How TOWS Analysis Helps You Develop a Robust Strategy For Growth

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How TOWS analysis helps you develop a robust strategy for growth

It’s important to try and establish an inspiring and ambitious strategy for your company. It’s possible to choose from various tools to develop your plan. But it’s good to switch tools you use ever so often. Each tool or framework will help your team view your organisation in a fresh light, leading to fresh insights every time. This article is called how TOWS analysis helps you develop a robust strategy for growth

How to apply a TOWS assessment is the topic of this post titled how TOWS analysis helps you develop a robust strategy for growth. TOWS assessments can be used to evaluate the present condition of your business and the surroundings in which you operate and develop strategies to succeed.

What is TOWS?

A Threats, Opportunities, Weaknesses, and Strengths (TOWS) framework is used to assess the organisation’s external environment and internal state. Once your team has brainstormed through each category, you can begin to create strategies to succeed.

Team members must think through their own ideas before sharing them with the team. In addition, urge the senior leader to ask great questions and hold back on commenting until the end of each section. They will learn a lot from their group and avoid hijacking the conversation. 

Avoid vague statements like “our customers love us”; ask your team only to provide verifiable statements. How do you know? How do you know if they like you more or less today than last year? You must move the conversation away from opinions to verifiable facts.

Remember PESTLE analysis

Focus your team on the financial threats your organisation faces today and future, using your prior PESTLE analysis as a starting point. Consider these questions: 

  • What financial threats do we face? 
  • What actions can our competitors make? 
  • How are our customer connections? 
  • Will customers prefer different things in the future? 
  • How does new technology impact you?

Refer back to your PESTLE analysis to begin thinking about what opportunities might exist in your external environment. 

  • Ask what are some opportunities you could take advantage of as a result of all these changes?
  • Look for ways to improve customer satisfaction. 
  • How about opportunities arising from competitors’ shortcomings? 
  • Also, look for opportunities resulting from technological advances, political changes, demographic shifts, and customer preferences.

Weaknesses 

It can be challenging to discuss weaknesses. In this section, you must focus on your business’ soft underbelly. Focus on the facts about the firm. If you approach the issue from a personal perspective, walls will rise, and all insightful conversation will cease immediately. These questions may help get the conversation started:

  • Why do you think you’ve lost customers in the past year? Why have you missed sales opportunities? 
  • What weaknesses does the market believe you have? 
  • Does the market consider you to be the best in your industry? Why not? 
  • Are you financially stable and ready to thrive during economic swings?
  • What do your customers love about working with you? 
  • What do you have that your rivals want? 
  • What resources do you have that your competitors don’t? 
  • What factors allow you to make the sale over your opponents? 

Build a strategy

Prioritise the ideas captured in each section now that you’ve covered all four topics. You can begin to formulate strategies based on what you learned. The following framework can be used to drive the discussion:

  • What opportunities can you exploit by leveraging your strengths?
  • What opportunities can you seize to minimise the impact of your weaknesses?
  • What actions can you take to lessen the effect of threats on your company by exploiting your strengths?
  • What actions can you take as an organisation to reduce your weaknesses and avoid threats?

Using a variety of tools each time you get together will help you learn more and gain a greater perspective.

How TOWS analysis helps you develop a robust strategy for growth

In conclusion, it’s important to try and establish an inspiring and ambitious strategy for your company. You can choose from various tools to develop your plan, and it’s good to switch tools you use occasionally. This will help you keep your company on track and ensure its success. TOWS assessments are a great way to evaluate your business and develop strategies for success. 

This article was called how TOWS analysis helps you develop a robust strategy for growth. So by taking the time to understand your strengths, weaknesses, opportunities, and threats, you can create a plan to help you achieve your goals. So what are you waiting for? Get started today!

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