This is the second article in a two-part SWOT analysis of academic libraries. The purpose of this research is to guide strategy development, decision making and advancement of positioning by identifying and analyzing the key strengths, weaknesses, opportunities and threats impacting academic libraries. Its premise is that an understanding of these elements, their overlap and the interplay between them is an essential foundation for the effective development of strategy. The research is unique in applying SWOT analysis to academic libraries collectively. The second article focuses on weaknesses and threats. Weaknesses are identified as conservatism, stakeholder misperceptions, economics and diversity. Declining position, identity blurring, competition and uncertainty constitute the key threats. Examination of these factors is followed by a discussion of the whole analysis and a proposed framework for future strategy development and positioning, based on ten strategic directions emerging from the analysis. These are: active positioning; knowing the territory; being politically attuned; prioritizing outward engagement; maximizing social capital; communicating value and identity; embracing uncertainty; addressing diversity deficits; leveraging change in scholarly communications; and maintaining long-term perspective.