Using SWOT-TOWS In Business Strategy Analysis

Your annual business review is sure to include strategies with supportive tactics. To create strategies that will effectively grow your business it’s important to perform a business analysis. Two of the most popular analysis tools include SWOT and TOWS. Here is a quick look at both methods that work in tandem.

SWOT Business Analysis

SWOT represents the Strengths, Weaknesses, Opportunities, and Threats of each objective you are trying to achieve. This analysis should be set up in a quadrant to visualize your objective. The strengths and weaknesses should focus primarily on internal factors, while opportunities and threats should focus primarily on external factors. Aim to identify at least 3 factors for each box, then create measurable strategies with supportive tactics to overcome weaknesses and threats, while optimizing strengths and opportunities.

TOWS Business Analysis

At first glance, TOWS looks similar to SWOT but the method encourages you to explore the relationship between your Threats, Opportunities, Weaknesses, and Strengths. The model challenges you to first identify each, then dig deep to consider:

• Strengths & Opportunities (SO) - How can you leverage your internal strengths to optimize opportunities?

• Strengths & Threats (ST) - How can you leverage your internal strengths to minimize threats?

• Weaknesses & Opportunities (WO) - How can you leverage your external opportunities to minimize or overcome weaknesses?

• Weakness & Threats (WT) - How can you minimize internal weaknesses to minimize the risk of, or avoid external threats?

The Challenge With Creating SWOT and TOWS

One of the most common challenges of analyzing your business is that you may be too close to accurately assess your strengths, weaknesses, opportunities, and threats and how they impact your business. This is one of the reasons to consider working with someone who specializes in business and brand strategy. They can determine your business attributes and external factors with a fresh perspective and bring new insights. At the very least, multiple members of your department or team should contribute to the analysis so that you have a variety of perspectives consider.

Bringing Your Business Strategy To Life

Once your SWOT and TOWS is complete it’s time to transform it into measurable and actionable strategies. This should include both quarterly and annual objectives and who is accountable for each. When it comes to operational elements, you’ll may need to put new systems in place to ensure a successful implementation. This might include investing in new software and technology, redefining job duties, increased training, promotions, launching a new product or service and onboarding new team members. When it comes to how you present your brand to your clients and customers it is beneficial to have creative professionals that support your plan and initiatives. This might include a full rebrand, updating standard print collateral, refreshing your website layout, redesigning your website, creating a cohesive marketing message, and more.

With a business strategy in place and a system of measurement or accountability, you are sure to see results!