My Favorite Strategic Planning tool: SWOT part 1

What is SWOT Analysis? A Dummy’s Guide

So, what exactly is a SWOT analysis? Let’s break it down. “SWOT” stands for Strengths, Weaknesses, Opportunities, and Threats. It’s a framework that helps you look at your situation from every angle—what’s going well, what could be better, what’s out there that could help you, and what’s out there that could hurt you. Think of it as a way to take stock before you make any big moves.

Here’s how each part of SWOT works:

Strengths – What are you good at? What resources or advantages do you have that make you stand out?

Weaknesses – What’s holding you back? Are there areas where you struggle or lack resources?

Opportunities – What trends, changes, or external factors could you tap into to grow or improve?

Threats – What challenges or obstacles could get in your way? Are there risks you need to be aware of?

Doing a SWOT analysis can give you a reality check and reveal paths you might not have seen otherwise. And the best part? It’s as useful for mapping out a business plan as it is for making personal life decisions.