Analyze Your Firm as a Starting Point for
Business Development Planning
Ken Berry, CBI
Principal and Vice President
Analyze Your Firm as a Starting Point for Business Development Planning
In an earlier entry, we mentioned conducting a SWOT Analysis as part of your business
development strategic planning. Let’s take a look at how this will be of benefit to your
SWOT Analysis—short for strengths, weaknesses, opportunities, and threats—is a
strategic planning technique that offers insight into your practice and those of your
competitors. This process will help breakdown your practice and identify ways to
maximize your strengths while minimizing your weaknesses. By examining the
opportunities and threats you can identify new service opportunities to pursue, identify
highly competitive new services you may want to avoid and recognize steps you can take
to avoid losing clients to your competition. Taking that information, formulating a plan
and executing on that plan will help you grow your business by design by matching your
services to your current clients and new prospects.
The benefits to your practice include:
• determining practice growth potential,
• evaluating the competitive marketplace,
• concentrating your marketing and business development activities in the most
identifying possible threats and ways to minimize them.
An old baseball maxim says that, to be successful, you have to “hit ‘em where they
ain’t.” That can also apply to your practice. By analyzing and planning, you will know
what areas to “hit” and what areas not to “hit” while you are executing the strategy
developed during the process.
Taking time every quarter to measure your performance and adjust accordingly will help
you build a much stronger and much more valuable practice. The SWOT Analysis can be
an effective tool during that process.
ProHorizons is a national brokerage and consulting company focusing on accounting
practice sales, acquisitions, and business