SWOT Analysis – Discover new opportunities, Manage and eliminate threats
Before we discuss about SWOT analysis, let us see that is SWOT analysis:
SWOT analysis is technique that is used to help an organization or an individual to identify Strenghts, Weaknesses, Opportunities and Threats. This technique helps to identify opportunities open to a person or an organization and the threats that a person/organization faces.
Using SWOT analysis in personal context helps us to develop our career in a way that takes best advantage of our talents, opportunities and abilities.
What makes the SWOT analysis so powerful?
SWOT analysis helps to uncover opportunities that are well placed to make use of and by understanding weaknesses. The analysis also helps to manage and eliminate threats that would catch unawares.
The SWOT analysis also helps to craft a strategy that helps to distinguish us from competitors.
How to do SWOT analysis?
SWOT analysis can be done in the following ways:
- Simple icebreaker helping people get together to kick off strategy formulation.
- A more sophisticated way as a serious strategy tool.
Note: Strengths and weaknesses are considered as internal. Opportunities and Threats are considered as external factors. Hence SWOT analysis is also called as Internal – External analysis and the SWOT Matrix is called IE Matrix.
Ask these questions to find out your Strengths:
What advantages do you or your Organization has?
What is that you do better than your competitor?
What is your unique Selling proposition?
Now look for your strengths from your perspective and your customers point of view.
Look at your strengths and think about these strengths in relation to your competitors.
What is that you could improve?
Check if there is something that you should avoid. If Yes, what should you avoid?
If you are a Business, what factors lose your sales?
Consider these factors from an internal and External perspective. Check if other people realize weakness that you do not see? Also check if your competitors are doing better than you?
It is very important to be realistic and face those unpleasant truths as soon as possible.
Spot out those Good opportunities. What are those good opportunities?
Spot those interesting trends – What are those interesting trends?
Useful opportunities come from:
Changes in Technology, Changes in Lifestyle and changes in Social patters.
What obstacles do you face?
What are the competitors doing?
Check if quality standards of your job, projects are changing.
Check if the changing technology threatening you or your position?
Are your weaknesses threatening you?