SWOT stands for strengths, weaknesses, opportunities, and threats.[i] Opportunities refer to external opportunities that could give a business a competitive advantage. An example would be finding a great location with relatively low rental cost. Threats refer to things that could hurt the business. An example could be a competitor setting up close to you and a shortage of cannabis flower (if you are a dispensary). This is an exercise for you and your team to do to determine the best strategy for the present and future. It is important to use internal and external data when listing out your business’s strengths, weaknesses, opportunities, and threats.