SWOT Analysis Revisited: Sharpen Your Competitive Strategy

swot analysis chart Your periodic SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats) is an excellent self-evaluation tool that every medical practice can use to maintain a steady strategic course. A classic, but easily cured, problem with SWOT is that it’s not used often enough.

For a group practice, hospital or health system, we recommend looking at these significant issues every six months. Consider this to be a timely reminder, and as the nation’s healthcare system is constantly reinventing itself, the competitive landscape grows ever steeper. The only constant, it seems, is change, and it’s time to revisit your four-quadrant SWOT chart.

Begin with a quick review of the basics in our earlier, and detailed article, SWOT: The High-Level Self-Exam that Boosts Your Bottom Line. If it’s been a while, it’s helpful to visualize the SWOT Analysis form as a completely candid picture of the POSITIVE (Internal Strengths and External Opportunities), as well as the NEGATIVE (Internal Weaknesses and External Threats).

 

Internal

External

Positive:

Strengths

Opportunities

Negative:

Weaknesses

Threats

STRENGTHS and WEAKNESSES are internal considerations that you can control. OPPORTUNITIES and THREATS are external factors where you have no direct control.

STRENGTHS: List of your capabilities and resources that can be the basis of a distinct competitive advantage.

WEAKNESSES: What areas need improvement or are barriers to success?

OPPORTUNITIES: What new or significant trends and other external opportunities exist and how can you exploit or benefit from each?

THREATS: What external factors stand in the way of your success.

Above all, your assessment must be realistic and objective. There’s no value in overstating the positives or dismissing the negatives.

Tips for Getting the Most from Your SWOT Analysis

  • Carve out quiet time to accomplish with limited interruptions. Consider an out-of-office planning “retreat.”
  • Use an objective third-party for an unbiased perspective.
  • Involve your entire team in the process. They will bring fresh perspectives and new ideas. Part of the value is teambuilding with an ownership investment in success.
  • Remain open-minded and realistic. Don’t automatically discard worthwhile items as “impractical” or “costly.”
  • Create specific solutions, goals and action plans. Quantify expectations with responsibilities, timetables and resources.
  • Calendar interim progress reviews and your next SWOT update.

A clear and pragmatic view of where you stand today provides the platform for launching the strategies and tactics required to reach your goals. An up-to-date SWOT Analysis is a vital planning tool, as well as a means to inform and align your team with strategic objectives and the path to success.

For additional resources on this topic, see our previous articles, SWOT: The High-Level Self-Exam that Boosts Your Bottom Line, What Is A Health Care Marketing Plan? and 4 Tested Ways to Uncover New Healthcare Business Opportunities.

Stewart Gandolf
Chief Executive Officer at Healthcare Success
Stewart Gandolf, MBA, is Chief Executive Officer of Healthcare Success, one of the nation's leading healthcare and digital marketing agencies. Over the past 20 years, Stewart has marketed and consulted for over 1,000 healthcare clients, ranging from practices and hospitals to multi-billion dollar corporations. A frequent speaker, Stewart has shared his expertise at over 200 venues nationwide. As an author and expert resource, Stewart has also written for many leading industry publications, including the 21,000 subscriber Healthcare Success Insight blog. Stewart also co-authored, "Cash-Pay Healthcare: Start, Grow & Perfect Your Cash-Pay Healthcare Business." Stewart began his career with leading advertising agencies, including J. Walter Thompson, where he marketed Fortune 500 clients such as Wells Fargo and Bally's Total Fitness.

Comments

Continue

Your proposal will include:


Competitor Intel Icon
Competitor Intel
Recommendations Icon
Recommendations
Our Pricing Icon
Our Pricing

...and much more!

“Despite practicing in a hyper-competitive market, our new-patient counts are double what they were for the same time period last year. Hiring Healthcare Success was one of the best business decisions I have ever made.”

Headshot of Jonathan Calure
– Jonathan Calure, MD

List of recent conversions