For nurses with previous careers in the business world, you may have taken part in a SWOT analysis at one time or another to determine a business strategy or direction. For nurses new to this concept, this is a handy framework for taking a 360-degree look at any aspect of your life. For the purposes of this article, we’ll focus specifically on its application to your nursing career.
What is SWOT?
The acronym stands for strengths, weaknesses, opportunities and threats. While these four categories cannot completely address every aspect of your career, they offer a framework in which you can deeply examine the growth of your career and how both internal and external forces impact it.
A SWOT analysis does not have to be a singular event. Rather, since you, your life and your career are organic and developing over time, the results will likely never be the same twice. Archiving your results for comparison over the years can offer valuable insight into your career trajectory and the ways in which your goals and aspirations have changed with age.
By examining your strengths, you take an inventory of what moves your forward in your career. These strengths may be personality traits (e.g., being highly organized, efficient), but they also may be external factors that empower you (e.g.: a wonderful spouse and home life, a supportive group of friends, a trust fund at your disposal).
Your strengths propel you, prop you up, empower your forward movement and add value to your life.
As with strengths, your weaknesses may be internal (e.g., disorganization, lack of focus) or external (e.g., constant conflict with your spouse, a chaotic home environment). Your weaknesses may be distractions, or they may actively prevent you from accomplishing the next step. Understanding your weaknesses is paramount.
Opportunities come in various guises. An opportunity might be a colleague who offers to be your mentor; another might be the chance to work abroad where you’ll learn new ways of approaching universal problems. Opportunities may be big or rather subtle; your job is to recognize them and take advantage of those that will serve you most.
Threats are not quite weaknesses, but some of your weaknesses can become threats. For instance, a disintegrating marriage will certainly affect your ability to focus on your professional development, and a negative personal habit could be perceived as a threat, as well. Meanwhile, the downsizing of your workplace may be an uncontrollable extrinsic factor that threatens your job.
SWOT for life
You can utilize the SWOT analysis structure for your parenting, finances, career, marriage or any other aspect of your life. Consider using the SWOT matrix to examine your nursing career; decide what’s standing in your way and who and what is on your side; and determine how you can turn threats into opportunities and weaknesses into strengths.
SWOT is a tool; how you use it determines its applicability. Understand the power of the SWOT analysis process, and consider how it may be applied to taking your nursing career to the next level.
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About the author
Keith Carlson, BSN, RN, NC-BC
Keith Carlson, BSN, RN, NC-BC, is the Board Certified Nurse Coach behind NurseKeith.com and the award-winning blog, Digital Doorway. Keith is co-host of RNFMRadio.com, a popular nursing podcast, and also hosts The Nurse Keith Show, his own podcast focused on career advice and inspiration for nurses. A widely published writer, Keith is the author of “Savvy Networking For Nurses: Getting Connected and Staying Connected in the 21st Century.” He brings a plethora of experience as a nursing thought leader, holistic career coach, writer and nurse entrepreneur.
Get Your Custom SWOT Analysis From British Essay Writing Service For Best Results
SWOT analysis an acronym for Strength, Weakness, Opportunity and Threats, and is a necessary framework to analyse the internal strengths and weakness of the company along with external opportunities and threat for the company. Internal factors, strengths, and weaknesses are in the control of the organisation, while external factors like opportunities and threats are beyond the supervision of the company. This is one of the basic and fundamental frameworks of business studies. These four basic elements of SWOT analysis aid the company in evaluating the proposition of business ventures and projects. It is not necessary that a SWOT analysis is carried out for a company only, it can be carried out for a person, industry and even a place. What actually SWOT analysis addresses is it assists in identifying objectives of the project and the business venture while analysing internal and external factors of the company that holds the favourable or unfavourable position for achieving the position.
SWOT Analysis Essay?
Being a business student, it is pivotal to study SWOT analysis in the initial years of your business education, because this basic concept is the base to every strategic decision, a company plans to take, let it be acquisitions, mergers, ventures, expansions, or launching a new product. Hence, under no circumstances, can you escape from SWOT essays or assignment, throughout your business education. What you, being a student need to be vigilant while doing a SWOT assignment or essay is, you need to identify the aspects accurately that fits the internal and external factors individually. What students usually do is, they confuse strengths with opportunities or fail to follow proper guidelines. If the assignment is regarding strategic decision making and you fail to do a SWOT analysis adequately, you will land up proposing strategic decisions that do not fit well into the given situation. Let’s first have a look at these four components of SWOT individually:
Strengths are fundamentally the capabilities and abilities of the company that is actually making it survive in the competitive industry. It is the characteristics of the company that gives it an edge over others. What are the things that make up a company’s strengths? Strengths can be anything from the trademark, technology, patent, resources, and lower cost of production to workforce or its supply chain network. Here students need to be careful and write within the context of a particular, industry or company as per the needs and requirements of the given guidelines by the professor.
The weakness of the company is what they lack internally, which makes them prone to threats from outside sources. Weaknesses of the company can be anywhere; it can be its patents, production cost, production system, debts, liabilities, lack of quality resources, supply chain network, distribution system, marketing, human resources, or values and even at times the mission and vision of the company. All you students need to do is study the company carefully and analyze its internal lacking.
Opportunities are elements in the business environment that can be used for reaping profits and growth in the industry. This can be a new market, untapped customers, new methods of production, new technology, international trade, government regulations or probably even a reported increase in the currency. These are the factors that should be kept in mind while analysing a chosen or given company by your professor for the analysis.
Threats comprise of outside elements that are not under the control of the company and can cause a significant problem for the company and its operations. These factors can be a change in government regulations, fluctuations in currency, economic turmoil (inflation or recession) change in consumer’s taste or preference, increase in taxes, discontinuation of the use of technology and so forth. Above all the biggest threat is from the competitors dealing in the homogeneous and heterogeneous industry. Likewise, it is always advisable to study the industry in which the company is dealing in, its rules and regulations, and the political and economic factors for identifying threats.
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