What is a SWOT Analysis?
If you’ve ever taken any type of business or marketing 101 class, you’ve probably heard the acronym SWOT. This strategy is used mainly in business and marketing but can be used for many different things. So, what is exactly does SWOT mean?
Strengths- What are my business’ or brand’s strengths?
What can we build on and maintain as leverage?
Weaknesses- What are my business’ or brand’s weaknesses?
What do we need to change or stop?
Opportunities- What opportunities do we have?
What can we use and build on for the future?
Threats- What are we lacking that other businesses or brands aren’t?
Why is it a threat? What can we do?
The SWOT Analysis template is generally comprised as a grid with each section- S,W,O and T, as well as internal and external origin labels. Each section fits together like a puzzle, and the pieces begin to form as the SWOT Analysis is created.
Corporatebusinessplan.com defines a SWOT Analysis as a “perspective of one thing, be it a company, a product, a proposition, an idea, a method, an option, etc.”
SWOT for personal use
Typically SWOT Analyses are used to analyze a business or brand, but it can also be used for personal reasons. Think personal finance planning or career planning- a SWOT Analysis can be a great tool for weighing out the pros vs. the cons. Family planning is a huge step in life, and it seems strange to use a business model to plan a family, but it’s extremely useful and can help individuals weigh out these huge life decisions. When trying to decide between a job in your hometown or a job across the country where the cost of living is twice the price-- a SWOT Analysis can come in handy.
More examples of what a SWOT Analysis can assess-
a product or brand
a business idea
a potential partnership
changing suppliers
investments
personal finance planning
personal career development
life changes
family planning
many more...
The next time you’re making a huge life decision- think of the SWOT Analysis and truly weigh out the options in more depth than simply pros v. cons.
reading sources- http://corporatebusinessplan.com/swot-analysis/the-uses-of-swot-are-there-101-uses-for-swot/
http://www.businessballs.com/swotanalysisfreetemplate.htm
Good insight on using SWOT analysis for personal purposes. I haven't thought of the idea before until I found that it can be done to look into your career, what path to go for and so on.
ReplyDeleteI feel the same as Paul, I never thought of using a SWOT analysis for life decisions. I think I just might have to try this when I have to make a big decision.
ReplyDeleteI agree with Paul and Sloan - it never occurred to me to use SWOT in other areas of life (including in personal decision making) - but you are exactly right. It is a great tool to weigh the pros and cons and see what areas you need to improve or use more! Thanks!
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