A SWOT Analysis examines the internal and external environments facing an organization, including the strengths and weaknesses of the organization and the opportunities and threats from elements outside the organization.

What’s the process for creating a SWOT analysis?

Strengths and Weaknesses -- of company, owner(s), products, services, brands, etc… things that the company controls. For small firm, founding entrepreneur’s traits are critical.

Opportunities and Threats -– occur in the external environment and are not under control of company, such as economic, social, demographic, cultural, competitive, and political trends. It's critical for you to know key competitors and competing products/services.