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Show Transcript (#to_transcript)

In this episode of the Better Business Coach podcast I explain the importance of and how to use the third FREE worksheet I give away, available for download at https://matthewpollard.guru/bbc020 (https://matthewpollard.guru/bbc020). This worksheet follows shortly after the ‘Where Is Your Business Now’ worksheet, explained in session 13 (https://matthewpollard.guru/bbc-013-second-free-worksheet-where-is-your-business-now/), and should be completed as part of your first paid client sessions.

You will also find SWOT helpful when creating SMART business goals, as outlined in session 17 (https://matthewpollard.guru/forget-about-goals-why-is-the-key-to-success/). SWOT will really help your client understand if the goals they are setting themselves are ‘Achievable’ for their organisation or if they should be increased/reduced to better motivate and drive the organisation to a higher or more realistic targets.

Episode outline:

The SWOT analysis is a coaching tool that is too often undervalued, generally conducted once in every coach’s initial meeting and then put in the draw never to be seen again.

To me the SWOT analysis is one of the most important documents in niche marketing and ensuring business longevity. I believe the SWOT analysis should be conducted every six months and be viewed as an organisational insurance policy. By doing this an organisation will make sure it is best positioned against threats that are looming on the horizon and best placed to capitalise on any potential opportunities that otherwise may have gone unnoticed.

So let’s have a closer look at SWOT

Strengths & Weaknesses

Here you encourage your client to look inward for strengths and weaknesses within their organisation. Good examples of items that may lie on either the strength or weakness side of a SWOT analysis for any organisation may be:

* Uniqueness
* Staff
* Skills
* Systems
* Culture
* Teams
* Reputation
* Sales
* Customer base
* Marketing

These items are all internal to the organisation. This means that if they’re currently a weakness, the business is in complete control of the weaknesses rectification.

Opportunities & Threats -

These effect a business, however are outside (external) to a business’s direct control. While a business can’t directly change external opportunities or threats, knowing what they are still allows a business to be in the driver’s seat. Knowing about potential opportunities and threats gives the organisation a real advantage over their opposition that are instead effected by a change as it occurs or are confronted by others exploiting an opportunity they never saw coming.

So how do you know what opportunities and threats to look for?

I suggest the use of an analysis commonly known as ‘PEST’

* Political – Changes in government policy, political climate, laws, funding, grants, zoning, etc.
* Economic – Consumer confidence, currency fluctuations, international downturns, interest rate variations, etc.
* Social – Opinions, pressures, thinking, values, etc.
* Technological – New, obsolete, evolving, etc.

Synergies & Niche Markets

Once you have all the strengths, weaknesses, opportunities and threats on the table it is time to look for synergies, that would allow you to capitalize on new niche markets,