You're listening to Business English Pod, the Business English podcast for professionals on the move.
Welcome back to Business English Pod.
My name's Edwin and I'll be your host for this episode, which is the second in a two-part series on presenting a SWOT analysis.
A SWOT analysis is a tool that helps companies understand their strengths and weaknesses, while keeping in mind the opportunities and threats they face.
In this way, companies can take a look at both the internal and external factors that can impact their success.
This information can be used in a variety of ways, such as project planning, crisis management and competitive analysis.
In the last episode Terry, who works at a growing accountancy firm, began a presentation for Susan, the newly hired marketing manager.
Terry presented his SWOT analysis quite casually as a one-to-one discussion with Susan.
He introduced some of the company's strengths and weaknesses internal factors that affect the firm's growth.
In this episode, Terry will introduce the opportunities and threats faced by the firm.
These are external forces that need to be considered before developing a new marketing strategy.
As the dialogue starts, Susan responds to Terry's presentation of the company's strengths and weaknesses.
As Terry moves on to begin discussing opportunities,
While you listen, try to answer the following questions.
1.
What has the local government done in response to the current economic situation?
2.
Who is in charge of the tax advisory division of the firm?
3.
What does Terry think is important for Susan's marketing campaign?
So, do you have any thoughts on dealing with these issues?
We do, and Francine will fill you in on the details.
But I'd just like to say that I feel really confident that we can overcome these challenges if we keep our noses to the grindstone and an eye on expenses.
What about the business environment?
How's the economy affecting your client base?
Actually, it's turning out to be quite an opportunity.
Initially, some of our clients were hit hard by the downturn.
But the local government has been pumping money into a new science park and that's starting to bring in quite a few new clients.
Sounds like an excellent opportunity.
Indeed.
But what's really driving interest is our tax advisory arm headed up by Toby.
You see, the government is offering a range of tax breaks to new startups, but the rules can be a little difficult to navigate.
Yes, I can see how that could have a positive knock-on effect.
However, if one of the Big Four decides to change focus, our market position could be threatened.
How do you mean?
Well, as I said, the Big Four mainly focus on large-scale businesses.
If they decided to target smaller companies by say, offering standardized low-cost packages, we could find ourselves competing with firms that have virtually unlimited resources.
Ah, yes.
Grabbing market share by diversifying their client base.
Have you developed a strategy to counter this yet?
Again, we come back to the new position of marketing manager.
Your position.
We believe that we need to develop ourselves as an identifiable brand and create a full marketing campaign around that.
And, well, that's your job.
Thanks, Terry.
This information is really useful and you've certainly given me a lot of ideas.
As you will recall from last time, Terry has already gone through the main strengths and weaknesses of his company.
He starts off this part of the presentation by reassuring Susan that these challenges can be overcome with consistent effort and careful management of expenses.
We do, and Francine will fill you in on the details.
But I'd just like to say that I feel really confident that we can overcome these challenges if we keep our noses to the grindstone and an eye on expenses.
To fill someone in means to provide more detailed information, so we can expect that Francine will be giving Susan more details on this topic later.
Terry also adds a note of confidence by saying his firm will succeed if they keep their noses to the grindstone and keep an eye on expenses.
In other words, they need to work consistently and watch their expenses carefully.
Notice how Terry presents the challenges facing the company in a positive way.
He says I feel really confident that Because he makes his confidence clear he can help make others feel that the firm will succeed.
Talking about challenges in a positive light is important in business.
If you show confidence in your company, it's more likely that others will have confidence in your company too.
So let's look at some other ways to discuss challenges in a positive way.
We can get around these hurdles if we work hard.
We know that we'll come out on top if we take the right approach.
We can count on a positive outcome.
If we handle this right, we have complete confidence in our ability to pull this off.
Next, susan asks about the economy's effect on the firm's client base.
Terry responds actually, it's turning out to be quite an opportunity.
Initially, some of our clients were hit hard by the downturn, but the local government has been pumping money into a new science park and that's starting to bring in quite a few new clients.
Terry explains that some clients were affected negatively or hit hard by the poor economic situation or downturn.
However, this has actually been quite positive in terms of new business.
The local government has been pumping money into, or providing additional funds for a science park, and now these companies are becoming new clients.
Sometimes, visual images can help us remember idioms.
For example, you can compare pumping money into a business to pumping air into a tire.
Money can help keep a business moving, just as air can help keep a tire rolling, and so a properly funded business can run like a properly maintained car.
What are some other ways to introduce an opportunity in a business conversation?
Surveys show that the population is aging, which means increasing need for our products over time.
There's no doubt that the new regulations give us an advantage.
With only slight modifications, our tracking software can be used by airlines to find missing luggage.
Although the total market isn't growing, market research shows many customers are dissatisfied with our competitors service
Terry has more to say about this opportunity.
Let's listen.
Indeed.
But what's really driving interest is our tax advisory arm headed up by Toby.
You see, the government is offering a range of tax breaks to new startups, but the rules can be a little difficult to navigate.
Here Terry gives Susan some specific information about why the downturn has actually had a positive impact on their business.
The firm's tax advisory division, or ARM, has been driving or generating a good deal of interest from clients.
This is because the government program of tax incentives to new companies or startups comes with some complicated rules that clients find difficult to navigate or work through.
Tobii's expertise distinguishes the firm as one that can handle these tax challenges.
So the firm has found an opportunity, even in the downturn.
Whenever you're introducing an opportunity to colleagues, it's good to be able to support the idea with more information.
Doing so helps others understand the advantage and how they might be involved.
So let's practice some more language for supporting your ideas.
What we know is that inquiries have increased 50% since we started advertising on TV.
It is this one small change, the reduction in tariffs, that will make a difference to our import costs.
As seen with last year's successful launch, our network of contacts can be used to expand outside of our core business.
The fact that our platform can be customized sets us apart from other companies bidding on the project.
Another important part of a SWOT analysis is examining threats that can hinder a company's growth or viability.
Here's how Terry tells Susan about a threat that concerns him.
However, if one of the big four decides to change focus, our market position could be threatened.
The big four is a reference to the four largest public accounting firms.
These firms have more power and resources than Terry's firm, and any changes in their strategy could mean more competition for clients.
Introducing a threat involves acknowledging external factors and giving them careful consideration.
Let's look at a few more examples.
On the other hand, price volatility could have devastating effects.
New companies are entering the sector, which could affect market share.
Consolidation is underway and a hostile takeover is always possible.
Protecting IP is not easy and we are seeing an increase in enforcement cases.
Next, Susan asked Terry to explain why the Big Four could be such a threat.
How do you mean?
Well, as I said, the Big Four mainly focus on large-scale businesses.
If they decided to target smaller companies by say, offering standardized low-cost packages, we could find ourselves competing with firms that have virtually unlimited resources.
Previously, Terry told Susan that his firm's clientele was mainly SMEs small to medium-sized enterprises.
This client base is different from that of the Big Four, which concentrates on larger businesses.
In this way, Terry's firm and the Big Four don't compete.
They work for and seek different types of clients.
However, if the Big Four decided to go after SMEs as well, the direct competition would be a threat.
The larger firms would have the resources to offer low-cost packages to the SMEs, something Terry's firm could not do.
Notice how Terry uses the word if and the second conditional in his explanation.
He's talking about a hypothetical situation, one that is not happening now and might not happen at all.
Talking about a hypothetical or unknown situation.
Using the second conditional is useful for many business discussions.
It allows you to say more about how your company would respond if a particular situation occurred.
Listen to how if is used in the following examples.
If there was a downturn, our industry would feel it first.
If there were a crash, most companies would be unprepared.
We'd be in trouble if they decided to look for alternative suppliers.
We wouldn't be able to make enough profit if costs increased.
If we got into a price war, profits would certainly be affected.
How does Susan respond?
Ah yes, grabbing market share by diversifying their client base.
Have you developed a strategy to counter this yet?
To diversify means to spread business among a variety of areas.
Susan is suggesting that the Big Four might increase their market share by going after SMEs as well as large corporations.
She wants to know if the firm has made any plans to counter or respond to this possible threat.
As this is closely related to the job Susan was hired to do, Terry uses this as an opportunity to make a final recommendation and turn the discussion over to Susan.
Again, we come back to the new position of marketing manager, your position.
We believe that we need to develop ourselves as an identifiable brand and create a full marketing campaign around that.
And well, that's your job.
An identifiable brand is one that will distinguish it from the competitors and help promote what the firm does best.
This can be achieved with a new marketing campaign.
But he doesn't need to go into too much detail, as this is why they have hired Susan in the first place.
So he just makes a general recommendation on how she might use her expertise.
How else can you give a recommendation?
A reduction in delivery time is the number one priority.
As I think you can see now, we should work harder to retain key staff.
A good start would be to set up a system to track accounts receivable.
It's time to evaluate who is contributing the most to our bottom line.
Okay, now it's your turn to practice some of the language we've looked at today.
First, let's review the language of talking about hypothetical situations.
Imagine that someone is discussing some possibilities or conditions.
Use the language given to talk about the hypothetical result of these conditions.
These sentences will all be in the second conditional form.
For example, if you hear, Have you thought about borrowing more money?
Result.
Expand into new markets.
You can say, Are you ready?
Let's give it a try.
Remember to start each sentence with an if.
Have you realized that a downturn is possible?
Result.
This sector hit hard.
Example Answer If there were a downturn, this sector would be hit hard.
I've heard there may be new startups in the wireless market.
Result Consolidation follows within three years.
Example answer.
If there were new startups in the wireless market, consolidation would follow within three years.
Why don't you outsource?
Result.
Costs go down but worried about quality.
Example Answer If we outsourced, our costs would go down, but we're concerned about quality.
There's a rumor that the cost of raw materials may increase.
Result Forces us to increase our prices.
Example answer.
If the cost of raw materials increased, we'd be forced to increase our prices.
Talking about hypothetical or unreal situations.
Using the second conditional is useful for many business discussions, so it's worth practicing this language until you are comfortable using it.
We'll finish off today's lesson by practicing useful vocabulary and idioms.
You'll hear a series of sentences with a word replaced with a beep.
Repeat the whole sentence, saying the missing word.
For example, if you hear, Governments are creating new tax by allowing new kinds of deductions.
You can say, Governments are creating new tax breaks by allowing new kinds of deductions.
After each response, we'll play the correct answer.
Let's begin.
Answer.
Answer.
By keeping my nose to the grindstone, I was able to finish both projects by the deadline.
We can't any more money into this project unless we see results soon.
Answer We can't pump any more money into this project unless we see results soon.
We decided to keep an on our competitor in case they started dumping product abroad.
Answer.
We decided to keep an eye on our competitor in case they start dumping product abroad.
We were hit by losses due to foreign exchange rates.
Answer.
We were hit hard by losses due to foreign exchange rates.
The elimination of tariffs had quite a knock-on effect in our industry.
That's all for this episode on SWOT analysis.
We've studied language and expressions for introducing an opportunity, introducing a threat, talking about hypothetical situations and giving recommendations.
See you next time, and thanks for listening.
