SWOT Analysis

On a regular/yearly basis doing a SWOT analysis of what's going on in your business & life can create a lot of clarity and be a great auditing & growth mechanism in your tool belt.

SWOT stands for Strengths, Weaknesses, Opportunities, Threats.

• Strengths — what are your advantages (over your competitors)?
• Weaknesses — inventory your weaknesses. Disadvantage to your competitors or relative to your vision?
• Opportunities — elements that allow you to increase profitability. What are the bold moves?
• Threats — elements that could endanger the profitability of your company?

The way I like to do this is to get a giant sheet of paper and break it down into four quadrants. From there start writing/flowing whatever comes top of mind.

Once you've finished your SWOT analysis now it's time for you to create a process to take action on it.

One thing I've done is hung the SWOT analysis on the wall in front of me in my studio (which I am easily able to do because the Post-It paper I use has sticky stuff at the top). Doing so allows me to have constant awareness of my SWOT, which increases the chances I take action.

Here are some quick examples from one of my SWOT's to help you along.