047 Using a SWOT Analysis to get clarity of your current situation.

What this episode covers

For today's podcast, I wanted to stop and look at the salon business environment that we are currently in and think of how I might best be able to serve my listeners as we are all subject to ever-changing situations. In some parts of the world, salons are reopening for the first time in many weeks, generating cash flow and getting their business moving. In other places, they have been ordered to close again. Even if we went back a month or two there was more predictability about what the future looked like! COVID-19 hasn’t gone away and even though many of us are reopening; it is not over until we have a vaccine, and no one knows how long it will be before that might happen. We are opening in this new world, and having to adapt our businesses and how we treat our clients, how we treat our team and how we treat ourselves and in some cases reassess the very viability of our businesses. In an ever-changing business environment it is easy to feel not in control but having a sense of clarity is essential if you are to move forward and make smart business decisions. I find that doing a simple S.W.O.T. analysis allows you to get better clarity with your thoughts. S.W.O.T. is an acronym for strength, weaknesses, opportunities, and threats. In today's podcast, I guide you through the process of doing a S.W.O.T. analysis of your business. Just by giving things a name and grouping them under each of those headings starts to give you a sense of control and predictability about the next steps and where to focus your attention and decision making. I know that running a business at the moment is not easy; I know that none of us have ever been through something like this before. I know that these are the most challenging times that any of us have ever lived through, but I also know that it will end, and I know that most of you will survive these times and come out the other end stronger and better than you were before. In This Episode: [00:32] Welcome to the show! [02:43] Antony discusses how the pandemic has thrown the world into a state of uncertainty. [04:01] Antony speaks about businesses opening into a brave new world. [05:03] Control the controllable. [06:12] Antony says that writing things down helps him get centred. [06:36] Antony speaks about the SWOT analysis and what it stands for. [08:30] Get a few pieces of paper out and write the words, strengths, weaknesses, opportunities, and threats at the top of the paper. [11:19] Is it easy for you to accommodate social distancing in your salon? That would be a strength. [14:23] Having a cash flow buffer is another strength. [16:10] Now write your weaknesses like clients being afraid to come into the salon. [19:01] Is your business a lifestyle business? Does it generate a profit? That would be a weakness. [21:30] Our third piece of paper is titled opportunities, what are some opportunities that will come out of this pandemic? [24:06] Antony speaks about this being an opportunity to reinvent your business model. [27:25] On the fourth page, you need to put your threats like the threat to your health. [30:01] Antony says it’s essential to get your head out of the sand and face the new normal. [33:28] Antony describes the three types of businesses he sees. [36:14] Thank you for listening to the show! Links and Resources Grow My Salon Business