SWOT Analysis

Definition

    SWOT Analysis is a strategic planning method that can help you to introspect what you do best now, and to devise a goal for the future. SWOT can also uncover areas of the personality that are holding you back, or that your competitor/s could exploit if you don't overcome such weakness/es. Now, SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

    SWOT analysis involves creating lists and so much more! When you begin to write the first list (say, Strengths), the introspection that you'll go through will stir up ideas for the further lists (Weaknesses, Opportunities, or Threats). If you compare these lists side by side, you will probably notice connections and contradictions, which you'll want to highlight and explore.

    You'll find yourself moving back and forth between your lists repeatedly. So, make the job easier and more effective by positioning your four lists together in one view.

Process

    To begin  a SWOT Analysis matrix has to be drawn. A SWOT matrix is a 2x2 grid, with one square for each of the four aspects of SWOT. 

    To perform a personal SWOT anlysis, write down answers to the following Questions.

Strengths

• What advantages do you have over others. (for example, skills, certifications, education, or connections)?
• What do you perform better than anybody else?
• What personal resources you have access to?
• What others (and your boss, in particular) consider as your strengths?
• Which of your achievements are you most proud of?
• What values do you believe in that others fail to exhibit?
• Are you part of a network that no one else is involved in? If so, what connections do you have with influential people?

Weaknesses

• What tasks do you usually avoid because you don't feel confident doing them?
• What will the people around you see as your weaknesses?
• Are you completely confident in your education and skills training? If not, where are you weakest?
• What are your negative work habits (for example, are you often late, are you disorganized, do you have a short temper, or are you poor at handling stress)?
• Do you have personality traits that hold you back in your field? For instance, if you have to conduct meetings on a regular basis, a fear of public speaking would be a major weakness.

Opportunities

• What new technology can assist you? Or can you get help from others or from people using the internet?
• Is your sector growing? If yes, how can you take advantage of the itt?
• Do you have a reliable network of strategic contacts to help you, or offer good advice?
• What trends (management or otherwise) do you see in your company, and how can you take advantage of them?
• Are any of your competitors failing to do something important? If so, can you take advantage of their mistakes?
• Is there a need in your company or industry that no one is filling?
• Do your customers or vendors complain about something in your company? If so, could you create an opportunity by offering a solution?
• Networking events, educational classes, or conferences.
• A colleague going on an extended leave. Could you take on some of this person's projects to gain experience?
• A new role or project that forces you to learn new skills, like public speaking or international relations.
• A company expansion or acquisition. Do you have specific skills (like a second language) that could help with the process?

Threats

• What obstacles do you currently face at work?
• Are any of your colleagues competing with you for projects or roles?
• Is your job (or the demand for the things you do) changing?
• Does changing technology threaten your position?
• Could any of your weaknesses lead to threats?

Relevance

    Doing a SWOT analysis will enhance your self-awareness and help you formulate a plan that will help you to improve and evolve as a person. By recognizing and harnessing your strengths, while being conscious of your weaknesses, you naturally become more self-aware. And this improved self-awareness helps you use these strengths & weaknesses to your advantage.