Someone asked me the other day in relation to a not for
profit project I was working on, what is your perceived risk?
I thought about all sorts of risk, in relation to staffing,
economic times and community needs.
Little did I know that nearly 2 weeks later whammo it would
have an entirely different scenario.
Do we ever plan for pandemics? Do we ever plan for an entire
change in the way we do things?
Hello no.
Did we plan for the 2009 bushfires?
Not one bit even our emergency teams, governments, and local groups were not up for a disaster of that magnitude. But we learned so much and hindsight and a royal commission identified what we could have done better.
So are businesses planning now? Are they looking forward
enough to consider many options>?
What if the first plan a does not work, will they be that tired that
plan B isn’t going to get up off the paper and or out of their heads.
Some businesses it seems are giving up... why? Maybe they didn't have a backup plan.
Some businesses it seems are giving up... why? Maybe they didn't have a backup plan.
One of my all-time favorite sayings is fail to plan - plan
to fail.
The biggest risk is not to have a backup plan, and in these uncertain times with a pandemic virus and the uncertainty that comes with business...we all worry about a possible recession but governments around the world are trying to ensure it does not happen with stimulus packages to boost the economies.
So business owners need tricks up their sleeve to stay in the game
- to have that competitive advantage.
Micheal Porters generic strategies of cost leadership, differentiation
and focus strategies need to be the basis of a goal to get through a TOUGH
time..
Once objectives are outlaid its time to integrate marketing
planning.
Usually, in tough times, marketing departments get their budgets
slashed or the entire department gets wiped out or if you are in small business all marketing activities are STOPPED.
It's much more manageable to wind back, put activities on
hold, reassess what the new options may be and regroup.
So its review time…if your business is losing its market
share and or if the environment has changed that much like today's current
crisis ....it’s time to look at ensuring you maintain and or can retrieve
that market share in the coming months
So how do you do this? Take a step back…breathe and conduct
an honest PESTEL
According to the professor’s academy and most academic marketing
books PESTEL is an analysis tool used by marketers to evaluate the large-scale-environmental
factors in relation to the external marketing environment.
This is what is having an impact on a business at the time.
Over time it's been expanding on to include other variables
but if you are a small business this will get you thinking about political, economic,
social, technological, environmental and legal factors.
Need to see it in the flesh?
You can read up on each of those six headings…check out; https://blog.oxfordcollegeofmarketing.com/2016/06/30/pestel-analysis/
You can read up on each of those six headings…check out; https://blog.oxfordcollegeofmarketing.com/2016/06/30/pestel-analysis/
So back to PESTEL – once you have completed it – the results
can be used to identify threats and weaknesses which are used in a SWOT analysis.
So - the difference?
A PESTEL can be external considerations and a SWOT can be
both internal with strengths and weaknesses and opportunities and threats can
be the external.
SWOT – in its actual true form it’s a strategic analysis and
once completed it allows future decisions to be factually based and the way
forward can be decided based on knowledge gained through the process.
So really why a SWOT? It can assist in
- understanding your business better.
- addressing weaknesses.
- discourage threats.
- capitalising on opportunities.
- taking advantage of your business's strengths and...
- developing business goals and strategies for achieving them
So, get swotting….be honest with it…get the team to provide
feedback too…holistic marketing and planning will be more effective.
Once completed be open to the new opportunities, understand your risk and threats and embrace your weaknesses.
Seek out strategic alliances, new income streams, diversify and above all be positive. Check out the government stimulus packages there may be something in it for you.
Seek out groups online, chat with other business owners, ensure your local government councilors, CEO and local members, understand the effect this pandemic is having on small businesses. The need to understand the economic roll-on effect this will have, not just in the next month but in the coming months and years.
With business sometimes you have to take risks... you have to also take a chance on a fast decision making......but with a small amount of reflection, insight, and evidence you can make an informed decision... and be better for it in the long run.
Nothing ventured nothing gained.
With business sometimes you have to take risks... you have to also take a chance on a fast decision making......but with a small amount of reflection, insight, and evidence you can make an informed decision... and be better for it in the long run.
Nothing ventured nothing gained.
Oh and by the way, once you have completed your PESTEL and SWOT reward yourself…we all need a
pat on the back..
Need help brainstorming in these difficult times? Need to
PESTEL or SWOT ?
Or need help with marketing?
sam@samhicksc.com.au