SharePoint SPFx solution upgrade steps to new version

This video explains the tips & steps to upgrade any old SPFx SharePoint webpart or any solutions to new SharePoint Framework version.
This video also explains how to use M365 CLI to health check & upgrade from older to view version of SPFx.
Install CLI
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npm i -g @pnp/cli-microsoft365
SPFx Doctor
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m365 spfx doctor --spfxVersion 1.16.0 --output text
Project Upgrade
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m365 spfx project upgrade --toVersion 1.16.1 --output text
m365 spfx project upgrade --output md "upgrade-report.md"