One Powerful Problem-Solving and Decision-Making Skill

Today I want to share with you one skill that I use to successfully solve problems and make decisions.

Problem-solving and decision-making are very important skills for both in business and in life. Problem-solving often involves decision-making and is especially important for management and leadership whether you are working for someone or for yourself.

Problem-solving and decision–making are closely linked and each requires creativity in identifying and developing options for which the “brainstorming technique” is particularly useful.

There are many different types of analysis models you can use. The one that I use to help me with this process is the SWOT analysis. It helps me assess the strength of my company, my life, my coaching clients and ways we can improve and reach our goals.

What is a SWOT analysis?

SWOT analysis looks at your strengths and weaknesses, and the opportunities and threats your business faces. You can use the same analysis for your life.

By focusing on the key factors affecting your business, now and in the future, a SWOT analysis provides a clear basis for examining your business performance and prospects.

In SWOT, strengths and weaknesses are internal factors.

For example:

Strengths could be:

• Your specialist marketing expertise.
• A new, innovative product or service.
• A specific skill that you have to offer.
• Any other aspect of your business or your personality that adds value to your life, product or service.

Weaknesses could be:

• Lack of marketing expertise.
• Undifferentiated products or services.
• Lack of self belief.
• Poor quality goods or services.
• Damaged reputation.

In SWOT, opportunities and threats are external factors.

For example:

Opportunities could be:

• A developing market such as the Internet.
• Personal development.
• Mergers, joint ventures or strategic alliances.
• Moving into new market segments that offer improved profits.
• A new international market.
• A market vacated by an ineffective competitor.

Threats could be:

• A new competitor in your home market.
• Price wars with competitors.
• A competitor has a new, innovative product or service.
• Competitors have superior access to channels of distribution.

Six simple rules for a successful SWOT analysis.

• Be realistic about the strengths and weaknesses of your organization when conducting SWOT analysis.
• SWOT analysis should distinguish between where your organization is today, and where it could be in the future.
• SWOT should always be specific. Avoid grey areas.
• Always apply SWOT in relation to your competition, i.e. better than or worse than your competition.
• Keep your SWOT short and simple. Avoid complexity and over analysis.
• SWOT is subjective.

As always,

MY GOAL – YOUR SUCCESS!