Understand your strengths and weakness, and identify external opportunities and threats.
The SWOT-matrix is a strategic planning tool used to understand and identify strengths, weaknesses, opportunities, and threats in an organization.
Strengths: Which characteristics of the business or project gives it an advantage over others?
Weaknesses: Which characteristics of the business or project places it at a disadvantage relative to others?
Opportunities: Which elements in the environment could the business or project exploit to its advantage?
Threats: Which elements in the environment could cause trouble for the business or project?