Once you’ve considered your strengths and weaknesses as a business, it’s time to start thinking about your opportunities.
Try to keep in mind that you will not be able to control your opportunities. By their very nature, opportunities are external factors. As a result, making your list may be much simpler.
There are many possible opportunities that you can think about when you are making a list.
- Is there a newly developing market you can tap into?
- Do you have alliances with other companies that make for great opportunities?
- Have you recently lost some competition?
Remember to think about the opportunities that you have, and the things that may eventually turn into opportunities for your business. It might help to look at your strengths and decide which might turn into future opportunities.
Moreover, take a glance at your weaknesses and decide which might help you rule out some opportunities based on unpreparedness.
Once you’ve looked at the opportunities that have presented themselves to you or that you think may present themselves to you, you can consider your threats. Again, for the most part, these are external factors that you cannot control.
Common threats to most businesses include a bit of new competition in your marketplace. New laws that apply to your business may also be a threat to you. Moreover, some of your weaknesses could potentially turn into threats, and you should consider those on your horizon. These, of course, are threats that you may be able to control in the long run.
When you are trying to make your list, think about any obstacles that you are facing that could be placed in this category. Think about new technologies that your competitors are creating that may hurt you in the future. Also, think about how your market might change in the future. If the market is headed to an all internet based product, and you currently have a traditional store front to support, that could be a real problem for you and your business. If the product specifications or the training required for your job will change, that could be a detriment to your profits. If the financial requirements for your business might change, that could also be a problem to you in the future. For example, if you have been a debt based business, but things are changing in your industry, that could spell real problems for you and your business.
Once you’ve considered your strengths and weaknesses as a business, it’s time to start thinking about your opportunities. Try to keep in mind that you will not be able to control your opportunities. By their very nature, opportunities are external factors. As a result, making your list may be much simpler. There are many possible opportunities that you can think about when you are making a list. Is there a newly developing market you can tap into? Do you have alliances with other companies that make for great opportunities? Have you recently lost some competition? Remember to think about the opportunities that you have, and the things that may eventually turn into opportunities for your business. It might help to look at your strengths and decide which might turn into future opportunities. Moreover, take a glance at your weaknesses and decide which might help you rule out some opportunities based on unpreparedness. Once you’ve looked at the opportunities that have presented themselves to you or that you think may present themselves to you, you can consider your threats. Again, for the most part, these are external factors that you cannot control. Common threats to most businesses include a bit of new competition in your marketplace. New laws that apply to your business may also be a threat to you. Moreover, some of your weaknesses could potentially turn into threats, and you should consider those on your horizon. These, of course, are threats that you may be able to control in the long run. When you are trying to make your list, think about any obstacles that you are facing that could be placed in this category. Think about new technologies that your competitors are creating that may hurt you in the future. Also, think about how your market might change in the future. If the market is headed to an all internet based product, and you currently have a traditional store front to support, that could be a real problem for you and your business. If the product specifications or the training required for your job will change, that could be a detriment to your profits. If the financial requirements for your business might change, that could also be a problem to you in the future. For example, if you have been a debt based business, but things are changing in your industry, that could spell real problems for you and your business.
