8. 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.
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10. It opens team member thought processes and encourages brainstorming without fear.
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12. 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?
16. 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.
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19. Make decisions about the process and solutions with respect to FIN 48 and provision.