SWOT your personality & management style could save your business.
Article by Diane Shawe Author
Changing trends, diverse client base and increasing competitors are all hallmarks of change. How easily do you adapt to change and when was the last time you looked at your salons Strengths, Weaknesses, Opportunities and Threaths.
One of the hardest things you will ever have to approach is getting an overview of how people perceive you after running your business for over a year. It is often said that sometimes the business owner can be the biggest obstacle to their business developing and growth. It’s worth getting an honest appraisal about yourself from a staff or clients. I don’t recommend family or friends as we often behave differently with strangers.
You might not like what you hear and you should make it easy for them to tell you. But Just like you would want an honest reference about a person before you employ them, you should seek an honest appraisal of how you are perceived by others.
This may help you make some adjustments before you embark on new business development and growth and help you get the best out of yourself at the earliest stages.
Swot analysis pointers
Your SWOT analysis should be made up of a separate SWOT for each component of the business. You must really examine each segment, probing every detail.
Determine the strengths, weaknesses, opportunities and threats for:
• hair, beauty and hair extensions business sector in your region
• the services you provide
• staffing issues
• current marketing strategy
The following are a few examples of areas to look at:
Hair, beauty and hair extension sector in your region
• direction headed
•Hair, Beauty and hair extension ethics
• customer service
• sales targets
• profit margins
services you provide
• cost to produce each service
• quality of services
• range of services
• demand for services
• staff training
• cost to employ
• rapport with clients
• your management style
• what are your business values
• most profitable target market
• customer profile
• quality of existing clientele
• quantity of clients
• needs and wants
• buying motivations
• how potential customers could perceive you
• number of competitors
• their strengths, weaknesses
• your strengths, weaknesses
• their target markets
• the larger economy and how your business fits in
• market trends
• legislation changes
• position in the economic cycle
current marketing strategy
• position of hair, beauty and hair extension products and services in the market
• market perception of hair extensions and hair enhancement products and services
• advertising methods and relationship to social media
• advertising cost
• sales strategies
• sales promotions
• retail display
• market perception of retail
Performing and updating your SWOT analysis will give you a true picture of how your Hair, Beauty & Hair Extensions business could or should be running. It is essential to work out why some things are working in your business and why some aren’t.
You may discover problems that you had no idea even existed. These can be addressed before they get out of hand. It will also highlight many assets, which could be utilised better, even opportunities, which could be taken advantage of.
Discover the staffs’ perceptions of the business. Don’t be afraid or get upset to hear their criticisms, use them wisely. Some of your staff could have ideas that if used, would make huge differences to the hair extension studio. Quite often it is the smallest changes that make the biggest impact
The results of your SWOT analysis will be the basis for your marketing plans and decisions.
Extracted from Getting Started in the Hair Extensions Business by Diane Shawe’s eBook available on Amazon right now at: https://www.amazon.com/Diane-Shawe/e/B0052WG8V