The final of our route planning your business growth pieces together the planning and findings from the previous two parts – the Internal and the External.
You should by now have completed SWOT (Strengths, Weaknesses, Opportunities and Threats) using an internal resource audit and using the traditional models of PESTLE and Porter’s 5 Forces to analyse the external factors.
With this we can define our route forwards. We take SWOT an unusual step forward by analysing and looking for interrelationships between the factors within SWOT using a model called TOWS (for the more astute – an anagram of SWOT).
SO strategies look for relationships between the strengths of the business and the opportunities externally. This is the key one to look at. SW strategies consider how by making a business can take advantage of opportunities by converting weaknesses into strengths. ST strategies consider how a business can use its strengths to minimise potential threats. WT strategies are ones that demonstrate obvious points of weakness and risk to the business.
By looking at the interrelationships the business should then be able to identify the direction to take on your journey – your ideal route to business growth.