Conducting a SWOT analysis can be a useful tool when evaluating your current situation as well as the surrounding marketplace. The results of a SWOT analysis often are used to plan future strategies and make internal changes that are deemed necessary.
A SWOT analysis is used to determine the strengths, weaknesses, opportunities and threats a practice is facing. The process works best when done as a group. Results are further analyzed and become crucial components going forward in the overall planning strategy for the practice.
The “S” in SWOT represents strengths. In this part of the analysis, a person is expected to check things that are assets†to the practice. Typically, these strengths are more of a focus on internal benefits, but they also can include things such as reputation in the marketplace with Prospex and patients. Anything from a particular person to a patient care protocol could be considered a strength to be augmented going forward, including finances, organizational structure and products.
The “W” in SWOT represents weaknesses. These traits can be anything the practice is lacking, spanning the same categories as the areas scrutinized for strengths, and are things that a practice either looks to improve upon or eliminate entirely. Common weaknesses are a high cost structure or the inability to acquire resources including people, facility or equipment.
The “O” in SWOT represents opportunities. In a SWOT analysis, opportunities are areas or situations that a practice feels it can take advantage of to create further growth. A practice could see opportunity in a range of places… from the marketplace, in trends or competition, to new technologies, services or products†and talent or location options that are becoming available.
The “T” in SWOT represents threats. Threats identified in the SWOT analysis are areas determined to be a potential challenge for the practice. These threats are situations that the practice wishes to reduce the impact of or shut the door on entirely. These include new regulations or employee turnover, which could inhibit practice growth, as well as shifts in patient’s attitude away from your brand of chiropractic. Threats follow closely with the topics discussed for opportunities.
This guide was developed for WellnessOne Alliance Members to simplifies the process with EZ instructions, guidance and forms you need to conduct a SWOT Analysis for your practice.
Using this tool could have a significant impact on your plans, marketing strategies and tactics.