Do you wonder how and when to use SWOT analysis? This tool is not only common in economics but can be applicable to personal life, work, and other areas. SWOT is an abbreviation standing for strengths, weaknesses, opportunities, and threats.
SWOT Matrix to Assess Personal Situation
All 4 areas of SWOT are presented in a matrix:
| STRENGTHS
· Points considered as strengths (3-10) | WEAKNESSES
· Points considered as weaknesses (3-10) |
| OPPORTUNITIES
· Points considered as opportunities (3-10) | THREATS
· Points considered as threats (3-10) |
This tool helps to assess the external and internal environments affecting a company, economy of a certain country, or a person. Therefore, one can use it to analyze one’s professional or personal life.
When to Use SWOT Analysis in Everyday Life
As for work, SWOT can help to complete a personal profile. As a result, the person can assess one’s strengths as a professional in a certain area, weaknesses that need improvement, opportunities a particular job presents, and threats that may hinder professional development or career. Therefore, it can be useful in choosing a career path.
When there is a need to make a decision or to evaluate an offer or a deal, one can assess external (opportunities and threats) and internal (strengths and weaknesses) factors.
Particularly, in this case, the former do not depend on the individual directly, but one can either avail oneself of an opportunity or take measures to eliminate threats.
On the other hand, external factors are directly connected to the person, whereby one can either rely on one’s strengths in certain situations or work on overcoming one’s personal weaknesses.
Therefore, to determine strong points, the following questions may be answered:
- Firstly, what are you an expert at?
- Secondly, what skills do you have?
- Thirdly, what are your strong character traits?
- Finally, what inner impetus do you have to achieve the goal?
For weaknesses:
- Are there personal qualities that prevent you from reaching the goal?
- What areas need improvement?
For opportunities:
- Firstly, what can a certain situation bring to you?
- What can you gain?
- How will it contribute to your personal or professional development?
For threats:
- Consider what can prevent you from achieving the goal.
- What obstacles can you face?
Therefore, to analyze some life situation, goal to be achieved, work or career path, the person should evaluate what he or she has to achieve this (strengths), what weaknesses require improvement to do this, what opportunities this goal can bring, and what threats can arise that should be overcome.