SWOT analysis: Defining the Opportunities for your Business

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This week, we are working on the SWOT analysis for your business.  This exercise will give you a chance, to identify Strengths, Weaknesses, Opportunities, and Threats.  Today, we are going to uncover the opportunities outside of your business.  If you’ll remember from our discussion on Monday, your opportunities and threats come from outside factors affecting your business.

Take 15-30 minutes today to work on defining the opportunities for your business.  These are the “places you will go” and “things you can do” with your business.  Here are some things to think about while working on your opportunities:

• Look at the economic, social, and political climate.  How can changes in these factors define opportunities for your business?
• What trends are happening in the market?  How can your business fit into these trends?
• What opportunities are there within your market segment?  In your local market?  At the national level?
• What relationships can you build upon?
• What investments can you build upon?  Investments can be those made into equipments, supplies, inventory – or – advertising, promotion, public relations.
• Where do you see lemons?  Can you make lemonade?
• Where do you find a challenge at the consumer level?  Can you create a solution?

Ahhhh… fun!  Are you starting to see it all come together?  Are you starting to be abuzz with ideas?  There’s a whole world out there, and the SWOT Analysis is very helpful in helping you find it.