From time to time, we all have to do a personal inventory. This can be a very hard concept for some, and is usually dreaded by all. But, there is a tool that businesses use in doing their own inventory: SWOT analysis. SWOT looks at strengths, weaknesses, opportunities and threats, and can be used for personal improvement.

Here's a breakdown of the SWOT analysis:

Strengths

The goal when looking at your strengths is to see what you do best and how to use those assets to your advantage. What qualities do you possess that will give you an edge over others? Make a list of those core abilities that will set you apart from everyone else. Do the analysis based on those skills, habits and disciplines that are inherent to you. As a leader, do others come to you when they need an extra idea or do you go the extra mile for your organization?

Weaknesses

In this area, you should look at internal aspects, then ascertain what possibly could keep you from growing or being a better leader. See where your blind spots are and what can do you to improve. For example, do always listen when someone is speaking?Can you learn to listen and communicate on a higher level when engaged in conversation? In some cases, a strength can also be considered a weakness. In decision-making, do you take a long time when all that is required is a short analysis period to make a good judgement call?

Opportunities

What do you have that others do not? This is built upon your strengths but goes further. What gives you a competitive advantage, such as favorable situations that you have created? By getting a degree or certification, you will have a built-in advantage over others when applying for the next promotion. Taking the time to mentor others and help them grow is a good leadership skill to have, and your organization will take notice.

Threats

What areas are holding you back? These can be external and can have a negative impact. For example, do you have a boss that is a micromanager? Try to anticipate his actions from past experiences. Do you have a teammate that wants to take credit for your ideas? Find ways to circumvent the situation, such as presenting to your supervisor a plan or analysis of a problem with solutions that are in a whitepaper format.

The SWOT analysis is done in a matrix format and a variety of templates are available to do this exercise. The analysis can be done on an annual basis or whenever you feel it is time to consider the next steps in your career path.

While there is no “good time” to do an analysis, you should create the time. Your personal inventory will give you an advantage over others, helping you determine and accomplish your goals – both in and out of the workplace.