A Step-by-Step Guide to SWOT Analysis for Your Pharmacy Business

A recent article published by Pharmacy Owners walks the reader through the use of SWOT Analysis, which is a simple, but powerful, tool that can aid a business in identifying its strengths, weaknesses, opportunities, and threats.

Step one is to complete all four quadrants of the SWOT matrix worksheet.

1. Strengths – Attributes of yourself, your team, and your business that will help you achieve your objective.
2. Weaknesses – Attributes of yourself, your team, and your business that could hurt your progress in achieving your objectives.
3. Opportunities – The external conditions that will help you achieve your objective.
4. Threats – The external conditions that could damage your business’s performance.

Step two is to analyze the data compiled and put it into action. Use the information on your worksheet to guide you as you plan to expand on your strengths, seek ways to diminish your weaknesses, set achievable goals for each of your opportunities, and strategize about decreasing the threats you identified.

Step three involves taking a step back and exploring ways to combine your identified strengths and opportunities toward the development of new strategies while also mitigating any weaknesses or threats with which you are faced.

For more information, read the article in full at Pharmacy Owners.