Playing to Your Practice’s Strengths
This post is the first in a 4 part series discussing the SWOT Analysis tool, which is utilized by The Green Leaf Group in our business consulting modules as well as in our 13 class online course How To Create Predictable Profit for Your Cash Practice. We created this course with you in mind; our goal is to help you create the practice of your dreams, so be sure to check it out!\
I realize I may be stating the obvious here…
If you’re already familiar with what a SWOT analysis is, hopefully you realize why it’s such a powerful business development tool. We create a SWOT analysis with every one of our consulting clients and often find that they’re surprised by how helpful it can be to have this simple grid in front of you, really breaking down the state of your business.
For the uninitiated, SWOT is an acronym which stands for Strengths, Weaknesses, Opportunities, & Threats. The SWOT format is a four-square grid where each category gets its own quadrant, and we write the respective attributes of your business in each. For this blog, we’re going to focus solely on the Strengths quadrant – which, for some, can be the most fun and optimism-inspiring part of the analysis.
To start, ask yourself the following questions about your business as it currently stands:
What is our competitive advantage?
What resources do we have?
What products or services are performing well?
These questions are the springboard to understanding your practice’s strongest attributes. Perhaps you have a unique approach to wellness that suits your locale, or maybe you’re offering a service nobody else around you is doing. It could be that you have a great story as a provider and your professional experience is what attracts your patients to your practice. Whatever it is that you feel is a strength of your practice, write it down in the clearest, most concise way you can. This is the basis for forming what we’ll refer to as your unique value proposition (UVP).
Once you have a clear understanding of your strengths and your UVP, it can become much, much easier to highlight those things in your marketing efforts! It also becomes much easier to make decisions for your practice such as investing in new equipment or personnel. It also becomes clearer what has naturally developed as a cornerstone within your business – and, in turn, it can serve as a spotlight for what comes next in the SWOT analysis, which is defining your practice’s Weaknesses.
So, you see?
Performing such a simple exercise using a straightforward bus-dev tool can be eye opening and supremely useful to your business!
If you got something from this blog, be sure to check out our free online course, Creating a Mindset that BOOSTS Success where we go into great detail about the importance of having a growth mindset when it comes to building a successful business or practice. Or, if you’re ready for the full course, check it out using the link at the top of this post!
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