Discussion reply 2

Preparing for a Strengths, Weaknesses, Opportunities, and Threat Analysis

A Strengths, Weaknesses, Opportunities, and Threat (SWOT) analysis is one of the most important tools that an organization can employ for strategic planning because it looks at both the internal and external factors that impact a strategic plan (Huston, as cited in Laureate Education, 2013). Strategic planning is imperative because it creates and an avenue for nurse leaders to develop goals that guide their team to measurable outcomes that impact the organization, its employees, and the patients they serve (Sare & Ogilvie, 2010). This discussion will explain a plan for conducting a SWOT analysis as part of the course project while including data sources that could be used. An explanation of how the setting and individuals conducting the analysis might influence the process and results of the SWOT analysis will also be provided.

SWOT Planning

Hamidi and Delbahari (2011) identified that there are a wide variety of tools that organizations can utilize in efforts to plan for the future, with the SWOT approach being the most systematic considering the planning that is necessary when implementing a new product, technology, or opportunity through the identification of internal strengths and weaknesses and external opportunities and threats. The unmet need for my organization is that it is experiencing a loss of revenue due to a lack of specialized epilepsy services as evidenced by a total loss of 5.5 million dollars for the fiscal year of 2019 due to patients being referred to other facilities that can meet their needs.

The SWOT analysis planning will begin with the development of an objective or a goal in efforts to determine if the strategic plan is obtainable (Marquis & Huston, 2017). The goal in this scenario, is to partner with another Midwest Level IV Epilepsy Center to allow my organization to generate more revenue by being able to serve patients that were previously referred to outside services. Data can be used from similar organizations that underwent comparable ventures, with an analysis of expenses needed, successfulness of the project, and stakeholders that were crucial to their program’s success. The Minnesota Epilepsy Foundation is also a good source of data, in helping to determine if there is truly a need to service more pediatric patients with epilepsy requiring Level IV services. Next, identifying the resources and capabilities through the internal analysis of my organization (strengths and weaknesses) will allow the strategic plan to have a competitive advantage because understanding the weaknesses will help the organization steer clear of opportunities that may result in failure and instead allow the organization to capitalize on the strengths. The external factors (opportunities and threats) will be assessed to help identify critical threats in the competitive environment, while also examining areas of opportunity including partnerships that can be created in the community (Gurel, 2017). Data from the National Association of Epilepsy Centers will also be utilized to determine the number of competitors in the area and the services that are lacking in the area.

Influences

The SWOT analysis will be interactional including several individuals on various levels of the organizational hierarchy that will be impacted by the strategic plan. The positive aspect of including a handful of individuals during the SWOT process is that everyone involved can bring a different perspective to the table. A bedside nurse involved in the planning will be more knowledgeable about how the plan affects the staff and the patients, whereas a nurse manager has more insight regarding funding necessary and can communicate the vision and goals with upper management. A negative aspect of not including the right individuals during a SWOT analysis can cause key factors of the strategic plan to be overlooked which can cause weaknesses in the strategy or even lead the wrong strategy for the whole organization (Gurel, 2017).

References

Gurel, E. (2017). SWOT analysis: A theoretical review. The Journal of International Social Research. 10(51). doi:10.17719/jisr.2017.1832

Hamidi, K., & Delbahari, V. (2011). Formulating a strategy for a university using SWOT technique: A case study. Australian Journal of Basic & Applied Sciences, 5(12), 264-276. Retrieved from http://ajbasweb.com/old/ajbas/2011/December-2011/2…

Laureate Education (Producer). (2013). Focus on SWOT analysis [Video File]. Retrieved from https://class.waldenu.edu

Marquis, B. L., & Huston, C. J. (2017). Leadership roles and management functions in nursing: Theory and application (9th ed.). Philadelphia, PA: Wolters Kluwer

APA FORMAT, 2 references, 2 paragraphs

Having Trouble Meeting Your Deadline?

Get your assignment on Discussion reply 2 completed on time. avoid delay and – ORDER NOW

Do My Paper