There’s one acronym that all small businesses should keep in mind – SWOT. Don’t panic, I’m not talking about upping your study game, but the other type of SWOT – you should take time to do a SWOT analysis.

This will help you to examine the strengths, weaknesses, opportunities, and threats that are facing your business.

It’s critical to your entire planning process.


Below are a few of the key areas businesses should consider when doing a SWOT analysis.


capitalising on opportunities

Depending on your type of business, you should always be on the lookout for new market opportunities and realistically assess which ones will have the best likelihood of success and how you can capitalise on them.

For example, what resources are you going to need to support the influx of demand from your new marketing strategy?

Will you have to employ more salespeople? Or maybe you will need extra manufacturing and warehousing capacity?

You always need to make sure you’re up to date in a changing market and with your industry trends.


working capital

One of the most important factors to consider is working out the implications for working capital.

I’ve seen some great business plans developed where everything was in place for the business to triple in size in just three years, but nobody bothered to consider the extra $300,000 in working capital needed over that time.

You need to ask how you will fund it. Will it be equity? Debt? Cash flow? Perhaps a combination of all these options? Whatever strategy you adopt, take a conservative approach.


your products

For retail and ecommerce businesses, product innovation is critical.

Most products have a shelf life and strategic planning sessions are an ideal time to assess where your product is placed in the business cycle.

Is your market share under threat? Are new competitors coming into the market, perhaps even from overseas? Do they have better pricing strategies? How do their products compare to yours?

Do you have a strategy for competing with a new product or is it time to develop a different line?


marketing strategy

Your marketing strategy is key for nurturing existing customer relationships as well as driving new customers to your business. Do you know how much it’s costing to you to get a new customer vs get a new sale from an existing customer?

Marketing strategies and trends are constantly evolving, so it is important you assess how things are tracking for your business. A few things you might want to consider are:

  • Does your website have a good user experience and effective search engine optimisation?
  • Do you have a strong social media presence, or is an engaged email database working for you?
  • Are you running Google and Meta ads, and could they be better optimised?
  • Are you producing the right content your target audience is actually interested in?
  • Maybe your target audience needs some love away from the screen, are you utilising billboards and printed media?


client relationships

To use that old cliché, the owner of a business should be spending quality time with key clients to make sure the lines of communication are open and those relationships are strong – don’t give them a reason to move!


your people

In today’s labour market, the loss of key staff can be a real threat to your business.

Never take your employees for granted. Do you have a strong workplace culture? Do they have defined career paths? Do you have relevant training programs in place?

A strategy session can be the ideal opportunity to address these kinds of staffing issues.


we’re here to help!

Need a hand setting up a plan for your business or are looking for an expert business advisor to provide insights on your existing plan? We’d love to help you – just reach out at or give us a buzz at 1300 BDEPOT! 


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general advice disclaimer

The information provided on this website is a brief overview and does not constitute any type of advice. We endeavour to ensure that the information provided is accurate however information may become outdated as legislation, policies, regulations and other considerations constantly change. Individuals must not rely on this information to make a financial, investment or legal decision. Please consult with an appropriate professional before making any decision.