Now that the front end of your store is all cleaned up, let's dive into the behind the scenes organization that should also happen on a yearly basis.
A SWOT analysis is an overall evaluation of your pharmacy's Strengths (S), Weaknesses (W), Opportunities (O), and Threats (T). Developed for business and based on data from Fortune 500 companies, the SWOT analysis has been adopted by all types of organizations and used as a tool in aiding in the decision making process. What's going well, where can we improve and take look at what's going on with our competitors.
Strengths include: internal capabilities, resources, and positive factors that help the company serve its customers and achieve objectives. For example, a strength of an independent pharmacy is typically their superior customer service over chain pharmacies.
Weaknesses include: internal limitations and negative factors that may interfere with the company's performance. Many pharmacists have found that having shorter hours, compared to chains, has become a weakness of their pharmacy.
Opportunities include: favorable factors or trends in the external environment that the company may be able to exploit to its advantage. Getting involved in community events is a great way to separate yourselves from your competition.
Threats include: unfavorable external factors or trends that may present challenges to the company's performance - such as a new pharmacy opening in your area or mail order.
Talk with your GRX Marketing rep today about your pharmacy's SWOT analysis and discuss ways to improve your business!