Trends analysis helps SMEs
Business Advisory Services Update
Accountants can assist SME business operators to conduct a full review of their businesses by coordinating a TOWS Analysis.
“T” is for Trends
“O” is for Opportunities
“W” is for Weaknesses
“S” is for Strengths
This analysis is best conducted in a “Think Tank” format with the leadership team of the business.
This is an opportunity for accountants to perform the facilitator’s role, thus enabling the owner/CEO to participate in the “Think Tank”, listening to and monitoring contributions made by the team members to the key issues.
T: Which trends are coming and potentially affecting the business? Allocate the responsibility of monitoring trends and developing suggested policies.
O: Which opportunities are available for your client – sourcing new suppliers – developing new customer categories – expansion – exporting products? Allocate responsibility for research into the opportunities that are identified,
W: What weaknesses or threats affect this business? Have strategies been developed to overcome these weaknesses or threats? Allocate responsibility for monitoring the weaknesses and threats.
S: What are the strengths that the business has that it intends to build on? Have the individual strengths been documented and then allocated as priority items to team members?
A key objective in the development of the “Action Plan” from a TOWS analysis is to try and not have the owner or CEO, with the direct responsibility of any of these tasks. In that way, the team members are receiving familiarisation in an area that they might not have been fully aware of and the owner/CEO is able to constructively contribute to the persons performing the allocated tasks.
ESS BIZTOOLS has developed comprehensive product packages to assist Accountants to deliver these types of services. To find out more, contact our Managing Director, Peter Towers, on 1800 232 088 or .
