When making a business decision, all considerations can come down to four categories: strengths, weaknesses, opportunities, and threats.

What is this product or company really good at?
Where do we truly excel as an organization?

What are some of our weaknesses?
Are there any areas where our competitors are clearly outperforming us?

What challenges are facing your company?
What challenges might be facing this product?

What lies out there, on the horizon, for us as a company?
Where do we have room to expand in the marketplace?

From there, you and your team can create a plan to move forward.

1. Strengths

Think about all the characteristics of our business (or project, product...) that makes it more competitive compared to others.

2. Weaknesses

Think about all the characteristics that place our business (or project, product...) at a disadvantage in comparison to others.

3. Opportunities

Think about all the elements that our business (or project, product...) could exploit for further expansion.

4. Threats

Think about all the elements in the environment that could cause prejudice to our business (or project, product...).

5. Discuss results

You can see your contributions in the canvas and comments other ideas.
From there, you and your team can create a plan to mitigate weaknesses and bring out your company's most accomplished and promising strengths.