How a SWOT Analysis can Help to Improve your Personal Life -By Gertrude Flynn-White 05/05/2020
Today, I’ll be sharing the elements of a SWOT analysis, and how it can help you in your personal life.
A SWOT analysis is an important component in any business or strategic plan. Many companies rely on a SWOT analysis to provide information and give direction on how or when to move forward. A SWOT analysis also helps organizations think about what they should or should not be doing.
It is one of the tools they use to develop strategies that will help them embark on a certain venture or program.
SWOT analysis stands for strengths, weaknesses, opportunities, and threats.
Strengths and weaknesses are internal factors over which the company has control.
Strengths help you identify the areas of your business that are doing well. These aspects of your business are strong, and will give you a competitive edge over your competitors. You need to build on these strengths to grow your business.
Weaknesses are factors that put you at a disadvantage to your competitors. It is important that you identify these weaknesses and implement corrective measures or take actions to eliminate them before they hurt your business.
Opportunities and threats are external factors related to market fluctuation, competitors, or trends. Companies usually have little or no control over these factors.
Opportunities are openings in the marketplace that you can take advantage of to help your business grow. Your strengths and weaknesses will help you decide on what opportunities are best for your business.
Threats are factors that can hurt your business. These could be government regulations, market fluctuation or public perception. Identifying these external factors and paying close attention to them will help you respond to potential challenges.
This framework could be used at a personal level to assess your own strengths and weaknesses and identify the existing opportunities and potential problems or circumstances that might negatively impact your career or performance.
As you look at this framework, it is important that you make a list.
To conduct a SWOT analysis, you first look at your strengths to see what skills, experience, influence, or advantage you have, that make you unique.
What is it that you do exceptionally well?
What valuable assets or resources do you have that set you apart from others?
What do others see as your strengths?
Examine your weaknesses and think how you can improve them.
Do you avoid completing tasks because you don’t feel confident doing them?
Do you place limitations on yourself because you think you are shy?
Do you need to improve some negative work habits, for example tardiness, being absent from work too often?
Do you use your phone when you shouldn’t?
How do you relate to other persons at the workplace?
Look at your organization to see if there are existing opportunities that you are not aware of. Is there any scope for promotion, or, are there any plans for future expansion that could be an opportunity for you to seize?
Can you create opportunities for yourself by building on any of your strengths or improving your weaknesses?
Identify the potential threats that could be affecting your present performance or your goals. Look at your rapport with colleagues to see if there is any negative influence that could possibly contribute to your weaknesses.
Do you have colleagues that are competing with you for projects, workspace, or promotion?
Is there any problem that your weaknesses could be causing you?
Are you experiencing personal or job-related challenges that affect your performance?
Now that you have completed your list, examine each section carefully and decide what actions you are going to take to move forward. Think of how you are going to build on your strengths, improve, or eliminate your weaknesses, capitalize on the opportunities while identifying the threats that will pose a barrier to your success.
Now is the time to create a “To do” list. Keep a note pad close to your bed so that you can easily document your ideas when you have some quiet time by yourself.
Be willing to make the necessary adjustments that will make you more marketable. You may need to revise your goals or objectives.
This best practice has helped me on my journey, and I know it will help you too.
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