Strengths include things such as competitive advantage, effective management practices, a strong client base/recognition of brand; and access to resources. Other weaknesses include a lack of knowledge about the market, inefficient systems/processes and inadequate capitalization.
The term opportunities refers to factors outside the company such as new trends, changing laws or regulations which could provide a way to expand. On the other hand, threats are existing competition or economic declines that may hinder expansion. In evaluating these four elements in relation to each other, we can find gaps between the desired results and what actually happens. Then we are able to create more effective solutions which will allow us to achieve our company’s objectives moving forward.