What does SWOT analysis help businesses to identify?

What does SWOT analysis help businesses to identify?

Step 1: Understand that SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
Step 2: Recognize that Strengths are the positive aspects of the business that give it an advantage.
Step 3: Identify Weaknesses, which are the areas where the business may be lacking or need improvement.
Step 4: Look for Opportunities, which are external factors that the business can take advantage of to grow.
Step 5: Consider Threats, which are external challenges that could harm the business.
Step 6: Combine all this information to create a clear picture of the business's current situation.

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