Swott analysis and smart goals for NAWBO mentoring
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SWOTT and SMART Goals
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Swott analysis and smart goals for NAWBO mentoring
- 1. SWOTT ANALYSIS AND SMART GOALS © 2012 Three Dog Marketing Presented by: Nancy Sanders, MBA Marketing Strategist Founder, Three Dog Marketing
- 2. © 2012 Three Dog Marketing WHAT IS SWOTT?
- 3. SWOTT DEFINED S W O T T • Strengths • Weaknesses © 2012 Three Dog Marketing • Opportunities • Threats • Trends
- 4. © 2012 Three Dog Marketing Strengths
- 5. Strengths - Examples Superior product performance vs competitors. Longer product life and durability. Staff has experience in end-user sector. Have customer lists. Product innovation. Processes integrated. Management is committed and confident. © 2012 Three Dog Marketing
- 6. © 2012 Three Dog Marketing Weaknesses
- 7. Weaknesses - Examples Company would be a small player. No direct marketing experience. Need more sales people. Limited budget. No pilot or trial completed. Don't have a detailed marketing plan. Reputation in marketplace. © 2012 Three Dog Marketing
- 8. © 2012 Three Dog Marketing Opportunities
- 9. Opportunities - Examples Could develop new products. Local competitors have poor products. Profit margins will be good. End-users respond to new ideas. Could extend to overseas. Could seek better supplier deals. © 2012 Three Dog Marketing
- 10. © 2012 Three Dog Marketing Threats
- 11. Threats - Examples Legislation could impact. Environmental effects favor large competitors. Market demand very seasonal. Retention of key staff critical. Could distract from core business. Possible negative publicity. © 2012 Three Dog Marketing Vulnerable to attack by major competitors.
- 12. © 2012 Three Dog Marketing Trends
- 13. Trends - Examples Telecommuting rates are up. Technology use is on the rise. Interest rates are low. Home foreclosure rates are high. Recent grads face high debt. © 2012 Three Dog Marketing
- 14. SMART GOAL ACHIEVEMENT Specific Measurable Attainable © 2012 Three Dog Marketing Relevant Timely
- 15. SPECIFIC Do you know exactly what you want to © 2012 Three Dog Marketing accomplish with all the details?
- 16. MEASUREABLE How are you able to assess your © 2012 Three Dog Marketing progress?
- 17. ATTAINABLE Is the goal achievable with the © 2012 Three Dog Marketing available resources?
- 18. RELEVANT Why is the goal important? How will © 2012 Three Dog Marketing the goal help your company achieve its objectives?
- 19. TIMELY What is the deadline © 2012 Three Dog Marketing for achieving your goal?
- 20. GOALS, STRATEGIES AND ACTIONS SMART GOAL 10 New Clients Strategy Referral Program Action Step Call clients Action Step LinkedIn Action Step Referrals © 2012 Three Dog Marketing Strategy Networking Plan Action Step Attend NAWBO Action Step Meet 3 people Action Step Appointments
- 21. ACCOUNTABILITY o Share o Post © 2012 Three Dog Marketing o Track o Celebrate
- 22. WRITE IT DOWN ACTION + NUMBERS + Ask yourself: DATE = • Is your goal SMART? SMART GOAL • How do you know? • What is the strategy? © 2012 Three Dog Marketing • What are your action steps? • How are you accountable?
- 23. NEXT STEPS AND RESOURCES Complete your SWOTT and SMART Goals Discuss with mentors, partners, colleagues © 2012 Three Dog Marketing Incorporate feedback Revise as needed
- 24. © 2012 Three Dog Marketing LET’S CONNECT
Editor's Notes
- Why is SWOTT important?
- SWOTT ANALYSISA strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, Threats, and Trends that are involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective. Attempt is to be objective – challenge for business owners.
- SWOTT CAN BE USED TO ANALYZEa company (its position in the market, commercial viability, etc) a method of sales distribution a product or brand a business idea a strategic option, such as entering a new market or launching a new product an opportunity to make an acquisition a potential partnership changing a supplier outsourcing a service, activity or resource an investment opportunity
- This is Merlin…a black Lab, a breed know for it’s strength.STRENGTHS – These are internal to your organizationAdvantages of proposition? Capabilities? Competitive advantages? Unique Selling Points? Resources, Assets, People? Experience, knowledge, data? Financial reserves, likely returns? Marketing - reach, distribution, awareness? Innovative aspects? Location and geographical? Price, value, quality? Accreditations, qualifications, certifications? Processes, systems, IT, communications? Cultural, attitudinal, behavioral? Management cover, succession? Reputation in marketplaceOverall place in field
- STRENGTHS – These are internal to your organizationAdvantages of proposition? Capabilities? Competitive advantages? Unique Selling Points? Resources, Assets, People? Experience, knowledge, data? Financial reserves, likely returns? Marketing - reach, distribution, awareness? Innovative aspects? Location and geographical? Price, value, quality? Accreditations, qualifications, certifications? Processes, systems, IT, communications? Cultural, attitudinal, behavioral? Management cover, succession? Reputation in marketplaceOverall place in field
- This Chihuahua is known to be a small, somewhat weaker breed.WEAKNESSES – These are internal to your organizationWEAKNESSESDisadvantages of proposition? Gaps in capabilities? Lack of competitive strength? Reputation, presence and reach? Financials? Own known vulnerabilities? Timescales, deadlines and pressures? Cashflow, start-up cash-drain? Continuity, supply chain robustness? Effects on core activities, distraction? Reliability of data, plan predictability? Morale, commitment, leadership? Accreditations, etc? Processes and systems, etc? Management cover, succession?
- Weakness – These are internal to your organizationAdvantages of proposition? Capabilities? Competitive advantages? Unique Selling Points? Resources, Assets, People? Experience, knowledge, data? Financial reserves, likely returns? Marketing - reach, distribution, awareness? Innovative aspects? Location and geographical? Price, value, quality? Accreditations, qualifications, certifications? Processes, systems, IT, communications? Cultural, attitudinal, behavioral? Management cover, succession? Reputation in marketplaceOverall place in field
- This is Starbuck…you can see she takes advantages of opportunities.OPPORTUNITES – These are EXTERNAL to your organizationOPPORTUNITIESMarket developments? Competitors' vulnerabilities? Industry or lifestyle trends? Technology development and innovation? Global influences? New markets, vertical, horizontal? Niche target markets? Geographical, export, import? New Unique Selling Proposition? Tactics - surprise, major contracts, etc? Business and product development? Information and research? Partnerships, agencies, distribution? Volumes, production, economies? Seasonal, weather, fashion influences?
- Opportunities – These are external to your organizationCould develop new products. Local competitors have poor products. Profit margins will be good. End-users respond to new ideas. Could extend to overseas. New specialist applications. Can surprise competitors. Support core business economies. Could seek better supplier deals
- This is another Three Dog Marketing dog – Fenway (on the right). She looks threatening but isn’t really.However - THREATS – These are EXTERNAL to your organizationTHREAT EXAMPLESLegislation could impact. Environmental effects would favor larger competitors. Existing core business distribution risk. Market demand very seasonal. Retention of key staff critical. Could distract from core business. Possible negative publicity. Vulnerable to reactive attack by major competitors
- Threats – These are external to your organizationTHREAT EXAMPLESLegislation could impact. Environmental effects would favor larger competitors. Existing core business distribution risk. Market demand very seasonal. Retention of key staff critical. Could distract from core business. Possible negative publicity. Vulnerable to reactive attack by major competitors
- This is a trendier dog…what is it?TRENDS – These are external to your organizationTRENDSConsider the trends related to your focus area. Carrying out this analysis will help you understand the bigger picture. What are the current trends in your field?What are the current trends in your clients’ fields?What are the current trends in society? What are the current trends locally or regionally?What are the current trends globally? Ask each person in your company to complete this analysis then hold a discussion and go through each area. Listen for common themes/patterns for each area. Use this discussion as groundwork for setting goals or discussing changes.
- TrendsTelecommuting rates are up.Consumer spending is down.Consumer confidence is at a low.Home foreclosure rates are at a high.Online education is growing
- Welcome – so glad to be here to talk about one of my favorite subjects – achieving success – to me, that’s what SMART goals are all about.I’m here to talk with you about goal ACHIEVEMENT, not goal setting!Goal versus accountability: An accountability is a statement about normal work output… a clearly defined and established on-going responsibility or requirement of a job. They describe what the person in that position is responsible for regularly producing or providing .A goal is a statement about a desired outcome with one or more specific objectives that define in precise terms what is to be accomplished within a designated time frame. A goal may be performance-related, developmental, a special project, or some combination. A performance goal is usually linked to an accountability and could involve solving a problem, innovation, or implementation of some type of improvement. A developmental goal may serve to enhance performance in the current role (greater depth of knowledge/skills/certifications). Special projects could include a “stretch” assignment (build experience), be based on the departmental plan, or meet a particular organizational need. S.M.A.R.T. Goals describe accomplishments, not activities. First, let’s look at what the S.M.A.R.T. acronym means…
- Specific: Goal objectives should address the five Ws… who, what, when, where, and why. Make sure the goal specifies what needs to be done with a timeframe for completion. Use action verbs… create, design, develop, implement, produce, etc. Example: resolve accounting discrepancies within 48 hours (or)Finish the WEF 5K in 35 minutes or less.
- Measurable: Goal objectives should include numeric or descriptive measures that define quantity, quality, cost, etc. How will you and your staff member know when the goal has been successfully met? Focus on elements such as observable actions, quantity, quality, cycle time, efficiency, and/or flexibility to measure outcomes, not activities. Example: secure pledges from ten new donors by the end of each week. (or)
- Goal objectives should be within the staff member’s control and influence; a goal may be a “stretch” but still feasible. Is the goal achievable with the available resources? Is the goal achievable within the timeframe originally outlined? Consider authority or control, influence, resources, and work environment support to meet the goal. Example: obtain the XYZ professional certification within two year
- Relevant: Goals should be instrumental to the mission of the department (and ultimately, the institution). Why is the goal important? How will the goal help the department achieve its objectives? Develop goals that relate to the staff member’s key accountabilities or link with departmental goals that align with the institutional agenda. Example: develop and implement a diversity recruitment plan that increases the number of diversity candidates by ten percentHow relevant is a goal of a number of LIKES on your Facebook Page?
- Time-bound: Goal objectives should identify a definite target date for completion and/or frequencies for specific action steps that are important for achieving the goal. How often should the staff member work on this assignment? By when should this goal be accomplished? Incorporate specific dates, calendar milestones, or timeframes that are relative to the achievement of another result (i.e., dependencies and linkages to other projects). Example: check the fire alarms and emergency lighting in all buildings every six months (or) we will generate a minimum of $15,000 in revenue each month.
- SMART Goal: 10 new clientsStrategy: Referral PlanAction Plans: Join BNI group Ask every client for a recommendation/referralSMART goals – what activities do you need to do in the first quarter to meet your objectivesGoals (3) Strategies (3-5)• Write down progress to track results• What is the challenge faced?• Not enough contacts• Need to network moreYou have a goal, now what?• Have an action plan and track progress• Post in visible spaces – mirror, refrig, carry with, purse, • Set short term milestones and wins• Celebrate quick wins• Share goals with others• Be accountable
- You have a goal, now what?• Have an action plan and track progress• Post in visible spaces – mirror, refrig, carry with, purse, • Set short term milestones and wins• Celebrate quick wins• Share goals with others• Be accountable
- Create results – don’t be too action-focused; want to be results-drivenStart a goal statement with phrases such as:– To complete…– To acquire…– To produce…– To increase…– To decrease…Avoid verbs that imply activity such as develop, conduct, or monitorAsk: Why am I doing this? What do I want?If I ________________ then __________ will occur.EXERCISE – Mentees and Mentors pair up- Write down a goal- Determine if the goal is SMART (worksheet)- Finalize your goals with a partner- Discuss action plans- How will you be accountable
- So what….what does this mean to you?It’s a challenge to be objective – how can you be objective about your firm?Ask participants – what’s wrong with this picture? What haven’t I thought of? What is missing?
- Questions??