Strengths, weaknesses, opportunities and challenges – information you need to know to succeed. Your strengths are what give you a leg up over other businesses. Weaknesses are the exact opposite – your disadvantages as a company relative to others. Opportunities are components that your business can use to its advantage, while challenges could put your business in trouble. Determine where your business is today and where it could be in the future. Market research will provide you with the information necessary to determine these factors.