A Human Resource consultant, Mr Ikenna M. Okafor has reeled out steps to understanding SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for business owners, professionals, employees and individuals to enhance their career and professional goals to better position themselves in an ever changing world.
Okafor explains; SWOT Analysis is commonly and mostly used in Business Plan or when doing feasibility student in business.
Individuals and especially professionals do not see it as something to be done since they are not a business entity. What does a business entity really do? They give value. On this premise, if you give value in any manner, either as a professional or an employee, then you are also a business entity. Therefore, it is important you do a SWOT Analysis of yourself. A SWOT Analysis if properly and objectively done would help you position yourself better.
SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats facing a business entity. The first two being Strengths and Weaknesses are internal dynamics of a professional or a person, while the last two Opportunities and Threats are external dynamics.
For instance, as a Human Resource Professional, the strength I have is that I am naturally vocal, self-motivated, diligent and a goal getter. My weaknesses is that I am pessimistic at some point and also expect everyone around me to think quickly and do things without being taught.
With opportunities abound and the growing need for manpower, my skills and profession is currently highly sort-after in Nigeria. The skill -Human Resource profession, keeps professionals like myself at an advantage position and indispensable. The threats being faced is that the world is moving fast towards technology and the need for human resource professional may no longer in need. Also, another limitation is that it is difficult for professionals to practice outside their home country.
We should not get distracted, this article is not about me but about doing a SWOT analysis for yourself. No matter your industry, your profession, your personality or your location carrying out a SWOT analysis of oneself is important to professionally position one in his or her chosen endeavour. Individuals need to understand the dynamics that are advantageous so they can capitalize and improve on them and the dynamics that are at their disadvantage to help mitigate such.
When conducting your SWOT analysis, examine things like your qualification, skills, character, knowledge, your network and experiences. These are things that make up the Strengths and Weaknesses. Then also examine your colleagues (competitors), government or regulatory bodies rules and regulations, corporate bodies preferences, changing work environment (to see if your skills set fit into them), and even the influence of natural occurrences like pandemic, epidemic, natural disaster amongst others.
If you are an applicant and are able to analyze these factors properly, then, you would know how to position yourself in the labour market to attract recruiters and employers. If you are a professional or an employee, a SWOT analysis would help you grow quickly in your chosen career path. This does not matter if you are in the private or public sector. With understanding SWOT Analysis as it concerns your personality, you would focus on aspect of your life that beams your lights and work on risk factors that deems your light.
While on your job, look out for those task that gives you recognitions and attracts appreciation to either you or your team members. Part of what happens is that SWOT Analysis enables a group/individual to handle everyday problems and look at traditional strategies from a new perspective. It can be used as framework for organizing and using data and information gained from situation analysis of internal and external environment. That is from yourself to your organization and then the general territory.
I wouldn’t talk much of SWOT analysis for Business Owners as this has been over flogged in a lot of literatures.
However, for the sake of emphasis, Business owners should look at internal dynamics like their knowledge of their business, the knowledge of the industry, their personality, accessibility to finance, skills and character, personal brand name amongst others. While they should also look out for external dynamic like the general market, industry, favourable or unfavourable policies, changing customer taste etc.
For one to professionally and strategically position themselves, they must conduct an objective SWOT Analysis of themselves and must be true to point out areas they need to improve on.
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By
Ikenna M. Okafor,
(SmeDoctor)
Human Resource Manager @ Ammasco International Limited
Management Consultant @ Integrate Institute of Professional Management
WhatsApp: +234(0)7032940777
LinkedIn Profile – https://www.linkedin.com/in/historicu