#113: Tactical Tuesday: Creating a Quarterly SWOT Analysis to Track Performance

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about the concept of doing quarterly SWOT analysIs, how it’s done and why it’s important.

EPISODE HIGHLIGHTS:

The concept of doing a SWOT Analysis every quarter is something Jason recently learned about and plans to do with his own business.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. It’s typically integrated in the business plan and is used to formulate the overall business strategy.
Draw a plus sign on a piece of paper. Start with Strengths in the top left and list the top 5 things your business is good at.
In the top right, write Weaknesses and list the top 5 things your business is bad at or needs help with.
In the bottom left, write Opportunities and list the top 5 options for growing your business like new partnerships.
In the bottom right, write Threats and list the top 5 things that can hinder your business such as competitors, economic shifts and regulations.
Your goal is to knock off at least 20 percent of the items on an annual basis.

3 KEY POINTS:

Instead of doing a SWOT Analysis only once as you build your business plan, doing it every quarter for every major area of your business (or every business you own) is considered ideal.
To do a SWOT Analysis, draw a plus sign and assign one element to each of the quadrants (Strengths in the top left, Weaknesses in the top right, Opportunities in the bottom left, and Threats in the bottom right).
Write down the top 5 things that apply under each quadrant and aim to knock off at least 20 percent of the items on an annual basis. Put a strategy together for Threats and Weaknesses.

TWEETABLE QUOTES

“It’s almost always a good business decision to always double down on what you’re best at cause that’s gonna give you the biggest gain and the quickest wins.” – Jason Duprat

“Force yourself to think about the big picture, the big strategies.” – Jason Duprat

RESOURCES MENTIONED:

The E Myth: Why Most Businesses Don’t Work and What to Do About It by Michael E. Gerber – https://www.amazon.com/Myth-Most-Businesses-Dont-About/dp/0887303625