A SWOT analysis is an amazingly simple yet great tool to help you improve your business strategy, whether you’re creating a startup or guiding an existing company.
SWOT means Strengths, Weaknesses, Opportunities, and Threats.
Strengths and weaknesses are inherent to your company—something that you have some authority and can improve. Examples include what is your location, intellectual property, and your patents
Opportunities and threats are external—things that are going on outside your business, in the bigger market. You can take benefit of opportunities and protect against threats, but you can’t change them.