Forward Think & Reflect Without Getting Overwhelmed. All About “SWOT Analysis”
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Today, while chatting with my Life Coach, Coach Kubo, we dove into the mysterious world of SWOT. I'll be honest; I had zero clue what it was before today.
What Is SWOT Analysis?
It's a strategic planning tool, dissecting your project or business venture into four parts: Strengths, Weaknesses, Opportunities, and Threats.
Let's Break It Down
S: Strengths are your secret weapons—the internal mojo that gives you that competitive edge.
Killer skills, top-tier resources, or that amazing brand rep—these are your strengths.
W: Weaknesses? Kryptonite. Those pesky internal hurdles holding you back, from outdated tech, constant pain points or to skill gaps.
O: Opportunities are those golden tickets—the external chances waiting to be grabbed! Think new markets, tech trends, or dream collaborations knocking on your door. Don’t sleep on these opportunities- many people do.
T: Threats—cue the storm clouds! These are the external factors ready to rain on your parade, from fierce competition to market shifts or unexpected regulations.
I had a bit of trouble grasping this initially, so I turned to Coach Kubo for an example.
He mentioned a team member with many roles taking upcoming maternity leave—a classic "threat" scenario to the team. This may prompt problems to solve: Who will pick up her work?
My Real Life Example: Beauty Blogger Turned Talent Manager
Strengths
Extensive network, talent-spotting prowess, and an established presence in the beauty sphere.
Weaknesses
Juggling content creation and management, limited connections in talent circles, and lacking experience.
Opportunities
Discover emerging talent, utilise online platforms, and team up with rising beauty influencers.
Threats
Competitive industry, changing beauty trends impacting talent preferences, and standing out in the talent management landscape.
To Sum Up
SWOT analysis is your trusty map, guiding you through the twists and turns of your journey.
It’s your superhero sidekick, helping you make savvy decisions and carve out your path to success, whether you’re a budding entrepreneur or plotting your next career move!
The whole point of a SWOT analysis isn’t just to get things out of your head, it’s important to act on what you’ve established.
Reflect on your SWOT analysis, keep it in eye, and revisit the activity monthly, or however often is appropriate for your team.
