This section enables you to look closely at the internal strengths and weaknesses of your business, and to identify external threats and potential opportunities.
S = Strengths
W = Weaknesses
O = Opportunities
T = Threats
Strengths
Provide a list of your core competencies that give your product or service certain advantages.
(Example: High quality, competitive pricing, customer care)
Weaknesses
Given the necessary resources, which areas of your business would you need to improve?
(Example: Lack of funds, lack of management skills, unskilled workforce)
Opportunities
Given the right conditions, which business opportunities can you identify for growth and greater profitability?
(Example: New markets, export potential, joint venture proposal)
Threats
Think about possible factors which could adversely affect your business in the future.
(Example: Imported products, new entrants, political and economic changes)