Please download the sample SWOT analysis for a small business innovation strategy.
S=Strengths represent internal skills and competencies that allow your firm to outperform the competition. They are unique and difficult to imitate.
W=Weaknesses are the areas where your company falls behind the competition. It is important to be brutally honest in evaluating gaps between your existing business and the competition.
O=Opportunities are external trends, technologies, or markets that offer growth for your business. Product innovation takes advantage of customer needs, especially with an eye toward the future.
T=Threats are also imposed on a business and outside your control. Competitors may design new technologies or business models that disrupt your standard operations. Other threats come from financial markets and unanticipated government regulations.