SWOT Analysis

If you're considering more than one location for your practice, a SWOT analysis can help you make a final decision.

Planning

SWOT Analysis

Once you've narrowed your location choices to a handful of possibilities, it's time to perform a SWOT analysis. Simply put, a SWOT analysis is a more thorough version of listing advantages and disadvantages.


As you perform your SWOT analysis, you'll decide how each prospective location stacks up according to these variables:

  • strengths
  • weaknesses
  • opportunities
  • threats

You can use a piece of paper, a computer program - any tool that will help you to evaluate your prospective locations according to the four categories.

Performing a successful SWOT analysis requires visiting the community long enough to assess the variables first-hand and to capture the "flavor" of the area. Remember - word of mouth from others won't be helpful as part of a SWOT analysis, because you're assessing information in terms of your feelings and reactions toward it, and your ability to take action to use the information to your advantage. Others' perceptions won't be nearly as useful as your own findings.

Review an example of a completed SWOT analysis or download the attached blank form to do your own SWOT analysis.

Follow Up With Due Diligence

Due diligence is the process of investigating the details of a potential investment.

In your investigation of potential practice sites, the definition of due diligence can be expanded to include the amount of energy you put into assessing potential locations.

For example, if someone says, "Southdale has a terrific school district," you're not performing due diligence if you interpret that person's statement as fact. You are performing it, however, if you drive to the district office and ask to see the administration's 10-year plan. Another key component of due diligence is obtaining the most recent census figures from the Internet.

The general rule is: No third-party opinion can come close to being as relevant as your own investigation. Don't rely on hearsay; go directly to the source to determine if a variable is true, and how it will affect your potential plans.
 


The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.