Practice tip of the week: Prerequisites for Strategic Planning

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With all the useful information available on Physicians Practice, it is easy to become overwhelmed.

With this in mind, the tip of the week is a chance to reflect on some of the wisdom found all across the site. In the September 2021 article Nick Hernandez, MBA, FACHE writes the following:

There are many different models and action steps for strategic planning. Undertaking some basic pre-work will help to ensure better success for the strategic planning process. Here are three perquisites for strategic planning:

1). Agree on strategic planning process - Consider the costs of doing strategic planning, in terms of staff time and other resources, and what might need to be given up in order to develop a plan. If the practice is in crisis or is financially or organizationally unstable, it may be difficult or unwise to begin a strategic planning process until the immediate problems and needs have been successfully addressed.

2). Carry out a SWOT analysis – Carry out a SWOT analysis (strengths, weaknesses, opportunities, and threats) to provide an understanding of how the practice relates to its patients, community, and competitors.

3). Identify key issues, questions, and choices - This may mean specifying "strategic issues" or questions that the practice should address, and setting priorities in terms of time or importance.

Click here to read the rest of the article and be sure to check back next week for another Tip of the Week!