“When you stop growing you start dying.” American writer William S. Burroughs is credited with this quote, and we couldn’t agree more! The quickest way to fail or fall behind is to flip on the auto-pilot switch. When we start businesses, we create a business plan. We put down all of the things we hope to achieve and how we intend to achieve them. However, if all we do stick to that original plan, without continuously re-evaluating the progress and making necessary adjustments, we have a much higher likelihood of falling short. You must continuously take a deeper look and evaluate your business, your employees, your obstacles and your opportunities to put yourself in a stronger position.
SWOT Analysis
In the 1960’s and early 1970’s, Albert Humphrey developed the SWOT framework widely used today to reinforce business strategy. The framework takes you through looking at the strengths and weaknesses of your business as well as potential opportunities and threats. This should cover all areas of your business (ex. financials, personnel, systems, and environment). To learn more about this strategy, you can read more at the link below.
Tips for a successful SWOT analysis
- Teamwork makes the dream work – Involve your department leaders and get feedback from all your team members. Each set of eyes and ears will provide different opinions and insights that you may not be aware of.
- Gather all your key metrics ahead of time – Make sure not to waste time with your team during the analysis by needing to run reports and compile your metrics. Have each division leader compile their key metrics ahead of time and be prepared to present them to the team. Better yet, contact us to find out more about how PT Business Analytics can handle this for you!
- Follow through – Be realistic with what you and your team can accomplish and in what timeframe. A SWOT analysis can reveal multiple areas needing attention. Set targets and goals focusing on the top priority items first and be sure to speak to your team when setting deadlines.
- Re-assess your progress every 3 months – View the business goals set following your SWOT analysis like a patient plan of care and schedule a progress check every three months to evaluate if you are on track with your goals. Maybe your staff has changed or a provider took a training course allowing you to now offer a new service. Make adjustments as needed to stay focused on your highest priorities.
Ask for help
Still unsure of how to get started or how to set and prioritize your goals? Lack the support of an experienced executive team to collaborate with? Reach out and schedule a free consultation call with our founder and find out how our team can help.