Making Plans for the Next Big Thing? SWOT Yourself

There’s a popular business analysis tool known as S.W.O.T. It provides a method for looking at strengths, weaknesses, opportunities, and threats. As applied to a business, you can see the merit of doing this review periodically. SWOT reviews are done for business issues of all kinds like competition, market position, product design, sales, and technology.

However, it can be useful on a personal level as well. Managers and leaders should take time during annual reviews and goal setting exercises to add this powerful view as well. Here’s how it can work.

A plan of “right action” using a Personal SWOT Analysis can be developed for every life event in your future because there are always three critical components in every challenge:

• Identity
• Purpose
• Intention

These three components form a process of “right action”. Without understanding who you are or the depth of your business or organizational core competence, as well as your intended purpose, you are most times going to be guessing more than is needed. In the following analysis, you are taking a step by step walk through a proven process of creating clarity for right action.

You will focus on the following overriding questions:

• What are your goals or objectives?
• What are your values?
• HOW Can YOU match your STRENGTHS to OPPORTUNITIES/Openings?
• How can you reduce the impact of your WEAKNESSES and THREATS?
• How do you differentiate yourself from your competition?

Strengths

Trying to analyze one’s own strengths can be tricky. Throughout all of my coaching, I seldom see anyone who gets this exactly right the first time. Some might be modest and undervalue great strength in areas like collaboration, employee empowerment, decision making or planning. Others can be more boastful, seeming to know without a doubt they are great leaders who people should feel honored to serve; “my way or the highway” approach to leadership.

Entrepreneurs can be especially blinded by the emotional connection to their idea. While the great new product or service has great potential, the business will fail because the founder doesn’t know what he/she doesn’t know.

Before isolating your own estimation of your strengths, seek some 360 feedback. Get input from others you value as trusted advisors. Do an informal ask session; asking those around you to share keywords they think describe you.

Then compile a list of the strengths that you can use to accomplish your goals and objectives.

Weaknesses

Just like your strengths, identifying “weaknesses” in your personal domain can be hard. Objectivity can be lacking. You may even be suffering blindspots where your weaknesses reside. Using 360 reviews and stakeholder feedback can help highlight areas where there is an opportunity for improvement.

However, you may know exactly what areas or what issues give you the most trouble. Stating what these may be will help round out the SWOT analysis.

Opportunities

These are the things you can see as a new direction; changes that allow you to reach new goals. Taking a good look at the road in front of you can reveal opportunities for growth and change. Listing them while doing this personal inventory helps bring motivation and inspiration to the plan.

Don’t be shy here. Be creative. Also, don’t let limiting thoughts or beliefs cut down on opportunities that may exist.

Threats

Here you begin to list the forces that could prevent you from achieving the goal. Barriers like time, money and other resources can be considered. More importantly, you need to look at outside influences that pose challenges to you realizing any progress or accomplishment.

Be Thorough

When you are planning for or thinking about that next big move or change in your life, doing this personal SWOT analysis can be helpful. However, to get the most from the exercise, be sure to be as thorough as you can. I know people who insist on identifying 10-15 things per section before they believe they have a complete analysis.

Once you build this inventory of things to consider, you have a basis for leveraging the strengths and opportunities against the weaknesses and threats. Hopefully, you see a clear path to success with the strengths and opportunities overtaking the weaknesses and threats.

With a comprehensive personal SWOT analysis, you can launch your next move.

Author’s Note: Special thanks to my friend, colleague, and mentor A. “Butch” Medrazzo of Silver Fox Advisors. He wrote the original thought on this matter. (At least the one that was original for me).

Originally posted on DougThorpe.com

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