SWOT analysis, SMART objectives, market segmentation, and strategic positioning have become necessary for business. I will reflect on how they positively affect personality and organization.
From the professional point of view, I have benefitted the most from using the SMART objectives technique. It is more suitable for personal application than SWOT analysis since SMART objectives aim to assist the personnel rather than evaluate the business venture. Since I started to use this technique, I have learned how to set specific goals and better judge my progress. Setting SMART objectives also helped me to improve professional communication with my colleagues and eliminate misunderstandings caused by the lack of agreement and clarity between us. In addition, the SMART technique made setting and reaching goals much easier and significantly improved my working efficiency.
On the other hand, SWOT analysis provided the necessary support for proper market segmentation and strategic positioning of our organization. SWOT analysis allowed us to form a much-needed framework by evaluating the strengths and weaknesses of our bank, the opportunities, and possible threats. We managed to improve the understanding of our current position on the market, which helped shape our marketing campaigns and redefine our stance towards the competition. Overall, SWOT analysis became a valuable instrument and a crucial foundation for our further actions.
Lastly, I would like to focus on the personal development aspect. Although I implied earlier that SWOT analysis is more suitable for a corporate application, it surprisingly helped me to grow as a person. I decided to extrapolate SWOT analysis on myself, and the method worked well. Not without problems, but I managed to apply critical thinking to my personality and started to prevent possible threats and eliminate revealed weaknesses. Hopefully, my willpower will not let me down, and I will emerge victorious from that battle. In the end, both SWOT analysis and SMART objectives proved to be valuable professional assets for banking business and personnel.