SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and it is a tool for identifying a company's strengths, weaknesses, opportunities, and threats. It is an important part of strategic planning and decision-making to develop a fuller awareness of the situation in order to make better strategic decisions. Developing a SWOT analysis allows you to identify the strengths, weaknesses, opportunities and threats within your organization, as well as broader opportunities and threats that may affect your organization.