A successful business must constantly strive to stay on top of current trends by adapting to new technologies and changing customer needs. It should be open to developing enhanced and more efficient practices. In essence, a successful business must evolve, grow, and surpass expectations.
This requires proper assessment tools. It is difficult for a business to fix what might be broken, or prepare itself for new horizons, without evaluating the internal and external issues that may impact performance. This is especially true when it comes to the business of senior care. For those in the elder care industry, make sure you’re always current and forward thinking. Assess your business; and in this process, we recommend that one of your tools is a SWOT analysis.
What Is a SWOT Analysis?
SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. A SWOT analysis is simply an assessment tool that identifies the strengths, weaknesses, opportunities, and threats of a business or organization. This tool can be utilized by nearly any type of business including those organizations that market to older adults, seniors, and the elderly.
What Is the Purpose of a SWOT Analysis?
A SWOT analysis examines a business in terms of both its internal issues (i.e., strengths and weaknesses) and its external issues (i.e., opportunities and threats). By examining and assessing both, a SWOT analysis can help an elder care business evolve. It can assist the business in accomplishing its objectives, while simultaneously identifying what obstacles must be overcome in order to make the business grow and prosper.
More specifically, a SWOT analysis is an invaluable assessment tool that can aid in:
- Strategic planning;
- Decision making;
- Project management;
- Exploring or launching new initiatives;
- Bolstering execution strategies; and,
- Organizing company information and presenting solutions.
How Does a Business Perform a SWOT Analysis?
Any elder care or senior care business can easily perform a SWOT analysis. The process simply involves having selected members of the organization (not just those on the senior care marketing team) identify each of the elements in the SWOT acronym. Once this is accomplished, results can be gathered, compared, and analyzed.
In performing a SWOT analysis, please keep a few things in mind. Try to keep things realistic, especially strengths and weaknesses. Avoid gray areas and try to ensure that responses are specific. Finally, simplicity is preferred. Avoid complexity and a tendency to over-analyze.
A SWOT analysis is an invaluable assessment tool for any elder care business. Try completing a SWOT analysis on your own. We understand there may be questions along the way and we are always here to help. Contact us at Focus on Aging for any SWOT assistance.
Marla Levie, BSW, MA, is the President and Founder of Focus on Aging, an established Chicago-based marketing, consulting and recruitment firm. For more than 20 years, Marla has successfully been providing consulting, social media and recruiting services to the elder care market and to other service professions. For more information about Focus on Aging, contact Marla at info@focusonaging or at www.focusonaging.com.