One of the first exercises we do with every practice we work with is a SWOT analysis — looking at their strengths, weaknesses, opportunities and threats. We perform our own but then we also ask the practice — each physician, the administrator/office manager, and key staff members — to do so as well.
A well-done SWOT is more than just a consulting tool. Done properly, it can be an invaluable opportunity to slow down, focus and evaluate. It requires that you look honestly and introspectively at what is working well and what needs attention. It also means taking time to focus on your competitors and how they are performing and differentiating themselves in your market.
Let’s break down the key components:
Strengths
What do you do best?
What makes you different?
What do your customers most praise and compliment?
Weaknesses
What isn’t working?
What do your competitors do better?
What do patients and referral sources complain about the most?
Opportunities
What is on the horizon?
Are there any new health trends or technologies?
Any emerging health issues and concerns?
What about untapped markets?
Threats
What are the greatest obstacles you face?
Are there new competitors, consolidations, insurance changes or regulations that could change the face of your market?
Once you have gathered and documented your findings, don’t stop there.
- Turn your strengths into key message points when you communicate with patients and referral sources.
- Address weaknesses head on and brainstorm the best ways to take corrective action (and don’t forget to let your customers know once you have).
- Allocate resources — human and financial — to pursue promising opportunities.
- Don’t let threats become excuses. Find ways to be proactive, to adapt, to overcome.
And then at least once a year, do it all again.