SWOT Analysis: How To Identify Opportunities

A good entrepreneur is always on the hunt for new opportunities. One of the best ways to identify opportunities within your business is to complete a SWOT analysis. The acronym SWOT stands for strengths, weaknesses, opportunities, and threats.

Ideal Times to Conduct a SWOT Analysis

1. At the Beginning of the Year

As a new year begins, it’s a natural time to review the past year and look ahead. By conducting an analysis at the beginning of a new year, you’ll be ready to make decisions in the coming months.

2. Do an Annual Check Up

Your SWOT analysis should get a check up at least once a year too. You’ll be amazed how much can change within a year. You might not need to conduct the analysis from top to bottom again, but you should at least set aside a day to review it and make updates.

3. Do a SWOT Analysis When a Shift Occurs

If something big is changing in your business, it’s time to do a new SWOT report. Maybe you just took on a big client and plan to increase your revenue, or maybe the political support that you once had is shifting. When a noticeable change like this happens, it’s always a good idea to re-evaluate where your business stands.

How to Define Your Company’s Opportunities

Opportunities are factors that can contribute to your growing success. These factors are typically outside of your control, which is why they are consider external factors.

Here are a few categories to consider when looking for business opportunities:

A) Economic trends - Look at the economy in your area. 
B) Market trends - Your target market could be driving new trends that could open doors for your business. 
C) Funding changes - Think of donations, grants, or other sifting revenue streams that aren’t within your control. 
D) Political support - Consider changes in political ties. 
E) Government regulations - Think of regulations that are changing that might afford you new opportunities. 
F) Changing relationships - Consider shifting relationships with vendors, partners, or suppliers. 
G) Target audience shift - Your target market might be expanding, aging, or shifting.

Questions to Ask to Find Opportunities

Economic Trends
- Is the economy in your area looking up? 
- Will the economy enable your audience to make more purchases? 
- Are economic shifts happening that impact your target audience? 

Market Trends
- How is your market changing? 
- What new trends could your company take advantage of? 
- What kind of timeframe surrounds these new trends? 
- Could it be a long-term opportunity? 

Funding Changes
- Do you expect an increase in grant funding or donations this year? 
- How will funding changes help your business? 

Political Support
- Do you anticipate a shift in political support this year? 
- What opportunities could be created with new political partnerships? 

Government Regulations 
- Are any regulations shifting that could lead to a positive change? 

Changing Relationships
- Are there positive changes happening within any of your outside business relationships? 
- Are vendors changing or expanding? 
- Has your partner decided to move on, creating an opportunity to work with someone new? 

Target Audience Shift
- How is your demographic shifting? 
- What opportunities can you think of that can move with these changing demographics? 
- Is your audience expanding? If so, how can you capitalize on this increase?

Tips to List Your Opportunities

1. Do Your Research

Finding answers to some of these questions might require some digging. Don’t be afraid to make some calls, set up meetings, and do some market research to gauge upcoming changes.

2. Be Creative 

To find an opportunity where your competitors cannot will take skill and creativity. Don’t be afraid to think outside the box when you’re listing possible opportunities.

Read more:
1. What's SWOT Analysis?
2. SWOT Analysis: How to Identify Strengths 
3. SWOT Analysis: How to Identify Weaknesses
4. SWOT Analysis: How to Identify Threats 
5. Turning Your SWOT Analysis Into Actionable Strategies
6. What's TOWS Analysis ?   

Edited by: 浪子

Bibliography

Lisa Furgison. (n.d.). SWOT Analysis Challenge Day 3: How to Identify Opportunities. Retrieved from 
https://articles.bplans.com/swot-analysis-challenge-day-3-identify-opportunities/