If you’ve ever been assigned to a business project, you’ve probably heard of a SWOT analysis. SWOT stands for Strengths, Weaknesses (both internal factors) Opportunities and Threats (both external factors.) In an online article for SmartBrief, Denise Lee Yohn suggests you perform your own SWOT analysis to uncover new insights and help you become your best self as a leader.
In Yohn’s model, she says “The S in this SWOT stands for Self – that is, you must start with an assessment about yourself as you currently are.” She suggest using assessments such as the Myers-Briggs and strengths assessments such as Clifton Strengthsfinder, or Patrick Lencioni’s new Working Genius Assessment to get perspective on how you prefer to make decisions and what drives you in your work.
Yohn’s W stands for World – that is, what’s going on in the world around you. Look at how you are being influenced by social, economic, political, and cultural trends. Are economic or market changes affecting your industry or your product or service? Is technology changing the way you do business? Are you keeping up with trends so that you remain relevant in your profession?
O stands for Others. Yohn says, “Take stock of the other people in your life and the quality of your relationships with them. You can either use a standardized tool such as the Relationship Assessment Scale or simply list the main people in your life and determine how satisfied you are with your relationships with them and why. Consider dimensions such as communication, trust, intimacy and values alignment.” If an important relationship has eroded, think about how you could begin to mend it. If there’s a relationship you’d like to strengthen or revive, make a plan for reconnecting with this person.
Yohn’s Ts are Time and Treasure. She writes, “It’s been said that you can tell a person’s priorities by looking at their calendar and their checkbook.” When you audit where you’ve been spending your time and your money, you can figure out if you’re spending them on the things that really matter. The beginning of the year is a great time to examine your goals and priorities, and if needed, change your actions to match your values.
Of course, time spent on things that don’t matter is almost never on your calendar, so it’s worthwhile to audit how you’re spending your free time. Is social media sucking up hours you could be spending on important projects or important relationships? Is social media making you feel better about yourself – or worse?
Are you investing your treasure in your future, or spending it on things that don’t matter? How do your spending habits support your goals? What could you be doing with the money you saved by shopping less or spending less on entertainment? If some of your goals are financial (buying a home, going back to school, or retiring early), every dollar has meaning and potential. Reflect on how you’re investing in that meaning or adding to its potential.
If you record the results of your SWOT analysis, you’ll have a baseline you can look back on at this time next year. Taking stock annually of how you’ve changed can be a powerful motivator for improvement, both personally and professionally.
Your Work, Your Way 