TOWS is a form of analysis that is used as a strategic planning tool. It can add key value to a company by focusing instead on matching internal factors with external aspects of the company’s environment. Through the analysis, the business gains strategic planning, which helps organisations to be more productive by better allocating resources to achieve their goals.
Objectives of tows analysis template
The basic aim of the analysis is to reduce threats, exploit opportunities, build on strengths and finally remove weaknesses. Strengths are positive internal factors that constitute the strength of a company. They must be nurtured in order to maintain them in the future as well. They can be used for expansion activities. The aim of the analysis is to adapt it to the whole company, or in individual spheres of its operation, e.g. marketing, finance, production, etc. It can also be used in consultancy activities and as a technique for preliminary strategic analysis of a company ordering consultancy services. Meanwhile, mini-maxi (WO) and maxi-mini (ST) strategies aim to strengthen weaknesses, exploit opportunities and minimise threats using strengths. A strategic analysis of this type will also allow the company’s staff to delve deeper into various processes. It may then become apparent that not every area is working properly.
Difference between SWOT and TOWS analysis
Tows analysis example identifies relationships between factors and selects categories based on that. The significant difference between the two concepts is in the results – SWOT is usually used to determine the current situation of a company and is a great tool for this. The TOWS analysis template, on the other hand, can be called a continuation. A company can use TOWS to apply the SWOT results to a future strategy. The TOWS analysis therefore helps to formulate the key objectives of the organisation and to translate the company’s vision and mission into action. SWOT analysis is a tool readily used by many companies, but it will also work well for life decisions. With the help of SWOT, you will identify the strengths and weaknesses of your business, which you can use to combat threats. It is very important that employees from different departments are present when preparing the SWOT analysis, as all points of view are extremely valuable in this process. It should be carried out systematically.
