SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business. A SWOT matrix is a 2×2 grid, with one square for each of the four aspects of SWOT.
SWOT analysis assesses internal and external factors, as well as current and future potential. It is used to evaluate a companies competitive advantage.
Strengths are things that your organization does particularly well, or in a way that distinguishes you from your competitors. Weaknesses stop an organization from performing at its optimum level. They are areas where the business needs to improve to remain competitive. Opportunities refer to favorable external factors that could give an organization a competitive advantage. Threats include anything that can negatively affect your business from the outside, It’s vital to anticipate threats and to take action against them.