two,s company analysis
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TOWS is an acronym for threats, opportunities, weaknesses and strengths. It extends a SWOT analysis.
TOWS examines a company's external opportunities and threats and compares them to the firm's strengths and weaknesses. This analysis forms the basis to develop TOWS strategies and to form actionable tactics.
Find ways to minimize weaknesses and counter threats. This could involve closing out poor-selling products, terminating under-performing employees and developing more aggressive selling techniques.
If you're doing a SWOT analysis, and coming up with TOWS strategies sounds like a waste of time for a small business owner, it's not. As a matter of fact, a SWOT analysis is even more critical for small businesses that typically don't have large corporate departments for support. The burden of maintaining and growing a business falls entirely on the shoulders of the owner, who must always be on his toes to counter and react to changes in the marketplace. SWOT and TOWS methods are a simple, organized way for a small business owner to develop a plan for the future, so that the business can survive in the long run.