graphic of what are my threats and opportunitiaes, swot analysis

SWOT Analysis: What are My Opportunities & Threats? [Free Download]

A SWOT (strengths, weaknesses, opportunities, and threats) analysis is an important tool when developing your marketing strategy. As part of your SWOT analysis, you’ll have to identify any opportunities your company should take advantage of and any threats you could face.

You’ll be able to use your strengths to take full advantage of any opportunities that come your way, while creating a plan for avoiding any threats.

Scroll down to the bottom to download your free SWOT analysis template!

Opportunities

When you’re trying to identify your opportunities, ask yourself some questions:

  • What trends am I aware of?
  • Are there any changes to policies or other regulations that could help my business?
  • Is the economy changing in a way to encourage consumers to spend more?
  • Are there new technologies emerging that we could use to stand out from our competitors?
  • Is our target market growing?
  • Is my local government encouraging consumers to shop at local businesses?

After you’ve made a list of potential opportunities for your small business, compare it to your company’s strengths. Ideally, you can use some of your strengths to take full advantage of some of your opportunities.

Examples of Opportunities

Don’t know where to start? Let’s look at some possible opportunities for a clothing boutique:

  • You can use the new Instagram TV to give longer tours around your store and show off your favorite new pieces in stock.
  • Your city is growing, meaning you could have more walk-in traffic.
  • A local department store closed up shop, so you could gain some of their customers.

Threats

To identify your threats, ask yourself some questions:

  • Do we have any new competitors?
  • Are any of our competitors gaining a strong foothold in our target market?
  • Is our target market shrinking?
  • Are there any changes to policies or other regulations that could harm my business?
  • Is there new technology emerging that could threaten my business?

Examples of Threats

You can’t predict the future, but by preparing for some potential threats, you’ll be better prepared if they happen. To help you think about what could threaten your company, let’s look at some potential threats for that clothing boutique:

  • You’ve been selling quite well online, but now you have to charge more customers sales tax. You can’t afford to keep up with all the requirements, and many of your online customers are choosing to shop with other stores, since they now have to pay sales tax anyway.
  • A local competitor put up a billboard on a prominent road near your store.
  • Your local television station has increased their advertising costs.

SWOT Analysis Template

Now that you know how to determine your company’s opportunities and threats, you’re on your way to conducting a thorough SWOT analysis. Download your very own SWOT template below:

Download now!