SWOT analysis is an amazing way to get an inside look at your strengths and weaknesses. A SWOT analysis can help you focus on what you need to become more successful, whether that’s a new skill or just some advice from a friend. In this article, we’ll take a look at how to do one yourself and how to obtain SWOT analysis help from our expert tutors.
What is SWOT Analysis?
SWOT is an abbreviation for Strengths, Weaknesses, Opportunities, and Threats. When you perform a SWOT analysis, you examine all those things to discover your strengths and weaknesses. You consider how your situations may change in the future (opportunities and threats) and decide on ways to improve things now (strengths and weaknesses). By using SWOT analysis, you’ll get a better idea of where to focus your efforts.
Benefits of SWOT Analysis
One of the best things about SWOT analysis is that it’s a speedy way to determine what you should improve and focus on in your life. For example, if you find out that your most significant weaknesses are resourcefulness and patience, you’ll know exactly where to spend more time to get better. SWOT analysis helps you set goals―and when it comes to success, there’s nothing better than getting specific.
How to Develop a Strategy For Success
A SWOT analysis is an initial step in creating a good strategy for success. Here’s how to start developing one:
- Brainstorm. Think of everything you can about yourself and your situation. Write down any strengths, weaknesses, opportunities, or threats you discover as they come to mind.
- Add more information if necessary. You may want to ask friends for their input on important issues not related to them that might affect your success, such as zoning rules concerning a business you’re planning on opening or the availability of potential employees who have specific skill sets needed by your business.
- Look at each item individually and decide what needs improvement, which areas you are most vital in (and why), and where things could get better or worse.
- Create a goals list using your notes from the analysis. This is where you decide what to do with each item and how you will do it.
Example: Your analysis might reveal that you need help developing management skills, excellent analytical skills, and excellent communication skills. You could create a goal to pursue additional education to improve the personal management of employees while at the same time pursuing an MBA degree so you can acquire even greater analytical ability!
How to Do a SWOT Analysis
Performing a SWOT analysis is best done in writing. Creating a written list of the things you’ve thought of will help you synthesize everything without becoming confused or overwhelmed.
Strengths In SWOT Analysis
Your strengths are the things about you that make you unique and stand out from your competitors. Take a step back from what’s bothering you, and focus on what makes you unique. What do people compliment you on? What got you hired for your current job or to produce your current product or service? Remember also that there is often more than one strongly associated with some goals.
For example, if when performing a SWOT analysis for a bookkeeper at her small business we discovered that she had excellent computer skills as well as basic accounting skills, it would be hard to decide which skill should take priority as her personal goal in developing them both would fulfill two of her company’s needs for success: specific payroll/accounting software knowledge. Which stronger
Your weaknesses are things that you wish to improve about yourself. They’re the areas in which you don’t have as much skill or where you need improvement. This is not about feeling bad about yourself but rather an acknowledgment of how everyone has room for growth and improvement.
These can be beneficial to you in the future, like new technologies or market changes. Look for ways in which your strengths can impact something going on in the world right now and capitalize on it.
For example: if you have an excellent marketing background and are running a business where success hinges on being able to promote your services online, maybe shifting your focus to how you could become more involved with social media sites would speed up your company’s success?
Threats are challenges from outside of yourself – such as competitors lowering their prices and thus taking away some of your profit margin, laws changing so that you may need to spend money to comply with them, financial markets overriding your business plan, and so on.
How to Use a SWOT Analysis
It’s essential to use your SWOT analysis to create a plan of action.
- How will you address each item? For example, if you can become more involved in social media opportunities for your company, do you intend to take it on, and why?
- If necessary, come up with ways to make some of these areas stronger or at least shored up, so they don’t pose weaknesses for you. Remember that sometimes increasing your skill level is not the only way to make things better; creative thinking can also produce solutions!
With all this information now in hand, what do we need next? It’s time to move onto the creation of goals. This step is where we decide what exactly we will do about all the information we have gathered. Having a systematic method of creating goals will help us remain focused and not waste time on ideas that probably won’t work in real life (no matter how tempting they may be!).
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