A SWOT analysis can identify a lot of exciting business opportunities that you were previously unaware of.
The SWOT analysis examines the strengths, weaknesses, opportunities and threats that might have an impact on your business. If you are having difficulty identifying new opportunities then you will need to do some research. Here are some of the best opportunities that are available for small businesses:
Physical Expansion: Before expanding, your business must have consistently made a profit over the course of a few years. Try to look at trends and predict whether your company is likely to continue being successful.
Online Expansion: You can easily increase your sales without much financial investment by working on your web presence. Online expansion allows you to target the global marketplace and reach potential customers all over the world.
Diversification: Often you can turn an unsuccessful small business into a much better one simply by altering or adding to your product range. If you know of products that complement what you currently sell then it makes sense for you to provide them too.
Merger: Small businesses don’t always have to try to beat each other. Collaboration between two similar businesses can be beneficial for both parties. Merging with or acquiring another business can also help you acquire excellent staff and access to a ready-made customer base.