Perform a SWOT analysis


EXTERNAL elements - the things outside your business that you don’t control:

3. Opportunities:
Now focus on the opportunities that exist outside of your business. Has a new office brimming with your target audience just opened locally, thus adding to your potential client pool? Will low interest rates mean clients have more money to spend at your salon? Take stock of the world around you and see what chances are there for the taking!

4. Threats:
Finally, what threats are facing your salon? Will the downturn in the economy affect the frequency of client visits?  Will an increase in the minimum wage or the arrival of new competitors affect your bottom line? Don’t let these threats send you running to the hills. Identifying problems is half the battle - after all, as they say, forewarned is forearmed!

Of course, there’s little point in carrying out a SWOT if you’re not going to use it, so don’t leave it to gather dust in your bottom drawer. Utilise it to decide what Strengths can be put to your advantage, the Weaknesses to work on and transform into strengths, the Opportunities to exploit and focus on for future marketing PR campaigns and how to defend against Threats. With this information you’ll be armed with the knowledge you need to set key objectives, and create an action plan that will really help drive your business forward.

TOP TIP:

Hold a team brainstorming session and ask staff of all levels what they feel your strengths and weaknesses are. Better still, ask someone outside the business to ask who will respond honestly. Their opinions may highlight areas that you never even considered!

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