S.W.O.T. Analysis is an approach that can be used to assess personal and business practice and progress: strengths, weaknesses, opportunities and threats. It can be applied to a variety of strategic planning goals and evaluations for business, whether you are starting a business, trying to figure out a business name and more. If you are an established business owner, S.W.O.T. analysis can be used for evaluating your competitors, deciding on whether a new service or product offering is worth pursuing or whether or not now is the time to expand your business or hire more employees. S.W.O.T. Analysis is one of many strategic planning tools that businesses can use for decision making.