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Not all entrepreneur knows what SWOT is. Just in case you don’t know, SWOT is yet another acronym that you should know and understand. SWOT stands for Strengths, Weakness, Opportunities and Threats. This acronym is a business tool that you can use in analyzing your business, to identify the external and internal factors that will help you steer your business better.

To do your SWOT analysis, just remember the following:

STRENGTHS: You need to identify your business’s strengths to know where you are at an advantage and hone that advantage to make it better. Know your resources and capabilities.

WEAKNESSES: If you have strengths, you need to find and admit your weaknesses too. What is stopping you in achieving your goals? Are there any internal road blocks that make it hard for the business to prosper? Where do you need to improve at?

OPPORTUNITIES: Always have an open eye for every opportunities that come your way. Are there any recent developments that can work to your advantage? New technologies or perhaps a tax amnesty? Look out specially for unsatisfied customers, both from your own business and your competitors.

THREATS: As you look for opportunities, also be on the lookout for threats. Recent competitor’s product or advertisements that can affect your share of the market. Other external factors and conditions that can affect your business normal operations.

As you make your SWOT analysis you will be able to find out how to maximize on your strengths, curb your weakness, know how to spot and take advantage of every opportunity and be prepared and know how to address every threat to your business.