No one wants to think about the weaknesses that their business may have, but the truth is, in order to grow and to make sure that you are best placed in your industry, you are going to need to be able to identify not only the things that you do well but also those that you need to work on too.   

There are a number of ways that you can do this. However, one of the most effective has to be with a SWOT analysis. To help you to get to grips with this useful tool, here is my guide to all that you need to know about SWOT and how it can help your B2B business.   

What actually is a SWOT analysis?  

So, let’s start at the very beginning. What is a SWOT analysis? SWOT stands for four things:  

• Strengths  
• Weaknesses  
• Opportunities   
• Threats  

The idea of carrying out a SWOT analysis is that it is going to help you to be aware of all of the key aspects of your business. Be it those that you do well or those that you do need to focus more on in order to improve and grow.   

This tool was created during the 1960s, and since then, it has become a recognised tool for those who are just starting out in business or who want to take steps to grow their business.   

Who should be involved?  

One of the main things that can go wrong with SWOT analysis is that you don’t involve enough key people from your business in them. It is important to have as many viewpoints as you can (within reason, of course), as this will only give you more information with which to create your analysis.   

Think about the different teams and team members. Discuss with them what they think you are doing well as a business. Hopefully, you will find that everyone has very similar ideas. But there is also a chance that some of these key staff members will be able to give you some insights that you may not have otherwise thought about.   

What does a SWOT analysis contain?  

As I have already summarised, a SWOT analysis needs to look at four key factors that make up the acronym. The idea is to balance them and obtain an overall look at your business, both the good and the bad. This will prove imperative for your growth.   

The most common approach that business owners take when it comes to creating a SWOT analysis is to create a table which is split into four columns. This gives you the space that you need to create a side-by-side comparison of your business.   

Let’s take a look at some of these in more detail.   

Strengths and weaknesses  

These are probably the two aspects which are most obvious. They are internal factors and involve looking at the things that you do well in your business, as well as the things that you may not do quite as well.

When you identify your strengths, then you are going to know the things to highlight as being your expertise; and equally, when you identify your weaknesses, you are giving yourself, as a business, something to work on.   

Opportunities and threats  

The other two aspects of SWOT analysis are external factors (that you have little to no control over). As a business, you may not have control over these factors. However, they can have a significant impact on your overall performance and either benefit you or cause issues.   

Some key examples of these external factors include:   

• Market trends  

• Demographics  
• Relationships that you have with partners and suppliers  
• Economic changes  
• Political changes  

Use your results  

While it is one thing to actually complete your SWOT analysis, it is essential to make sure that you do something with your findings and results. Think about some key strategies that are going to really work for you as a business and what you can do to make those weaknesses better in the short and long term.  

You also want to consider any new opportunities or threats that may be on the horizon (which can be hard to identify and predict, of course), but at least thinking about them can really help you to achieve the very best for your business.   

Take a look at some of my other blogs you may be interested in:

How can a fractional CMO help my professional service firm?

Business Development Strategies to optimise your B2B Business Growth

Need help?

If you would like help with your marketing then bringing on a marketing consultant with a fresh pair of eyes can make all the difference. I work with B2B businesses and professional service firms in London, Kent, UK and Europe as well as specialising as a Legal Marketing Consultant. Please get in touch or book a free 30-minute consultation.