Strengths
Strengths are the internal attributes that give a
business a competitive advantage. These are the unique capabilities or resources that an organization possesses. Important questions to consider when evaluating strengths include:
What do we do well?
What unique resources do we have?
What do our customers see as our strengths?
Examples of strengths might include a strong
brand reputation, a loyal customer base, unique
technology, or financial resources.
Weaknesses
Weaknesses are internal factors that can hinder an organization's ability to achieve its objectives. These are areas where the business may be at a disadvantage. Key questions for identifying weaknesses include: What areas need improvement?
Where do we lack resources?
What do competitors do better than us?
Common weaknesses could be poor
management, lack of innovation, weak
marketing strategies, or inadequate financial resources.
Opportunities
Opportunities are external factors that the business could exploit to its advantage. They are potential areas for growth or improvement. Important questions to pinpoint opportunities include: What market trends can we take advantage of?
Are there any emerging
technologies we can leverage?
What changes in consumer behavior can we capitalize on?
Examples of opportunities might include entering new
markets, forming strategic partnerships, or diversifying product lines.
Threats
Threats are external challenges that can negatively impact the business. These are factors that could harm the organization's performance. Essential questions for identifying threats include: What obstacles do we face?
What are our competitors doing?
Are there any changes in regulations that could affect us?
Common threats might include economic downturns, increased
competition, changing customer preferences, or technological changes.