• Give 2–3 examples for each of the SWOT categories for your cardiology practice SWOT analysis. Why did you select these categories for specific services?
• What advice would you give them on analyzing the results of the SWOT analysis?
• Does the SWOT relate to strategic assessment? How?
It is important for a company to routinely evaluate its’ image and purpose. Failure to do so may result in decreased revenue and clientele. An acronym for strengths, weaknesses, opportunities, and threats, SWOT analysis became one of the most popular tools for strategic planning. (Lu, 2010). It is commonly adopted for the analysis of internal and external situations, in turn encouraging the development of strategies which can cope with these situations (Lu, 2010).
The true test of long-term organizational health status is the extent to which an organization is able to leverage its key strengths to exploit important opportunities as well as minimize exposure of its critical weaknesses to serious threats (Mbachu & Frei, 2011).
Two strengths for the Cardiology practice are : 1. Well known Cardiologist who is a community leader. 2. Many positive patient outcomes
Dr. Sing was born, raised and educated in the community in which he practices. He is a community leader and holds many offices in several civic clubs. More than his community commitment Dr. Sing has a strong record of positive patient outcomes.
Two weaknesses: 1. Aging population. 2. Only two physicians in the office.
The community in which Dr. Sing practices is known as a retirement community. Younger adults graduate high school and move away. When Dr. Sings patients die out, he may be left with few to no
References: Lu, W. (2010). Improved SWOT approach for conducting strategic planning in the construction industry. Journal of Construction Engineering & Management, 136(12), 1317-1328. doi:10.1061/(ASCE)CO.1943-7862.0000240 MBACHU, J., & FREI, M. (2011). Diagnosing the strategic health of an organization from SWOT analysis results: case study of the Australasian cost management profession. Construction Management & Economics, 29(3), 287-303. doi:10.1080/01446193.2010.547865