Identifying opportunities and threats requires a thorough analysis of the business environment. Here are some methods: 1. SWOT Analysis: This framework helps businesses assess their strengths, weaknesses, opportunities, and threats. 2. PESTEL Analysis: Evaluates Political, Economic, Social, Technological, Environmental, and Legal factors that can impact the business. 3. Market Research: Conducting surveys, focus groups, and competitive analysis to understand market trends and consumer preferences. 4. Scenario Planning: Developing multiple scenarios to anticipate potential future events and their impact on the business.