SWOT Analysis-What is it and Why Does Your Dental Practice Need it?

      SWOT Analysis-What is it and Why Does Your Dental Practice Need it?

      2020 was a year that goes down in history - it was full of overwhelm and frustration. It was like a rollercoaster ride with countless loops, drops, ups and downs and by the end – we were all feeling a bit frazzled! 😫

      There were so many things that were thrown at us that we weren’t prepared for.

      One thing 2020 taught us, we don’t know what the future holds and we can’t control what happens, no matter how hard we try! The businesses that thrived during one of the toughest economic challenges we have seen in decades was because they setup their business to  adapt, pivot, and had their team rally & support every step of the way. They designed systems and strategies so they don’t have to be flying at the seat of their pants and spending sleepless nights trying to figure out what to do. 

      Want to learn how to do that in your business?

      Design Your Business Strategy & Roadmap

      You should be looking at everything from your systems, KPIs, expenses, human capital, job duties, and your HR operations. Now this is a major exercise that will take you sometime to do. Not only is it doing research, pulling reports, or crunching numbers. It requires you to take a full, hard, honest, look at not only your practice and your team but at yourself as a leader.

      An important step, is to know the direction of where you want to take the business. Your final destination.

      Start off with reviewing your Strengths, Weaknesses, Opportunities and Threats. 

      Strengths

      · What do you do well?

      · What are your unique skills?

      · What expert or specialized knowledge/services do you have?

      · What do you do better than your competitors?

      · What other positive aspects, internal to your business, add value or offer you a competitive advantage?

      · Where are you most profitable areas (procedures/services) in your practice?

      Weaknesses

      · What parts of your business are not profitable?

      · What areas need improvement to accomplish your objectives or compete with your strongest competitor?

      · Where are you loosing money? (lack of follow ups, large pool of outstanding treatment, poor treatment planning/case acceptance)

      Opportunities

      · What opportunities exist in your market or the environment that you can benefit from?

      · What are the business goals you are currently working towards? (increase production, improve case acceptance, build online presence and reputation, improve office culture & engage team)

      · How can you do more with your existing patient base? (re-activate patients, improve recall and follow up, special promotion, dental savings plans, payment options)

      Threats

      · What are the strengths of your biggest competitors?

      · What are your competitors doing that you're not?

      · What situations might threaten your marketing efforts?

      Once you have this information, it can help see WHERE you are going and WHAT your business needs to get there.

      By identifying your strengths we can see how you can use your strengths to maximize your opportunities, which in turn will minimize your weaknesses and the threats.

      This information can help you see what systems you need to implement, who you need to hire, what their role looks like, and what you need to do next to make 2021 successful.

      It’s important to build clarity on the direction you business needs to go. Still need some helping planning out the direction you want to go.

      We can help.

      Let's jump on a call with our strategy team and visit this page to download our FREE 2021 Action Planner and Video Guides to help you go through a SWOT analysis and develop your business startegies!