The Art and Science of: The SWOT Analysis

Way back in 2009 I earned a bachelor’s degree in Spanish and Business Studies from Butler University. 

Fun fact – that major doesn’t actually exist anymore at Butler…but my degree still counts, right?

Right?!?

Regardless, half of my undergraduate education was dedicated to the study of  business. Since then, I have always worked in a non-profit or education setting, but so much of that business knowledge has stayed with me. And I think at times it is important to think like a business person, such as when it comes to your goals. 

One example of this is the SWOT analysis:

As a quick reminder, a SWOT analysis is something a company would do in order to determine internal factors (strengths and weaknesses) such as the level of skill of personnel, and external factors (opportunities and threats) such as economic and market conditions, which could affect the bottom line and potential growth.

It is such a quick, simple activity, but one that could make a big difference when considering making a plan for a new goal. 

Let’s look at an actual example of mine – whether or not I should earn a PhD:

Once the SWOT is complete, you can analyze each section by determining how much weight it carries. In my case, I could have all of the support and skills in the world (my strengths and opportunities) but my lack of motivation, coupled with high financial and opportunity costs (my weaknesses and threats), are going to weigh more every time.

Therefore, for now, I am confident than a PhD is not in my immediate future, but as things change externally and internally, who knows what may happen?

So now you know how to SWOT it up! And with that, I leave you with this thought experiment:

How might an analysis of both internal and external factors affect your goal planning?