What is SWOT? SWOT is an extremely useful tool for understanding, as well as decision-making for any number of business situations. SWOT is an acronym for Strength, Weaknesses, Opportunities, Threats.
SWOT is a “process” and/or analysis tool that helps your team analyze a piece of your tax lifecycle (or the entire process).
It opens team member thought processes and encourages brainstorming without fear.
SWOT brings good ideas to the table and lifts areas for change, as well as opportunities to excel.
How can SWOT help you? A SWOT analysis generates information that is helpful in matching an organization’s goals, programs and capacities to the social and business environment in which it operates.
Four Key Elements: SWOT INTERNAL FACTORS What you as a tax professional can control Strengths – What does your team do well? List the strengths of your lifecycle (or slice of the process) and staff. What distinct advantages does your methodology or process offer? Weaknesses – Where can your team improve? List the weaknesses of your process and staff. What are the challenges/risks that you may have as a result? Are there manual tasks and room for error?
Analyze weak points of your process from an internal perspective. Where can you improve
the data quality or acquire the expertise that creates value?
Identify weak points from a manual process,
data integrity or knowledge point of view. These may be the reasons why you have a process that has not had much review or analysis.
Be sure to include things related to staff,
missing or incorrect data, lacking skills, tax and technology resources. SWOT: Weaknesses
Four Key Elements: SWOT EXTERNAL FACTORS Currently outside your realm or what you control Opportunities – What can your team do better? What opportunities exist in the environment or other departments in the organization which will propel your team onward and upward? Identify them by their “time frames”. Threats – What obstacles do we face? Classify them by their seriousness or risks and probability of occurrence.
Post SWOT Knowledge is indeed power, and knowing both the positives and negatives of your processputs you and your team in a more powerful position for positive action. While a SWOT analysis is not in itself “action”, it can serve as a support team to help you:
Identify the issues or problems you intend to change.
Thank You! Image credits: Boetter Pink Sherbet Photography Keng Susumpow 96dpi Kyz David Paul Ohmer Thank You. We hope you enjoyed SWOT for Tax. For information about Red Moon Solutions and the tax solutions you want, contact us at 1.800.224.1260. Connect with us: