Most life coaches say that SWOT analyses is greatly helpful for teams to assess their strengths, weaknesses’, opportunities, and threats. It is a rather simple and effective way to help the individual, team, or organization focus on pivotal issues affecting their business. Often, such analysis forms the base of more comprehensive strategic planning sessions.
There are many benefits of SWOT analysis. But one of the most important benefits is that it encourages the team to brainstorm ideas and introspect. Also at the same time this methodology ensures that untapped opportunities and potential threats come to light. Using this framework consistently and efficiently will give the team or organization competitive advantage through dialogue regarding the brand, capabilities, new products or services launched etc.
It is important to note, that SWOT analysis can be used in both professional and personal way. It is a successful personal strategic planning tool. Creating your own personal SWOT matrix is helpful and a powerful technique in various life situations, like when you feel you’ve reached a stagnant level in your work life or want a major shift in your personal life.
3 steps to get started with your SWOT Matrix analysis
- Identify the present: The first step is to identify your strengths and weaknesses that exist now. List them and be honest about it. You’re not doing this for anyone else, but yourself. As much as strengths are important, be open about your weaknesses as well.
- Look for the future: Look for a positive future. List all the opportunities, potential strengths that might exist in future. Also list all the threats and potential weaknesses that may occur in the future.
- Create a matrix: The last step is to actually create a matrix. Enter your ideas in the respective quadrant. Strengths and weaknesses are internal forces, whereas opportunities and threats are external factors. Once all the quadrants are full, establish relation with each other.
See how your strengths can overpower weaknesses, and the listed weaknesses can help you learn and embrace a new opportunity. Assess your matrix and review a plan.
Given below are some questions that you must ask to increase your awareness around both internal and external factors.
- What abilities and talents you have?
- What skills you do want to develop further?
- What are the qualities, beliefs, and values that make you stand apart from the crowd?
- Who could support you to help achieve your objectives?
- What personal difficulties you must overcome to reach your goal?
- What external factors may prove to be a hindrance in your success?
A SWOT Matrix provides a framework to help you understand your goals and analyze what action steps need to be taken to achieve those goals. You can consider addressing your weaknesses by working on your skills and abilities. Review your opportunities, and when you work on them they can become your strengths. Understand that how the listed threats can be minimized or eliminated by shifting personal priorities.
It’s common that people might become biased not just these strengths, but also their weaknesses. Thus, it is a good idea that you can take opinions of your friends and family who would give honest feedback. Also be open to share your SWOT Matrix with your partner or anyone who you consider close. In this way you’ll be held accountable for your action plan and you’ll be able to work on it in a better way.
All the best and happy planning!
Credit – This blog is an adaptation of our international blog https://resources.kenblanchard.com/blanchard-leaderchat/crafting-your-own-personal-swot-matrix