A Little S.W.O.T. Never Hurts
March 23, 2011
Now more than ever, practice owners and management teams have an increased interest in making better decisions in order to maximize practice health. Many of today’s decisions include addressing increased levels of uncertainty and anxiety concerning the current state of affairs as well as what the future may bring.
Today, in these very interesting times, key decision-makers must make well-informed and insightful decisions in order to better understand how the practice is performing as well as the goals they’d like to achieve. It’s no longer about surviving or just getting through the day; it’s about reaching the next level of growth and thriving.
Strategic Planning
Strategic planning provides a comprehensive and beneficial opportunity for the practice team to reflect and clearly understand: 1) Where they are, or “Current State,” 2) Where they are going, or “Future State”, and 3) How they get there, or “Action Plan”.
Strategic planning provides a comprehensive and beneficial opportunity for the practice team to reflect and clearly understand: 1) Where they are, or “Current State,” 2) Where they are going, or “Future State”, and 3) How they get there, or “Action Plan”.
S.W.O.T. Analysis
One of the most widely used methods in strategic planning is S.W.O.T. analysis which includes an assessment of practice: 1) Strengths 2) Weaknesses 3) Opportunities and 4) Threats. S.W.O.T. analysis includes the assessment of four areas:
One of the most widely used methods in strategic planning is S.W.O.T. analysis which includes an assessment of practice: 1) Strengths 2) Weaknesses 3) Opportunities and 4) Threats. S.W.O.T. analysis includes the assessment of four areas:
Strengths
What are the strengths of the practice? How do these strengths differentiate the practice from the practices down the road?
Example: Our practice has a positive team culture and low employee turnover. This is one of the reasons we realize high client retention.
What are the strengths of the practice? How do these strengths differentiate the practice from the practices down the road?
Example: Our practice has a positive team culture and low employee turnover. This is one of the reasons we realize high client retention.
Weaknesses
What areas of the practice could benefit from improvement? Could these areas actually lead to opportunities?
Example: We haven’t reached out to our feline patients as much as we could and if we did it may provide an area of significant growth.
What areas of the practice could benefit from improvement? Could these areas actually lead to opportunities?
Example: We haven’t reached out to our feline patients as much as we could and if we did it may provide an area of significant growth.
Opportunities
What areas of the practice present opportunities that may have been previously missed or over-looked?
Example: Increased attention to our feline patients will improve our feline patients’ quality-of-life as well as increase client visitation.
What areas of the practice present opportunities that may have been previously missed or over-looked?
Example: Increased attention to our feline patients will improve our feline patients’ quality-of-life as well as increase client visitation.
Threats
What are the existing threats or anticipated threats?
Example: What are the possible threats of existing practices within a five-mile radius and what will be the impact of the two new practices currently under construction?
What are the existing threats or anticipated threats?
Example: What are the possible threats of existing practices within a five-mile radius and what will be the impact of the two new practices currently under construction?
A practice owner I have known for many years shared his recent experience concerning strategic planning:
Practice Owner: “I really fought the process for quite a while, because I wasn’t sure what information would come out of it and then wasn’t sure what to do with the information once we got it. The practice is just so busy and thinking about taking on one more project was just daunting. My questions included how to organize the meeting, who should attend, and then how to make sure something happened as a result of the meeting?”
Question: “How did you make it happen?”
Practice Owner: “I pulled my management and associate team together and informed them of my interest in understanding where the practice stood as well as any changes we should consider making. My management team was very helpful in organizing and facilitating the process. I am now open to having future sessions more often.”
Making It Happen
The strategic planning process involves organizing, planning, openness, accountability, timelines, and follow-through. Making the decision to experience the process is making a commitment to honest reflection of the overall organization and practice vision.
The strategic planning process involves organizing, planning, openness, accountability, timelines, and follow-through. Making the decision to experience the process is making a commitment to honest reflection of the overall organization and practice vision.
Strategic planning may be facilitated by a practice management consultant or by the practice management team. One of the benefits of having a consultant facilitate is their management of the details so those who are present can be fully engaged. It’s also beneficial to have the sessions away from the practice in order to capture everyone’s full attention.
Much insight can still be gained by the practice management team’s facilitation of S.W.O.T. analysis during team meetings. The meeting will allow team members to present their perspectives and solutions of which owners and managers may never have considered. Once the team members make their contributions, the owner and management team can identify areas to develop based on priority and impact on the practice.
Whether strategic planning sessions are conducted by professionals or the practice management team, taking the time to reflect and plan with the help of S.W.O.T. analysis is extremely insightful. It’s a powerful planning method that will help the practice team get back in touch with where they are, where they are going, and how to get there in order to thrive in these very interesting times.
