Every work requires a different set of skills. In order to evaluate whether we are good for a particular position, we should ask ourselves if this is what we really want to do as well as if we possess this set of skills. Once we do it, we can solemnly focus on performing our task. However, there is one more aspect which we should take into consideration – SWOT Analysis
What Is SWOT Analysis?
The SWOT analysis emerged in 1960-70s in the United States and is credited to Albert Humphrey. It is a method used for identifying four important aspects, either for an individual or a company. The acronym SWOT stands for strengths, weaknesses, opportunities, threats. Respectively, these can be divided into two factors:
- INTERNAL (strengths and weaknesses) These factors relate to all aspects that happen inside of the company such as the team, financial factors, processes, software you use, company’s location, mission, strategies, experiences from the past.
- EXTERNAL (opportunities and threats) All the factors which do not influence the company (or a product/project) from the inside: demographics, target audience, economy, etc.
In general, SWOT analysis helps to determine positive and negative sides of the business, company, or a project. It helps in taking a deep look into particular aspects of the project but does not necessarily include the big picture.
Why And How Use SWOT Analysis?
SWOT analysis is a great tool for evaluating potential threats, risks as well as favorable outcomes. However, it is not shouldn’t be considered as a one-time task that can be put aside. It is worth to follow the company’s/project progress and regularly control it in terms of this method.
The analysis can serve well for startups or small companies who want to build a strong brand and create their own strategies. It should be performed cautiously and take into account every single aspect of the business. Also, it is good to perform it in a team so that everyone knows what’s at stake and what is the main goal of the organization.
SWOT can be used in different fields and can be extremely helpful in times of the crisis when things don’t go as planned. In result, it is easier to eliminate the damaging factors and get closer to success.
Conclusion
Either you are an individual, a company’s CEO or a project manager, SWOT analysis is one of the best free tools for assessing different possibilities for your business. It can help you in achieving success but also in improving the weaknesses of your projects.