A SWOT analysis is a strategic technique used to determine and define your Strengths, Weaknesses, Opportunities, and Threats. This technique can be applied to either an organization or a person. Performing personal swot analysis will help know more about yourself. The ultimate aim of any SWOT analysis is to identify the key internal and external factors that are important to achieving the objectives. It helps to build on what you do well, to address what you are lacking, to minimize risks, and to take the greatest possible advantage of chances for success. The internal factors are strengths or weaknesses and the external factors are opportunities and threats. SWOT plays as a strategic planning tool in an organization.
S-Strengths: Strengths are the qualities that separate you from others. It helps for the success of an organization or a person and will be assisting in achieving the organization’s mission. For example, some companies may be good at marketing strategies some may be good at their quality control. So, it may be anything that gives benefits to an organization.
W-Weaknesses; Weaknesses are the factors that may prevent successful results within a project. This is the area that we have to improve to remain competitive. Find out what makes your competitors better and what weaknesses you have and improve in that areas.
O-Opportunities: Opportunities are the chances to improve ourselves better. We have to grab the opportunities and make use of them to attain a higher level. Be ready to take opportunities and make full use of them to become stronger.
T-Threats: Threats are the external factors that have the potential to harm an organization. If we can predict the threats, then we can make sure to reduce them or avoid them. We also have to be aware of whether our weaknesses can be converted into our threats.
I like to explain swot analysis by giving an example. Let’s see the personal swot analysis of Sridhar Vembu, who is the founder and CEO of the Zoho corporations. According to Forbes, he is the 59th richest Indian in the world. Zoho Corporation is an Indian multinational company that produces several web-based tools. Let’s analyze the strengths, weaknesses, opportunities, and threats for Sridhar Vembu.
- He has good communicational skills.
- He has good leadership skills with a good visionary.
- He has a motherland spirit.
- He is an artistic and confident person. He also has innovative ideas which made him a more successful person.
- He has not only stopped with his creative ideas. He is a person who has converted his ideas into reality.
- He has a less commercial vision.
- He focussed more on upskilling rather than innovation.
- The rapid growth of his company may distract from upgrading core services and make everything too complex.
- There is a vital need for made-in-India products.
- The government provides support for companies that concentrate on all facets of society.
- There are diverse product portfolios.
- Less interest in advertising and marketing may result in customer loss.
- As his achievements rise, the responsibility also increases. He has to be responsible in case of any disasters in his projects.
- Competitors with better research-intensive strategies.
Thus know your strengths and opportunities to shine and be aware of your weakness and threats and find a better solution to them.