Question

As noted in your reading, SWOT analysis is a common business tool, designed to recognize and take account of a medical practice's strengths, weaknesses, opportunities, and threats. It's essentially a structured way to look at both your internal company culture and your external business environment as you implement a strategic plan. However, it's not the only tool out there you can use to analyze these factors. There are other alternatives to SWOT~ expand on one other method of organizational analysis that you would consider using? Including the framework, the diagram may also be useful. (Hint: some examples include SCOPE planning, SOAR, PEST, PESTLE, STEEP... there are many!)

Answer 1

The most important strategic considerations to be taken care of are:-

• Competitive Analysis - As a starting point, a SWOT analysis and a Porters' Five Forces analysis needs to be done to understand the competitive landscape so that a long-term strategy for the organization can be charted accordingly. Also, understanding the competition well, would help the company to take advantage of their shortcomings and deliver a product or service which they do not provide in the market. Since if the company is a small business it is imperative that it understands the competition very well otherwise it can be crushed by big players in the market.
• Thorough understanding of customer needs is very important to be viable these days. Companies these days have to provide some USP which differentiates it from other products in the market and it can do so only if it understands what the end consumer wants.
• It can use the GE - McKinsey matrix if it wants to take a decision whether to divest or grow certain specific business units

Apart from these three considerations, it is important for the business to have a clear vision and mission for the company as that would be the primary driver of the long-term strategy.