SWOT ANALYSIS
There are lots of decision making tools and methods available to maximize one's time and potential. These tools if implemented well, ensure productivity at its best.
One of the best decision making tools I've come across is the Eisenhower matrix.
https://steemit.com/steemstem/@a-condor/eisenhower-matrix
SWOT analysis is usually used by companies, firms and industries. It analyses
- the current situation of the company and where it is headed to.
- what obstacles the company must overcome or minimize to achieve desired aim or result.
- what assists it in accomplishing its objectives.
The SWOT analysis is recognised as a foundational assessment model that evaluates an organization position by identifying it's Strengths, Weaknesses, current and potential Opportunities and Threats.
Analysts present SWOT analysis as:
SWOT analysis has been declared as a tried-and-true tool of strategic analysis.
How SWOT analysis works...
STRENGTH
- What advantages does your organization have?
- What assets do you have in your team, such as knowledge, education, network, skills, and reputation?
- What physical assets do you have, such as customers, equipment, technology, cash, and patents?
- What do you do better than anyone else?
- What unique or lowest-cost resources can you draw upon that others can't?
- What do people in your market see as your strengths?
WEAKNESSES
- What could you improve?
- What should you avoid?
- What are people in your market likely to see as weaknesses?
- Is your location ideal for your success?
OPPORTUNITIES
- What good opportunities can you spot?
- Are there upcoming events that your company may be able to take advantage of to grow the business?
- Are there upcoming changes to regulations that might impact your company positively?
THREATS
- What obstacles do you face?
- Do you have potential competitors who may enter your market?
- What are your competitors doing?
- Are quality standards or specifications for your job, products or services changing?
- Is changing technology threatening your position?
- Do you have bad debt or cash-flow problems?
References:
https://www.investopedia.com/terms/s/swot.asp
https://en.m.wikipedia.org/wiki/SWOT_analysis
https://www.wordstream.com/blog/ws/2017/12/20/swot-analysis
https://www.mindtools.com/pages/article/newTMC_05.htm