One of these was S.W.O.T (Strengths. Weaknesses. Opportunities and Threats) analysis. There was a case study on Skoda, showinghow doing S.W.O.T analysis let them see that there strength were proud to drive their Skoda, but their weakness sat with the Eastern European heritage and the fact that their cars didn’t stack up on the (purely perceptions as opposed to fact) Vorpsrung Durch Technik of Audi and The Ultimate Driving Machine of BMW.
A Skoda (part of the same company now as VW, Audi) is a car that people enjoy the experience of. This highlighted an opportunity to focus on the experience and not the vehicle itself. This got me thinking. This is a great time for business to take stock of their own S.W.O.T. When I work with clients it is one of the first things I do.
Knowing the market you work in and knowledge of your own opportunities within that market can set you apart from your competition and help you to focus on the areas that will make you thrive.
So, here are some tips to get you started
- 1As a starter focus on the following areas a.Product/Service
c. Market Share
d. Customer Feedback
- 2Do a S.W.O.T. analysis on each of them asking the questions, using customer as an example
a. What good things do our customers say about us? (Strengths)
b. What do our customers tell us we are not good at?(Weaknesses)
c. What part of the customer experience would we like to get better at?(Opportunities)
d. What good things do our customers say about our competitors?(Threats)
- 3Pick out the themes that emerge for you and start to plot some actions you can focus on that will make sure you put your energy in the things that start to make adifference
- 4Encourage everyone in your team to input, you will be amazed at the insight a simple framework can give you for your business, customers,and the opportunities you have to manage what matters.
Home-schooling, I am sure you will agree, has not been easy but when you are reminded of some good lessons that can also help us to focus on what matters in our own business highlighting opportunities then it makes it all worthwhile (well takes the edge off) and Zoe achieved 100% in the assignment!! If you would like any support with this activity, get in touch at firstname.lastname@example.org