SWOT stands for strengths, weaknesses, opportunities, and threats and examining your business under these headings is a good way of finding the weak spots in your business model and changing your business strategies. However, knowing how the business rates in each of these areas is of limited use unless as an entrepreneur you also address each element that arises from the SWOT analysis with a corresponding action. For example, under threats, you should also describe the strategies for minimizing the threats, while for strengths, you should describe your strategies for maintaining your strengths. For example, if one of your strengths is that you have great customer service, you need to specify how you will ensure that this is actually strengthened and maintained. A possible action in this case would be to develop a great training program for all new hires to the company to ensure that all employees, not just those answering the phones, know exactly what level of service they are expected to provide.