What is a SWOT – and how does it help me to build and grow my medical business?
SWOT is an acronym for Strengths Weaknesses Opportunities Threats – and is a basic business tool that can be applied to any business, although SWOTs are not often undertaken by medical practitioners.
A SWOT looks at the good, the bad and the ugly elements of a business .
From a marketing perspective a SWOT analysis helps us to formulate a relevant strategic marketing plan that’s based on you and the unique elements of your business.
Some of the elements examined in a marketing SWOT include:
- Longevity in the marketplace
- Marketing to date and the quality of the marketing
- Name of the business
- Digital presence
- Your brand
- Unique elements of your medical business
- Look and feel of the business (ie décor, staff presentation)
- Street presence
- Service mix
- Industry changes
- Resources – internal and external
A SWOT can best achieve results when it includes contributions from different elements of your internal business and impartial direction from a 3rd that drives the SWOT. It’s difficult to conduct an effective SWOT without an external facilitator as you and your staff are too close to the business.
SWOT’s are one of the most powerful business tools we can have. It makes us take time out from the day to day running of our business and look at it through the eyes of our customer as well as giving us the chance to identify previously untapped opportunities.
Take the time out to do a SWOT – it will be worthwhile and will shine light on aspects of your business that you haven’t yet considered.
How can CJU help? We work with all our clients as part of our strategy development to conduct a SWOT analysis of their business, call us today to find out more.