Hello, and welcome to today’s One-Minute Practice Management Tip, my name is Tina Del Buono. When was the last time your practice did a SWOT Analysis? “What does that mean?” That means, when did you look at your Strengths, your Weaknesses, your opportunities, and the Threats that pose against your practice. Have you ever done it?  You would be able to glean a lot of important information by sitting your team down and taking a look at these four work areas.

If you belong to the Practice Management Institute, you can go into the practice enhancement module and download a little sheet like this which will help you to walk through your strengths which would be . . .  maybe you have an excellent staff, maybe you’re in an excellent location, or maybe you provide products that no one else in your area provides.

Then, also, look at your weaknesses. Maybe you don’t have a lot of parking. Maybe you have a certain type of patient or clientele that come into your practice and you would like to increase that with  a younger population.

What opportunities do you have in your practice for your people and your patients?

Also then looking at the Threats that you have, maybe a new doctor has moved in to town and some of your business is going away. Or maybe some of the doctors are being bought up by hospitals and that poses a threat.

Then put your thinking caps on . . . what can you do in these areas that you excel in, and that also pose as a weakness or a threat so that you can improve.  If you have any questions, you can always email me at [email protected], I’d be happy to help you!  I hope that has given you some food for thought and I hope you have a great day too.