A useful business analysis tool is SWOT analysis
SWOT stands for strengths, weaknesses, opportunities, threats.
SWOT analysis creates a structured way for thinking about a project, change, pivot, or new course of action. SWOT analysis works equally well for business and personal. The holistic aspects of the structured way of thinking make SWOT analysis a very powerful tool.
Strengths and weaknesses are internal aspects. For a project, they are the strengths and weaknesses of the project. For a change, they are the strengths and weaknesses of the change. For an individual, they are the strengths and weaknesses of the person.
Opportunities and threats are external. They are the opportunities or threats outside of the project, change, or person. These are items that you don’t have control over. You can either take advantage of them or mitigate them.
Strengths and opportunities are positive. These are the aspects you want to take advantage of and use to maximize the change, project. From personal perspective strengths and opportunities are what an individual focuses on to create their best life path.
Weaknesses and threats are negative. These are aspects you want to mitigate or avoid.
Once you have identified your strengths, weaknesses, opportunities, and threats you analyze how they relate to each other.
By analyzing strengths and opportunities you discover which opportunities you can take advantage of due to your strengths. This analysis allows you to maximize the opportunities. When you think about which opportunities are the best taking into account how they related to your strengths, you will pursue the opportunities that will produce the greatest outcome.
By analyzing strengths and threats you discover how to use strengths to minimize threats. There may be strengths that can be used to minimize a threat that is not obvious by looking at the threat in isolation.
By analyzing weaknesses and opportunities you discover opportunities to overcome your weaknesses. As an example, understanding your weaknesses and understanding the opportunities for freelance work uncovers the opportunity to outsource your weaknesses.
By analyzing your weakness and threat you discover strategies that can avoid both of them. If the same strategy can avoid threats and your weaknesses it will be a more effective strategy.
I find this technique valuable both in business and in my personal life.