SWOT stands for Strengths, Weaknesses, Opportunities and Threats. To fill out each category, it may help to think of some questions to ask yourself or your team for each section.
For Strengths, you should ask:
- What do we do exceptionally well?
- What advantages do we have?
For Weaknesses, ask:
- What could we do better?
- Where are we vulnerable?
- What opportunities do we know about but have not yet addressed?
- Are there emerging trends on which we can capitalize?
- Are weaknesses likely to make us vulnerable?
- What external roadblocks exist that block our progress?
These are just a few of the types of questions that can help you analyze your business venture.