SWOT analysis helps you achieve the goals fast

SWOT Analysis

You have clear goals to achieve. What next? Before deciding your route-map to reach the goals, you need to understand where you stand now. In other words, you need to have a fair idea how well you are positioned to achieve those goals. For example, if you have a goal of increasing your wealth by two times in the next five years, you need to plan actions towards achieving it. Planning actions requires knowledge of whether you have sufficient resources to reach the goal (strengths), what limitations you have (weaknesses), what hurdles you might face in reaching goals (threats), and what outside support you are going to leverage upon (opportunities). You have the tool of SWOT analysis to help you in knowing them.

The SWOT matrix has four quadrants as shown in the below template. Strengths and weaknesses lie in you whereas the opportunities and strengths lie outside you. You need to list strengths, weaknesses, opportunities, and threats in respective quadrants. Then the matrix serves as a guide and a reminder to work further to improve your position day-by-day by increasing the strengths and minimizing weaknesses in order to overcome threats and utilize opportunities so that you will be reaching the goals fast.

SWOT Analysis Template

Each of strengths, weaknesses, opportunities, and threats should be identified and listed in relation to a specific goal. What is strength to achieve one goal may not be a strength to achieve another goal, or sometimes could be a weakness altogether. For example, in maximizing wealth, knowledge of great investment opportunities is a strength. The same knowledge does not become a strength if the goal is to lose 5 kilos of weight in two months. As another example, tendency to work long hours is a strength if the goal is to maximize wealth. If the goal is to achieve work-life balance, the same tendency becomes a weakness. Therefore, you cannot call a thing as strength or weakness in absolute terms. You need to decide only with respect to the goal you have set. Hence, you need to state the goal clearly first and then attempt to fill out the matrix. It goes without saying that, you need to do SWOT analysis for every goal separately.

Strengths: Strengths are resources with that come as advantage in the process of reaching the goal. In increasing your wealth, for example, a stable job is a undeniable strength. Networking and marketing skills could be another skill. Systematic saving habit is a great strength.

Weakness: Anything that cause disadvantage in the course of achieving the goal is a weakness. For example, when the goal is to maximize wealth, a habit of overspending is a weakness.

Threats: Threats pose obstacles on your way to achieving the goal, they and reduce the chance of reaching the goal or delay it. For example, a sluggish economy in the region could be a threat in wealth maximization.

Opportunities: Opportunities support and facilitate your reaching the goal. For example, you may find a steady flow of income and systematic investment plan to be an opportunity to maximize wealth. 

In order to complete the matrix, you need to analyze yourself and the environment or the industry where you live or work. As already mentioned, the next step is to plan for maximizing strengths and tapping opportunities to progress towards the goal. The more sincerely you do the SWOT, the better you could plan to reach the goal faster.