Page 31 - Australasian Paint & Panel Magazine Sep-Oct 2019

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tomer service may be an opportunity for you. Consider if there is an opportunity to take on additional work or contracts. Has a large or- ganisation with a fleet of vehicles recently opened a depot nearby?
To help identify opportunities look at your strengths and your weaknesses and ask your- self whether these open up any opportunities.
THREATS
In this final section of your SWOT analysis you will need to identify what is likely to threaten your business. It’s helpful to think about inter- nal threats and external threats separately.
Internal threats would include things like an ageing work force of highly skilled indi- viduals close to retirement.
External threats are things typically out of
your control and would include competitors
opening nearby, technological changes with
motor vehicles or less skilled workers being
Here are some questions to ask to iden- tify your threats.
• Is there something your competitors are
doing that will make them more attrac- tive to insurance companies, fleet oper- ators and customers?
• Are the advances in motor vehicles technology going to decrease the amount of collisions, or make it more difficult to do repairs?
• Are insurance companies likely to change their expectations making it more diffi- cult to maintain your profitability?
• Could any of the weaknesses you listed earlier pose a threat to your business?
• Do you suffer from a lack of profitability
and/or cash flow?
When looking at threats it’s important to consider external third parties that can dictate what work you receive.
For example, car manufacturers require
WWW.PAINTANDPANEL.COM.AU
ist equipment before you can be referred this repair work.
SWOT TO DEVELOP YOUR PLAN
A SWOT analysis is a simple but highly effective tool to help you analyse your strengths, weaknesses, opportunities and threats.
Once it is completed, it’s important to create a list of action items and put them in your business plan.
Ben Fewtrell is the author of the Business Exceleration Blueprint, is a sought-after advisor, speaker, podcast host and traininer. He has mentored and coached hundreds of business owners in dozens of industries, including collision repair. Visit Maxmyprofit.com.au
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