Answer question in 175 words or more .
As a health care manager, why would you complete a SWOT analysis in conjunction with the business plan? Provide examples.
SWOT analyses are used in all types of industries and are useful when creating a strategic plan, business plan, or making a business decision.
Analyze and discuss how a SWOT analysis is performed in which you:
- Summarize a SWOT analysis.
- Explain factors that can influence or bias a SWOT analysis.
- Explain the importance of a SWOT analysis in strategic planning in health care.
Respond to classmate and instructor below in 125 words or more.
Classmate Aretha: Health care managers must take caution when making decisions about their organization. All their choices should be in the best interest of their organizations. Therefore, health care managers should know how to make a proper evaluation, create strategic plans, and create business plans that would help their organization grow and be profitable. To make a sound judgment like this, it would be beneficial for the health care manager to utilize a SWOT analysis. A SWOT analysis is when a manager assembles a team to evaluate the strengths, weaknesses, opportunities, and threats that can affect their organization. This analysis involves things within and outside the organization (Hill, n. d.). Managers and the team conduct the analysis and compare the business plan to see if there are any changes that need to be made. Even though the team conducts a thorough analysis, there may still be problems that arise that can cause a problem with the plans, like employee turnover and prices. A SWOT will help the team figure out their weak areas within their organizations and others, thereby giving them some areas to focus on.
Hill, B. (n. d.). Why perform a SWOT analysis?. https://smallbusiness.chron.com/perform-swot-analysis-5050.html
PROFESSOR: I appreciate your response to this week’s Discussion Board Question.
As we have been discussing during the week, SWOT is a powerful tool frequently used in the strategic planning process. I recently came across an article that makes an interesting point regarding how to assess the internal and external factors of the organization during the strategic planning process. It makes a comparison and contrasting viewpoint of SWOT vs. OTSW?