SWOT – Strengths, Weaknesses, Opportunities, & Threats.
In business, this is something that is utilized to assist in making decisions – especially for startups or in the planning phase. However, it is beneficial to continue to use this process when making important or impactful business decisions.
This tool may be used in business to assist in decision making, but can be helpful in our personal lives and also our professional lives to reflect on what our internal and external benefits and challenges are and what we have in our personal toolbox. It is interesting to do from a personal perspective and then do a second one regarding your professional life.
Take a moment to think on these and fill them out in the template provided.
It is a key tool to use when making life changing decisions, such as; moving, changing jobs, marriage, divorce, any major decision. It is beneficial for you and your spouse to do them separately and then review together to see the differences between the two.
Using this tool, is beneficial as it helps to take the emotion out of the decision making process and keeps the focus more on the facts.
Basing major decisions on emotion, which is a temporary phase can have adverse consequences that may not be helpful and cause you more grief in the end. (Check out my post on Apr 6th to see further information on this topic).
It is a good exercise to do before a job interview in preparation for the questions that may come your way.
I have found that my greatest strength is also my biggest weakness. Reflect on that a moment and see if that is the same with you.
- What are your strengths? (These are helpful internal things to your progress)
- What are your weaknesses? (These are internal things that get in the way of your progress)
- What are your opportunities? (These are external things that can help your progress)
- What are the threats? (These are external things that get in the way of your progress)
Questions to Ponder:
Have you ever used a SWOT when making decisions?
Do you think it would be beneficial to add to your decision making process?
What is your current decision making process?
Do you think it would help to look at these points when making a personal decision?
A simple template has been added to help complete the process.
