Analyzing the strengths, weaknesses, opportunities, and threats (SWOT) of a business is a well-established tool that is widely used by academics, consultants, and advisors. Although it is a simple concept, business owners often struggle when trying to use it because it is so broad. It is difficult to determine where to start, what questions to ask, and where to focus. The obvious problems get attention while many other important issues get overlooked. SWOT analysis is a great tool, but its effective use requires additional structure.
Strengths and weaknesses relate to internal factors, while opportunities and threats cover external ones. The internal factors can be divided into five categories: management, workforce, sales and marketing, operations, and financial. The external factors are also divided into five categories: threat of new entrants, bargaining power of suppliers, bargaining power of customers, threat of rivalry from competitors, and threat of substitution.
To approach the analysis in a structured way, prepare a checklist using the categories mentioned above. Identify factors within each category that are important to your business. Under management for example, a major weakness for virtually every small business is relying too heavily on the owner. What would happen to the business if something happened to the owner? In the workforce category a factor could be employee turnover and the availability of new hires. The threat of new entrants might include the possibility of a big box retailer opening near your business. The bargaining power of suppliers and customers categories should consider the possibility of losing a major supplier or customer. Come up with several factors for each category to complete the checklist. It is important that you do not try to rate or solve each issue as you identify them. If you do, you will get bogged down on each factor and never complete the analysis.
Once the checklist is complete, you should rate each factor based on its importance to your business. Use an alphabetical scale from A to E, where A = very important, B = important, C = some importance, D = little importance, and E = not important. Next rate each factor based on proficiency (internal) or vulnerability (external). Use a numerical scale from 1 to 5, where 1 = very proficient or not vulnerable, 2 = proficient or little vulnerability, 3 = average proficiency or some vulnerability, 4 = poor proficiency or vulnerable, and 5 = deficient or very vulnerable.
The factors with the lowest letter and highest number (A5) are the biggest weaknesses or threats. The ones with the lowest letter and lowest number (A1) are the biggest strengths or opportunities.
Using this structured approach makes a SWOT analysis possible and practical for any small business. To make this process worthwhile you must use this information to take action. Work to fix the worst problems first, prepare for the biggest risks, take advantage of the best opportunities, and build your secondary strengths.
About the author:
David E. Coffman CPA/ABV, CVA has 30 years of experience working with and operating small businesses. His “Scorecard for Small Business” provides an easy to use framework to do an in-depth analysis of any small business. Information about the “Scorecard” is available at http://small-biz-scorecard.com
Getting Help and Advice on Starting a Business | by: Karen Walker | When you want to start a home business, it can be easy to feel alone, confused, and scared. The chances are that you don’t know anyone else who’s ever started a business, and you don’t even know who to ask if you get stuck. Here are a few things you ought to be looking at.
The Internet.
The Internet is a great resource for people who are thinking of setting up a home business – as well as all the articles you can find with practical advice, there are also many forums, where you can read about others’ experiences, and ask questions.
The Government.
Scary as it might seem to be getting advice on anything from the government, most governments go really out of their way to produce all sorts of easy-to-understand material on starting your own business. Encouraging you in business is a great way for them to both strengthen the economy and increase tax revenues.
Depending on your area, you might find that local government agencies are also keen to give you help and advice, and might even have some kind of ‘small business centre’ that you can visit.
Mentors.
Mentors are usually volunteers who think it would be nice to offer local businesses help and advice. They often have years of business experience, and can be really useful – if you find one, hang on to them.
Librarians.
Always willing to help and sadly neglected in our ‘wired’ age, you really should talk to a librarian. Libraries generally contain all sorts of business books and resources that they’ll be able to point you towards, and they’ll be more than happy to do research into obscure areas for you.
Lawyers.
Pricey as they might be, lawyers know all about starting businesses – they’ve almost certainly done it thousands of times over. It can be well worth paying for an hour of a lawyer’s time and just asking them every question you can think of.
Accountants.
A less expensive alternative to lawyers, accountants also know their stuff, especially (obviously) on the financial side. If you want your business to be profitable, you should take on board what your accountant tells you – and if you don’t have one, you should get one. By the time they’ve helped you navigate through all the tax mazes, they’ll almost certainly have made their fee back for you anyway.
Incubators and Investors.
If you think your business would be an attractive proposal to people who back businesses for a living, then you can try going to a ‘business incubator’ or some other kind of investor with your idea. If they like it, they’ll often have a quick process set up to get your company up and running as soon as possible.
Universities.
Here’s an interesting one: universities are full of business students. They’ve all spent ages learning about nothing but business, and many of them would just love to help get a real one off the ground – it’d look great on their CV, after all. Business students can be a great source of free help and advice, and they’ll probably even be thankful to you for letting them help out!
Teachers.
If you do a course to get a formal qualification in what you want to do before starting the business, you’ll probably find that your teacher is also a good resource on the business side of things. They’ll have had plenty of students starting businesses who’ve asked them similar questions, and they might even have prepared some material to give to anyone who asks for it.
Your Bank.
Traditionally, your bank would have been the first place you went if you were thinking of starting a business, but many people seem to ignore them nowadays. While they’re no replacement for accountants, most banks will offer you a ‘business advisor’ when you open a business account, and they can be especially helpful with the technical and financial elements of starting up.
Associations, Societies and Unions.
Whatever industry you’re thinking of entering probably has some kind of trade association, society or union. You should join as soon as you can, and take advantage of all the resources that they will almost certainly offer to people wanting to get started in their industry. After all, the more people who are in their industry, the more members they can get.
So you see, there’s no shortage of advice out there if you look for it.
About the author:
Karen Walker specializes in helping individuals, entrepreneurs, network marketers, and independent professionals generate substantial incomes with their own Home Based Business on the Internet. Visit her informational web sites: http://www.cashflowquest.com| http://www.income-directory.com
7 Easy Ways to Make More Money in Network Marketing | by: Daegan Smith | Hit a snag lately? Haven’t been able to recruit any new agents? Is you network marketing job paying less and less because you can’t generate any sales? You don’t have to fret! With these easy network marketing tips, you can revitalize your sales pitch and methods in no time at all!
1. Contacts
Remember that your contacts are your most valuable asset. Who are your contacts? The people you see on the streets? Your next door neighbor?
When considering whom to invite, try those closest to you first. This is because they are most likely to be more open to your suggestions and will be willing to do you a few favors (such as buying that detergent you are hawking). The great thing about this is that they will really mind plunking a few bucks to help jumpstart your business. And when they see that you are doing well, they could very well join you as well.
When you run through the whole list of you clan, what will that leave you with? You will of course have to go to those people that next in line with regards to closeness or affinity to you. And what if that gives out too?
You can always adopt a friendlier stance and chat up that neighbor you never talked to. You could meet new people on the bus and on the train. But remember, you have to like them as people first. Don’t go about and look at them like walking piggy banks. People will know if they are being looked upon as ‘things.’ Always regard them highly and get to know them. Build their trust. The truth is, the friendships you build will be the true reward, and the sales will be just a side dish.
Always ask for referrals from your contacts. This is another sure way to increase your prospects.
2. Believe
If you yourself do not believe in your product, chances are you won’t be able to sell it to others. Remember, nothing promotes a product better that a satisfied customer. Let others see you using the product. Say glowing things about it. And most of all, let all that you say be true. If your customer finds out you weren’t being honest, you could ruin your business relationship.
When you choose a network business, take into consideration their product. See if you can believe in it and pitch for it effectively.
3. Recruit the right people
Don’t just recruit anybody. Make sure the people you recruit share an unbridled passion, and tireless work ethic with like you. If you don’t chances are, they will drop out of the networking business and you will not be able to build your downline.
4. Don’t force the issue
When trying to close a sale, don’t force the issue. If you do, people will get suspicious as to why you are doing so. Are selling them counterfeit items? Are you only interested in your profit and not in your customer’s satisfaction? Always keep this in mind: the customer always comes first. Please them, and the profits and windfall from these relationships will follow.
5. Look the part
When recruiting others, you can’t say, “You will get rich with network marketing,” and look shabby all the while. They’d say, “I thought you got rich from this thing, why do you look like you didn’t.” People will want to see a visible sign of success. You are their only reference point. If you are not convincing as a successful networking agent,
6. Hang in there
Perseverance is a virtue. If money grew on trees, you’d still have to wait for them to grow. Remember the old adage: try and try, until you succeed. Remember that your goal is not to just to get money, but to build upon a good income generating business.
7. Evolve
Don’t be satisfied thinking that your techniques at recruiting will forever be effective. Although there are basic principles that should be followed, you can forever improve on your techniques. Today’s society is constantly evolving. If you want to catch up with them, you have to evolve in your marketing strategies as well.
Try ‘Em
Try these tips. They are sure to give you more confidence in your network marketing strategy!
About the author:
Daegan Smith is the leader of the fastest growing team of successful home business enterpernuers on the net. Find out how we're creating financial freedom all across the globe and how to get in on the action FREE =>http://www.comlev.com Team Blog: |
Turn Your Email Sign-Off Into Results: Seven-Step Checklist for Success | by: Kathy Gulrich | Copyright 2005 Kathy Gulrich
Okie dokie. The basics. What exactly is an email sign-off?
Your sign-off is the part of your email -- with your name, company, phone, etc. -- that comes right after your text message.
To be honest, I find most email sign-offs pretty boring. (And I find some of them pretty annoying!)
Most often, however, I see lost opportunities.
In this article, we'll be taking a look at how just a few simple changes to your email signature can make a BIG difference to your business.
Let's explore....
1 - NO SIGN-OFF, NO RESULTS
I think it's incredible -- since most of the emails I get are from coaches and small business owners -- but I get at least a couple of emails a day with absolutely no sign-off at all.
That's right. No company name, and no contact information. Emails sometimes even arrive without the sender's last name!
This is not only a waste of a perfect marketing opportunity, it's pretty bad business. There's nothing professional about a business email without basic business information.
2 - START WITH THE BASICS
Every email you send out should include basic information about you and your company:
* Your name (first and last)
* Company Name
* Business phone
* Email address
Tip: Why include your email address here, when the reader can see it at the top of the email? Simply because it's easier for the reader to have all of your contact information in one place -- especially if he decides to add it to his address book or contact manager.
A basic email signature might also include:
* Your title or business designation
* Company logo and/or tag line
* Your photo
* Fax and/or cell phone number
* Website address
Tip: If you include any graphics (photo, logo, etc.) be sure to use small files that will download quickly and easily for the reader. (For me, any file I need to wait for falls into that 'annoying' category.)
3 - WHAT'S IN IT FOR YOU?
Here's the deal. Your email signature is the perfect place to include information about your business, your products, or your services. Why?
* You're writing -- or responding -- to someone you know is already interested in you, or your business
* You know your message will be seen
* Email is a natural place to describe something new, or interesting
* It's totally non-intrusive
* It's easy
* It doesn't cost you a thing!
So, take a minute to think about something about your business -- or your products -- that you'd like to tell people about. For example:
* Your upcoming workshop, seminar, or teleclasses
* Your book or audio product
* An improvement you've made to an existing product or program
* New business location, or expanded business hours
* Your new website
Choose one of these ideas now, and take it through the next few steps in this article....
4 - WHAT'S IN IT FOR THEM?
To illustrate, let's say you decide to use your email signature to tell people about an upcoming teleclass.
I can imagine several answers to the question, "What's in it for you?"
* new business leads
* 'live' interaction with solid business prospects
* revenue (if you're charging a fee for the class)
* opportunity to introduce participants to your other products and services
* getting your name out into the business community
* opportunity to shine as an expert in your field
* word-of-mouth advertising from your teleclass participants
If you'd like your email signature to attract new clients -- and sales -- be sure to focus on "What's in it for THEM?"
Going back to the teleclass example, what will participants get out of it? (information, fun, interaction, difficult to find facts or tips, a plan/strategy, etc.)
What problem do they have that this teleclass will help resolve? Where are they struggling? (stress, frustration, ill health, isolation, financial troubles, need more clients, lack of confidence, etc.)
Jot down at least two benefits your reader will get from your product. And then write a sentence or two that simply tells them this -- and shows them how to order or sign up (live links, please!).
Add your contact information, and you've got a powerful email signature!
Tip: To improve your results, add an offer -- or a reason for the reader to take action NOW.
5 - SHORT AND SWEET
Remember I said that email signatures are totally non-intrusive? I was describing clear, concise, well-written email signatures; yours, I hope!
Take a quick peek into your email "Sent" box. If you're anything like me, most emails you send out are 10-20 lines long. Many are probably only 2-3 lines.
Don't write an email signature that's longer than most of your emails!
I'm a member of several email list-serves (coaching, writing, publishing) and not suprisingly, every one of them has rules about email signatures. The maximum 'suggested' length is between 7-8 lines.
Use this length recommendation as a guide when developing yours. Think 3-4 lines to get your marketing message across, and 3-4 lines for your basic contact information. That's all you need.
6 - THE TECH OF IT ALL
Okay, one question that often pops up is whether to use a "text only" or "html" email sign-off (often called 'signature' in your mail program).
In my mind, that totally depends on your audience.
If you work with a fairly tech-savvy group of people, and would like to add the graphics and formatting that are possible with html, go for it. For some audiences, however, html is a mistake -- since it'll show up as an unreadable mass of code if they don't have the software to decode it properly.
Not sure? Stick to simple text email messages and sign-offs.
In the past couple of years, email signatures have become incredibly simple to do (technically, that is!). Here's where to find basic instructions from two of the most popular email programs:
Outlook: Tools > Options > Mail Format > Signatures
AOL: Mail > Set Mail Signatures > Create
For other mail programs, check the Help menu, or write to customer support. These days, virtually every ISP will has a way for you to add an email signature -- with or without a marketing message -- quickly and easily.
Tip: Take a minute or two right now to write a new email signature, and get it into your email account.
7 - KEEP 'EM FRESH
Ever have this experience: You drive past the same billboard day after day, and after while, you literally don't see it at all?
The same holds true for email sign-offs. After several emails with the same sign-off, your readers won't 'see' it any more. So write several sign-offs -- for the same product, or for different products or programs -- to keep them fresh and new.
Each time you write one, ask yourself:
* Does it meet your marketing objective? (What's in it for you?)
* Does it offer a real benefit to your reader? (What's in it for them?)
* Is it clear and concise? (7-8 lines, including your contact information)
Use these three questions as guidelines, and you'll be well on your way to creating email sign-offs that'll attract customers -- and increase sales.
About the author:
Best-selling author Kathy Gulrich helps clients get from idea, to action, to results - more quickly, and more easily - whether they're looking to write a book, develop a new product, or market their product or business. Clients love her direct, no-nonsense approach - and her gentle insistence on great results. Find out for yourself: Check out one of Kathy's teleclasses, or pick up a free worksheet, at http://www.smARTbusinessCoaching.com
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