If you want the business that you’re running to be successful, then you’ll need to do everything that you can to learn about it. This means that you will need to look into all of the different factors which could either contribute to its success or failure. You may also like professional SWOT analysis
So what you will need is a document that will contain all of the information that will help tell you everything that there is to know about your business’s current situation. And that’s why this article is going to teach you how to properly conduct a TOWS analysis. You may also see blank SWOT analysis templates.
Remember that the reason as to why you would want to do this type of analysis is so that you can pick up pieces of information that will help you push your business towards the path of success, as well as helping you prevent it from going down the road of ruin. TOWS stands for the threats, opportunities, weaknesses, and strengths that currently surround your business. You may also see free SWOT analysis templates.
Don’t mistake this for a SWOT analysis, even though both are pretty similar. Think of the TOWS analysis as an extension of a SWOT analysis wherein it examines a company’s external opportunities and threats and compares them to the firm’s strengths and weaknesses.
By doing so, you are able to determine whether your business’s strengths or weaknesses will have a significant or minor impact on the present threats and opportunities. A lot of business owners will want and need this information as it can help them figure out what it is that they have to utilize or fix to ensure the future of their organization. You may also see sample healthcare SWOT analysis.
With that in mind, here are the steps that will allow you to conduct a TOWS analysis:
You’ll first want to make a list of the different threats that surround your business. A threat is something that can potentially cause harm to your business. How it can cause harm will depend on the level of the threat and it’s important that you’re able to deal with them as soon as possible. Take note that they can happen from within your business or they can come from external sources. No matter which is present, you’ll need to come up with the best possible methods that will allow you to prevent them from harming your business. You can also read small business SWOT analysis.
A good example of a major external threat would be your competition. These would be other rivaling businesses who deal in the same types of products and services, as well as ones who are targeting the same types of customers. You may also see restaurant SWOT analysis.
If you want an example of an internal threat, then consider the risks to your data management system as one. There could be employees who may decide to access confidential information about your business, and that’s with us without the right authority. You may also like business SWOT analysis.
No matter what kind of threats your business face, whether internal or external, you’re going to have to come up with a list of all of them. Then you can identify what methods are the most cost efficient and effective that will allow you and your employees to easily deal with them. Make sure that these threats do not linger around too long as they may just do harm on you and your business when you least expect it. You may also see employee SWOT analysis templates.
When you’re done looking into the different threats, the next step is for you to identify all of the opportunities that your business can take advantage of. Opportunities can be defined as situations wherein you and your business has something to benefit from. These can happen anywhere and at any time so it’s important that you learn about the potential opportunities so that you can take full advantage of them. You may also see marketing SWOT analysis templates.
For example, there is an upcoming convention within the area in a matter of days. If your business were to open up a booth there, then you can advertise it towards potential clients and investors. You may also see manager SWOT analysis templates.
It’s important that you list down every single opportunity that you’re aware of. But before you do decide to pounce and take them, you have to determine whether they’re ones that are beneficial for your business. You need to weight out your options and see if there are some opportunities that you should definitely take, the ones that you don’t necessarily have to, and the ones wherein you shouldn’t. You may also see retail SWOT analysis.
There are times wherein what you think is an opportunity may just end up with you wasting time, effort, and resources instead. Which is why you’re going to have to study these possible opportunities and look into the pros and cons of each. You wouldn’t want to get into something that will just end up becoming an unnecessary expense now wouldn’t you? You can also read an internal audit SWOT analysis.
This is the section of the analysis wherein you are going to have to identify your business’s strengths. A strength is defined as anything that your business is good at or any positive about your business that you, your employees, and even your customers can appreciate. The reason as to why you’re going to need to learn about these strengths is because you’ll be using them as means of determining whether they’ll have any impact on the threats and opportunities that currently surround your business. You may also like advertising SWOT analysis samples.
Take note that strengths can be found in just about any area of your business. If you don’t know what your business’s strengths are, then you can always decide to hold a meeting and brainstorm with your staff to determine what they are. You may also see SWOT analysis in PDF.
For example, one of your business’s best strengths is that it’s able to provide great customer service.
Now, why is this is a strength? This is a question that you will need to answer for every aspect of your business that you have deemed as such. So long as there’s something to be gained from a particular aspect of your business, then you can pretty much consider that as a strength. You may also see HR SWOT analysis.
Let’s use our previous example once again. Now, why is having great customer service considered as a strength? Well, the reason for that is because having great customer service can increase the satisfaction of your customers, thereby making them want to keep coming back and do business with you. You may also like hotel SWOT analysis templates.
The more strengths your business has, the better. So makes sure that you are able to find every single one of them so that you can take advatnage of them.
When you’ve managed to point out the different strengths of your business, the next step is to identify all of its weaknesses. A weakness can be described as anything that could hinder a business’s path towards success. If left alone, then they can potentially become threats which could harm the business in its entirety. So much like the threats that are present in your business, you’ll want to immediately get rid of these weaknesses as soon as possible. You can also read Human Resources SWOT analysis.
Much like your business’s strengths, weaknesses can be found just about anywhere. So you’re going to need to brainstorm with your staff yet again to determine where your business’s weaknesses lies. You may also see sample employee SWOT analysis templates.
For example, let’s say that there’s a good amount of employees who don’t follow the right procedures when it comes to handling customers. This is a weakness that you’re going to have to fix right away. You may also see SWOT analysis sample templates.
The sooner that you’re able to fix these weaknesses, the better. So what you’ll need to do is come up with a list of every single one of them. You’re going to need the information for the next step. You may also see detailed SWOT analysis templates.
Now that you have all of the information you need, you’ll need to make use of all of them. So what you’re going to have to do first is to use your strengths to determine what kind of impact they have on the threats and opportunities that are currently surrounding your business. You’ll want your strengths to have a strong impact in which they help take advantage of more opportunities and have them help you better avoid or prevent threats. You may also see marketing SWOT analysis templates.
As for your weaknesses, you want them to do the exact opposite. It’s best that these threats are ones that have minimal impact on the opportunities that you can take advantage of and that they don’t contribute to the threats. You may also read personal SWOT analysis templates.
Although there will be certain weaknesses that may just add to your threats and prevent you from taking certain opportunities, you can do what you can to make sure that they aren’t able to do so. You can prioritize the weaknesses that have the most impact and come up with the best ways to deal with them. You may also see SWOT analysis PowerPoint templates.
Same goes for your strengths wherein you want to find out which of them has the most impact. Particular strengths may help you out more in terms of taking advantage of opportunities and taking care of threats more than the others. You may also see competitor SWOT analysis templates.
Just use the information wisely and you can guarantee that your business will be successful.
If you would like to learn more about the different types of analysis that you can conduct, then all you have to do is to go through our site. It has many different articles that should be able to provide you with the help that you need. Just be sure to read them thoroughly so that you can make the most out of whatever they have to offer. You may also see blank SWOT analysis templates.