20 Feb Strategy Planning and SWOT Analysis
After having written your business plan earlier in the course in Week 2, the next step is to create mission, vision, and values for your business practice and conduct a SWOT analysis. Strategic planning not only helps you look for opportunities to expand your medical practice, it also makes you analyze your current condition. A good strategic plan includes a mission statement, which leads to planning, documenting, and executing all the milestones that will be met.
Strategic planning for your medical practice is similar to driving a car across the country. You must be aware of where you are, critically examine your present condition, and set milestones to reach where you want to be. It can be achieved by implementing a technique called SWOT analysis. A SWOT analysis in health care allows a medical practice to explore internal strengths and weaknesses as well as external opportunities and threats. What makes a SWOT analysis essential for medical practitioners is that it can help you see opportunities that you can exploit, understand weaknesses that you can manage, and acknowledge threats that you might have overlooked.
Revisit the business plan you created in the Business and Financial Research Project Part A and use insight gained from this week’s discussion to complete the following tasks.
Create the following for your business practice: mission, vision, and values.
Conduct a SWOT analysis to evaluate the strengths, weaknesses, opportunities, and threats of your business practice).
Your strategy plan should be 3-6 pages in length, double spaced. Make sure that the page count does not include the title page or reference list. Be sure to use formal writing mechanics. The assignment can include references, if necessary. You will likely need to conduct additional research outside of the learning materials provided.
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