A new year offers excellent opportunities to reflect and learn from previous experiences. For a medical office, this could mean analyzing its performance, but when reflecting on the processes used to accomplish this task, it is necessary to drop the simplistic approach to naming what went wrong or good and identify underlying factors that can result in new business opportunities or hindrances to business growth.
One important tool that medical practices can use to create awareness when making a business decision is the SWOT analysis. This planning resource provides a brainstorming framework to identify internal and external elements that can have a positive or negative impact on your business. Created by Albert Humphrey, an American business and management consultant while working for the Stanford Research Institute, this analysis technique explores four strategic areas (Strengths, Weaknesses, Opportunities and Threats) that have a strong effect on the success of a business.
What a SWOT analysis could look for your practice?
Unfortunately, many medical practices struggle in some or all of these negative areas. For this reason, a SWOT analysis is a standard resource we provide our clients. By highlighting their advantages, disadvantages, potential opportunities, or what is likely to cause damage to their medical practices, we empower them with information to improve their decision-making and planning.
Do you want to know more about what we can do to help your practice grow?
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