By Steve Choate for our 99 Ways to Make a Positive Difference in Your Pharmacy blog series
When was the last time you SWOT′ed?
No, I do not mean swatting flies or mosquitos! I mean, when was the last time you looked at your major competitor to understand their Strengths, Weaknesses, Opportunities and Threats? When was the last time you performed a SWOT analysis on your own store or stores?
By performing a SWOT analysis of your competition as well as yourself, you can build a business strategy to capitalize on your strengths and minimize or eliminate your weaknesses.
Below is a definition of SWOT:
Strengths: characteristics of your business that give you an advantage over your competition, such as your store’s physical location, or your associates’ expertise.
Weaknesses: traits of your business that put you at a disadvantage relative to your competition such as your store’s appearance or the lack of products available.
Opportunities: elements of your business or your competitor’s that you could exploit to your advantage such as your relationship with a local nursing home, hospital or community, or a competitor closing.
Threats: elements in the environment that could cause trouble for your business such as inflation/deflation, changing healthcare legislation, a new competitor moving into town, or a factory closing.
You need to understand your SWOT before you can determine how to move forward in the future. A SWOT will give you clarity as to what things to work on and which things to leave alone for the time being. Complete a SWOT analysis at least once a year, prior to your annual planning, so that the findings can be worked into your fiscal plans.
SWOT now!
As business development manager, Steve's primary goal is to build long term alliances and develop mutually beneficial relationships with existing and new clients and meet or exceed their past, present, and future revenue goals in a cost-effective and efficient way.Â