I am updating and sharing this again this month as SWOT Analysis consistently pops up in my client discussions.
The purpose of the SWOT technique is to help you focus on a decision or goal that allows you to systematically list all the strengths, weaknesses, opportunities, and threats associated with a specific course of action or situation.
It can help you take a step back and evaluate a course of action/specific situation regarding the opportunities and threats in relation to your strengths and weaknesses.
You may find it helpful to describe the situation in some detail, perhaps as though you are talking to someone else.
- Try to be as open-minded as possible as you work through each section.
- Be as analytical and specific as you can
- Record all thoughts and ideas
- Take a wide-ranging view of external influences and trends
- Don’t try to disguise weaknesses
- Don’t just merely list errors and mistakes
- Don’t ignore the outcomes at later stages of your planning
Strengths – positive internal aspects that are under your control, things you can exercise and things that are particularly useful within the situation you find yourself. Something that you can capitalize on and use to exploit the opportunities that you have identified.
What strengths do you have that will be specifically helpful in this situation that will move you forward? What can you bring to the table that will help with this situation?
Weaknesses – negative internal aspects under your control that you can plan to improve or minimize. Something that you can mitigate in pursuit of the opportunities.
What weaknesses are most likely to cause problems?
What opportunities does this situation present, and what might you be missing?
What specific threats does this situation hold for you?
Situation/Course of action
To grow existing coaching business within a Lockdown environment. No face-to-face, for the foreseeable future, no workshops.
| Strengths |
Adaptable and flexible
Prepared to take a risk
Will persevere in the face of adversity
Good list of contacts
Strong social media/online presence
Existing blogs can be repurposed and made relevant
| Weaknesses/Challenges |
A tendency to jump in too quickly
Not enough experience in direct marketing
Reluctance at times to put head above the parapet
Not a clear enough proposition
| Opportunities |
Freelance writing, online courses, webinars – grit and resilience
Contacts, networks from past courses
Past client’s LinkedIn collaborations? Hone online presentation skills Speaking/presenting online
| Threats |
Current economic climate
Lack of strategic purpose/focus
Lack of planning
All eggs in one basket
Questions you can consider with your SWOT.
What can I do now with what I currently have?
What resources do I have? What resources do I need?
Who can help?
Who could I collaborate with?
Which of my strengths will play the most prominent role in developing and exploiting an opportunity?
Have I missed anything? Is there an opportunity hidden, buried in this situation?
Are there any correlations between my weaknesses and Strengths?
Correlations between opportunities and threats?
What patterns am I noticing?
Which weaknesses are likely to have the most significant impact?
Are all my weaknesses equal?
What would happen if I did nothing?
How can I mitigate my weaknesses?
Where do I need to prioritize?
Can I quantify and scale the opportunities?
Which is the most attractive to me?
Which am I drawn to?
How can I prioritize them?
The value of SWOT Analysis is in how you interrogate the situation you find yourself in and the action it inspires in you. I am delighted to share that the opportunities came along and I am still making the most of them.
Until next time