Reference no: EM133636576

Homework: Situational Analysis- Identifying Skills & Aligning With Network

Overview

In this module's journal, you will do personal strengths; weaknesses, opportunities, and threats (SWOT) analysis that will help you position yourself for starting or growing your consulting practice. You will also identify your personal and professional network, also known as the sphere of influence (SOI). Your network is vital for starting or growing your consulting practice.

Doing this analysis will help with the main elements in your final project (due in Module Nine):

Market Position: You can use the results of your personal SWOT analysis and other research to explain your skills and position in the consulting marketplace, including how you compare to competitors. Relevant resources for this element are available in Module Eight.

Marketing Plan: Knowing your market position and SOI will help you develop your marketing strategy and execution plan to set your business apart in the marketplace. You will find helpful resources for this element in Modules Eight and Nine.

Business Launch Plan: You can use the results of your personal SWOT analysis to determine your readiness to go to market as a consultant. You will find resources for this element in Module Eight.

Your project should cover most of the main elements mentioned above and in the Project Guidelines.

Part I: Personal SWOT Analysis

Use the resources provided in the module to perform a personal SWOT analysis by identifying your strengths, weaknesses, opportunities, and threats to your actual or potential consulting business. Reflect on each component of your completed analysis and how the analysis could influence your assessment of your market positioning and your business plan. As you reflect on your analysis, think about these questions:

1) What value do you offer to the market?

2) Which areas do you need to improve based on the identified weaknesses?

3) Who are your competitors?

4) Which services and industries would find value in your services?

Part II: Personal and Professional Network Strategy

A famous saying goes: "Who you know matters more than what you know." This module helps you discover your personal network's potential and use it effectively.

Another saying: "You have around 150 acquaintances who'll support you in life's important moments." This is where a consultant can help. But only about 25% of people need consulting, and even fewer will hire one. This means few sales for the business.

So, how can consultants maximize their network in other ways? A key part of thinking about your market position is to initially identify to whom you might market. To help do this, start by visualizing your network and sphere of influence. First, review the module resources and do any additional research needed to understand the components in your network and sphere of influence. Write down the people and contacts (in person and virtual) in your immediate network, then try to expand that to your network's network.

A useful tool to do this is mind mapping. Mind maps are a diagramming tool that can organize information through visualizations. The goal of mind maps is to help decision makers analyze information and ideas to help solve problems. To visualize your network and use it to help identify your target audience, draw a mind map of your sphere of influence. Draw a small circle for your network (SOI) and a bigger one around it for your network's network.

Then answer the following questions:

1) How many people are in your SOI?

2) What industries are you known in?

3) How will you leverage your network to establish and grow your practice? Be specific with strategy and tactics, including names.

Directions

Write a 2 to 4 pages journal paper in which you answer the questions in Part I and Part II of the Overview. Include your SWOT analysis and network map. Discuss your reflections on each component of your completed SWOT analysis. Discuss how your skills and network align for establishing your consulting business and developing your marketing and business launch plan.

Specifically, you must address the following criteria:

1) Critical Thinking and Reflection: Support claims you make with relevant examples of personal experience, previous learning, or logical thought process.

2) Integration and Application: Show the depth of knowledge of the module content and exhibit careful consideration of the topic.

3) Voice: Write in a style that is appealing and appropriate for the intended audience, using a consistent voice throughout.

4) This journal is private between students and instructors.