Do you know about your SWOT?

 The year 2020 has passed, when many things have happened to the world, and the new year 2021 comes. Looking back on last year, many things happened to the world, suffered natural disasters, and various changes occurred. One of the most influential things that happened in 2020 was COVID-19. COVID-19 is rapidly affecting many countries, starting in China, and many people are still infected. As a result, various events such as watching the sunrise of the New Year or welcoming the New Year were reduced or canceled on January 1. I think you, reading this article now, are welcoming the New Year with a different environment and method than ever before.

 I think there will be many people that make new plans for the new year. Through this time, I would like to introduce you to SWOT among the various ways to make a year's plan. ‘SWOT’ is a technique that analyzes the internal and external environment of a company to define strengths, weaknesses, and threats and establish management strategies based on them. It was designed by Albert Humphrey, an American management consultant. The biggest advantage of SWOT analysis is that it can simultaneously identify changes in internal and external environments of businesses. The company's internal environment is analyzed to identify strengths and weaknesses, and external environmental analysis identifies opportunities and threats. SWOT, which originated from companies, is also an inspection tool that many people now use for self-development.

 SWOT's ‘S’ is a strength, and strength refers to the strength of the internal environment. ‘W’ is a weakness, which means a weakness in the internal environment. ‘O’ is an opportunity, an opportunity originating from an external environment. ‘T’ refers to a threat derived from the external environment. The SWOT analysis is based on the logic of maximizing opportunities from the outside world and making the most of one's strengths and complementing weaknesses in the direction of avoiding threats. The strategy by SWOT analysis can be summarized as follows: “SO strategy” (ruling-based strategy) is to seize opportunities by utilizing strengths, and “ST strategy” (ruling-threat strategy) is to avoid threats by utilizing strengths. “WO strategy” (weak-weak-weak strategy) is to capture opportunities by supplementing weaknesses, and “WT strategy” (weakweak-threat strategy) is to avoid threats by supplementing weaknesses. SWOT analysis is widely used in many fields because it is a methodologically concise and widely applied generalized analysis technique.

 With the SWOT analysis described earlier, four strategies can be constructed by analyzing their strengths, weaknesses, opportunities, and threats. Through SWOT, I hope you to spend 2021 planning and effective in planning your own strategy