[DOWNLOAD] Here’s the Tool You Need to Uncover Your Pharmacy’s Biggest Opportunities
If you’re like many of the 20,000+ independent pharmacy owners in the nation, you went to the business school of life… which means that you didn’t go to business school at all. You rely on different sources from networking to online literature (like this blog!), business coaching and everything in between.
Fear not, weary warrior. We’re here to bring you a powerful, yet simple tool you can use with your team to uncover the next big opportunity your pharmacy can leverage.
We’re talking about a SWOT Analysis. If you have heard of this, you know that this is a simple, yet powerful tool. When used thoroughly and thoughtfully, it can help identify your business’ strengths and weaknesses as well as any opportunities and threats that lie in wait to stall your growth. SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. As far as general business strategy, this handy little tool can be a starting point to open up major team discussions.
You guessed it, we have the worksheet you can download right here!
Make sure you download and print the file first, then read below with your team to learn how to use the matrix.
Conducting a SWOT Analysis on Your Business
(Do this with your team!)
Do you have your worksheet ready and printed out? Good!
A SWOT matrix is normally a worksheet divided into four quadrants. Each quadrant represents one element of the SWOT analysis: Strengths, Weaknesses, Opportunities, Threats. Each quadrant should ask a series of custom questions you can answer to fill in that quadrant. Focus on the questions that are most relevant for your business, community and current situation.
Dig Deep and Ask Relevant Questions
For this section, think about the attributes of yourself, your team and your business that will helpyou achieve your objective. Sample questions to get you started:
- Where are you most profitable in your business?
- What do you do exceptionally well?
- What skills do you have that are unique to you, your team and your location?
- What are your specialties?
- What do you do better than your competitors?
For this section, think about the attributes of yourself, your team and your business that could hurtyour progress in achieving your objective. Sample questions to get you started:
- What areas do you need to improvement?
- What areas do you need more education or experience?
- What parts of your business are not very profitable?
- Do you lack any resources?
- What are the initiatives that cost you time and/or money?
For this section, think about the external conditions that will help you achieve your objective. Sample questions to get you started:
- What are your current business goals?
- Are there untapped target audiences you can reach?
- How can you improve your current customer experience or customer wellness?
- Is there technology that you can apply to improve your business?
- Can you think of any supplemental products and services that provide an opportunity for your business?
For this section, think about the external conditions that could damage your business’s performance. Sample questions to get you started:
- What are your obstacles?
- What is going on in the economy that can potentially affect your business?
- What is going on in the industry that can potentially affect your business?
- What are the strengths of your biggest competitors?
- What are your competitors doing that you’re not?
You’ve Filled it Out! Now What?
This worksheet won’t help you unless you can analyze the data you’ve compiled and put it into action. While going through, you may have already identified some strategies and goals for your business. Your next steps should be:
- Create a plan to expand on the strengths you’ve identified
- Identify ways you can diminish, dispell or defer your weaknesses
- Set achievable goals for each of the opportunities you have identified
- Use your strengths to decrease the threats you identified
Mix It Up.
Now the opportunities should start flying off the page. Explore ways in which you can combine your strengths and opportunities to develop new strategies. Try combining strengths and threats to identify threats you can eliminate and look at your weaknesses and opportunities to create a list of areas ready for improvement.
You should also make a list of areas to avoid that fall under weaknesses and threats. Once you can read your data and understand the recordings, you can find ways to use it strategically. The best part is that you can use this tool over and over again to explore new opportunities, uncover lurking threats, and improve your business year after year.
Join us at the 2018 PDS Super-Conference
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