Introduction
As part of a SWOT analysis, an organization’s internal and external features are identified and summarized. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and this analysis can be used to consider input from our stakeholders to come up with suggestions that we had not previously considered in the planning process. Implementing plans to provide patients with high-quality care is the primary purpose of the SWOT analysis conducted at Stevens District Hospital. In addition, the analysis aims to enhance the hospital’s technological capabilities to serve its patients better. The purpose of this paper is to examine the benefits and drawbacks of conducting a SWOT analysis individually rather than with a group of stakeholders. Another goal is to select factors from each category in Stevens District Hospital’s SWOT analysis that will be most important to the strategic plan and goals.
Purpose of Conducting the Analysis
For Stevens District Hospital, conducting a SWOT analysis is a way to assist the company focus on its internal and external elements. Six reasons to conduct a SWOT analysis are to maximize the strengths, minimize the weaknesses, take advantage of opportunities, detect possible threats, have more productive discussions, and analyze team members (Benzaghta et al., 2021). All these purposes can be applied to the context, while the primary aim of Stevens District Hospital’s SWOT analysis is to use it for the proper development of the correct strategic plan and strategic goals for the facility.
Individual vs. Group Analysis
It is essential to notice that there are both pros and cons of conducting a SWOT analysis individually. The main advantage is that, when performed by one person, this process becomes easier and less costly and can take as much time as needed. Another benefit it offers is the ability to become more in tune with the organization’s goals and take advantage of opportunities to achieve them without the need to consult with other stakeholders (Benzaghta et al., 2021). What is more, there is no need to argue, prove one’s point of view, and make concessions to reach a consensus. However, one person cannot always identify the gaps or wrongful conclusions in the research because they do not have another opinion.
Consequently, the main limitation of conducting the analysis individually is the lack of diversified views on the four elements of SWOT. When numerous stakeholders are involved, they have more opportunities to review the concern from different angles, offer their perspectives, and see the whole picture. An individual is rarely able to notice their own mistakes or find the best way to correct them, which are other disadvantages (Abdel-Basset et al., 2018). Most often, solutions to decrease risk and methods for gaining a competitive advantage are developed by a variety of stakeholders because such decisions require many different competencies, skills, and experiences that can rarely be present in one person. One of the group’s limitations would be the difficulty in discussing all viewpoints and possibilities to arrive at a final agreement because of the abundance of perspectives.
Stevens District Hospital SWOT Analysis: The Key Elements
The strategic planning scenario supplied for the Stevens District Facility offers some background information regarding the hospital and a statement of its mission and vision. The hospital has a low number of claims for malpractice insurance, meaning that they care deeply about their patients and provide excellent care management. In addition, it has an aggressive quality management program and a comparatively low number of lawsuits for medical negligence. Precisely care management and aggressive quality management are the two strengths selected from the SWOT analysis. They can be used to develop strategic goals because they are the basis for competitive advantage and can attract more qualified and talented workers. The selected opportunities, which are more job positions and more benefits for employees, are connected with these strengths. Indeed, the facility can develop a rewards and benefits system to attract and retain more employees, which will solve the two chosen weaknesses: recruiting and improving quality.
Noticeably, the hospital does not receive any external government funding and is unable to hire enough physicians for family practice and other specialties. This shortage, together with the presence of other hospitals in the area, such as Hanover County Hospital, poses a threat to this facility. There is a severe scarcity of qualified medical professionals, particularly in orthopedics, cancer, and primary care. As a result, opportunities need to be turned into strengths and, together with the already present advantages, eliminate threats and turn weaknesses into competitive advantages. Suppose potential workers are ensured of the hospital’s enhanced care and quality management, as well as a great benefits system. In that case, they will want to join the facility and improve it further.
Conclusion
An organization can benefit from a SWOT analysis since it provides insights into the firm’s areas of strength, regions of weakness, opportunities, and threats. After conducting a SWOT analysis on Stevens District Hospital, it is possible to conclude that there are some things they truly need to work on to increase revenue. One reason is that the facility has received accreditation from The Joint Commission and is not getting any funds from any sources outside of the organization. They are having difficulty recruiting family practice physicians and can face challenges connected with competition and a severe shortage of medical staff. However, the identified strengths and opportunities are powerful enough to help the facility address its threats and weaknesses.
References
Abdel-Basset, M., Mohamed, M., & Smarandache, F. (2018). An extension of neutrosophic AHP–SWOT analysis for strategic planning and decision-making. Symmetry, 10(4), 116.
Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 55-73.