One of the ways that you can analyze business and other elements is known as SWOT. SWOT is an acronym that stands for strengths, weaknesses, opportunities, and threats. This technique is a matter of exploring different business and even academic ideas. Speaking to business, it is one way to figure out what you can do in nearly any industry, and how best to use your skill set. You can use this in a personal development arena, academic arena, and so much more.
In order to fully prepare your mind for what is to come, no matter what your goals are, SWOT analysis could help you figure out how to work to your strengths. Itâ€™s understood that if you work through your strengths, and magnify them, youâ€™ll gain the upper hand and succeed. Of course, you may have weaknesses, and struggle, but within the confines of SWOT, youâ€™ll be able to work on them.
How To Use SWOT Analysis
Starting with strengths, youâ€™ll find that there are several questions that you should consider. These questions will help you analyze what you can do very well. If you canâ€™t figure out answers to the questions mentioned below, compare yourself to a colleague or classmate so that you can contrast your abilities. That will help you figure out the bigger picture of this category. The questions you should ask include:
- What Education Do You Have Compared To Others?
- What do you do best?
- How do other people see you?
- What connections do you have that others may not? (references)
Focus On Weaknesses
Moving forward, you will need to ask yourself questions about weaknesses. What are you deficient in, or rather, what can you work on? Remember, we all have weaknesses, working on them requires identification first, however. Ask these questions:
- What things do you avoid in projects?
- Do you like public speaking?
- What are you least confident in doing? (at work, school, etc.)
- What holds you back? (at work, school, etc.)
Focus On Opportunities
In this set of questions, youâ€™ll need to look at how you can use openings for you. Opportunities arise and youâ€™ll find that you can either rise to the occasion, so to speak, or fail to accomplish the larger goal youâ€™re chasing. With that in mind, ask yourself a few of the following questions:
- Do you have access to information?
- Do you have tech? (internet access, laptop, smartphone, tablet)
- What does the future hold in your industry?
- Where are others failing?
- Where is the need in what you want to do?
Looking At Threats
Some people donâ€™t like to consider threats or things that are somewhat negative. However, you should not look at things in a negative manner. Instead, think about what may stop you from achieving success in anything that youâ€™re pursuing. Ask the following questions.
- What difficulties are most common for you?
- What changes are looming?
- Are you financially stable?
- Could your position be replaced for less?
A Simplified Version of SWOT Analysis
Moving forward, this may all seem difficult to manage. If you need simplification, this next element for you. This is a simplified version of what you need to do in order to work with SWOT Analysis. This can help you in business, academia, and personal growth as well. Itâ€™s going to help you gain the upper hand in nearly anything you want to work on.
Step 1 â€“ What Are You Good At (Strengths)
Identify this and youâ€™ll see that youâ€™re really good at a lot of things. Be honest with yourself, this is not a time to be modest.
Step 2 â€“ Consider What You Are Bad At (Weaknesses)
Consider what youâ€™re not that good at. Again, be honest with yourself, you need to figure out what you may not be so hot at.
Step 3 â€“ Look For Chances To Use Your Strengths (Opportunities)
Are there opportunities around you to use what youâ€™re good at? Or perhaps meet others that may need you? Volunteer opportunities, networking conferences, or perhaps classes where you can learn something new and meet new people are all good starting points.
Step 4 â€“ Consider Hurdles That Are In Your Way (Threats)
Ask yourself what would stop you from achieving your ultimate goal. Are there competitors or do you find yourself distracted? Or is there a high learning curve? Think about this seriously, as you may not succeed with ease.
Overall, SWOT is a way to help you visualize what you need to do in order to succeed. Approach things in this manner, take the 4 steps to ask yourself about what youâ€™re doing, and you very well may find success in nearly anything you set your mind to do.