Are you finding your practice’s production plateauing? Are you looking for new opportunities for your dental office? Do you need to get your practice back on track?
Much like MBO (Management by Objectives), SWOT Analysis has been used for decades by businesses to objectively evaluate their sustainability and how they might better respond to their environment for growth and prosperity. From that perspective, your dental practice is no different from other businesses – it is essential that you do periodic self-assessments for continuous improvement.
But what exactly is SWOT Analysis? In short, it is a technique used to determine and define your practice’s Strengths, Weaknesses, Opportunities and Threats. Here is a template you can use to start your own SWOT analysis with links to valuable background information:
- Things your practice does well
- Qualities that separate you from other practices
- Internal resources
- Tangible assets
Once you have a general idea of the composition of each SWOT category you can begin to drill down to specific examples that apply to you in each category such as the ones referenced in the chart below:
Once you complete the above exercise, you should have a much greater insight into what you are doing well, the factors that need addressing and the position your practice occupies in the dental marketplace. The information you uncover can be the foundation for developing a realistic and relevant business plan going forward.
Another benefit of SWOT Analysis is that this technique can be applied at a micro level, for example, deciding on whether to take on an associate, expand capacity or move to a new location. In conclusion, SWOT Analysis gives you heightened awareness so that you are in a much better position to capitalize on your strengths, address weaknesses where feasible, act on opportunities and mitigate threats.