You have an important decision to make for your project or your business and you’re not quite sure how to approach it?
I have a solution for you: the SWOT analysis.
SWOT is an acronym that brings together four key elements. By looking at each of them, it helps you make a more thoughtful and structured decision.
- S stands for Strengths. This is where you identify your team’s strengths, what it produces, and what it does well.
- W stands for Weaknesses. This is where you analyze the difficulties and everything that could slow down the project or put it at risk.
- O stands for Opportunities. By doing this project, what do you gain? What benefits can you get from it? Why do you want to do it?
- T stands for Threats. These are external threats that can impact the project. What risks or environmental factors could disrupt it? For example, competition or market changes.
The goal of a SWOT is to fill in each of these four categories in order to get a global overview of the project and make an informed decision: does it make sense to move forward or not?
And you, have you ever used a SWOT analysis in your team? If so, in what context?