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Today I want to describe a powerful tool that managers and leaders use to set goals. The ability to properly identify, describe and measure goals is important to all managers, directors, executives and leaders in any organization.

Writing proper goals falls into the Business Practices domain of my model. And, I\\u2019ll talk about that briefly today. But the tool falls into the Leadership Skills domain.

Sometimes goals are self-evident, driven by universal business needs, such as growing volumes or improving profits.

But sometimes a good leader needs a tool to help her team surface new initiatives, based on a more thoughtful consideration of internal and external factors.

That\\u2019s where the SWOT Analysis can be extremely powerful.\\xa0

For those of you who haven\\u2019t heard that term before, I didn\\u2019t say "swat analysis", like swatting flies.

SWOT is an acronym that stands for Strengths \\u2013 Weaknesses \\u2013 Opportunities and Threats.

The \\xa0development of the SWOT Analysis (or Matrix) has been attributed to\\xa0Albert S. Humphrey, although\\xa0he disavowed having invented it. It is a conceptual tool that has been used by countless business leaders to assist in planning. As a physician manager, director, or leader, you should become\\xa0very comfortable using it.

What Are the Components?

The strengths and weaknesses generally refer to\\xa0internal characteristics of an\\xa0organization. This includes financial resources and performance, human resources, branding, and customer loyalty. It also might include cultural issues, such as whether your organization is nimble or slow-moving.

The opportunities and threats describe\\xa0external\\xa0considerations. How is the local economy doing? Is the market growing or shrinking? What are the demographics of your clients? Is your competition strong or weak? What is the regulatory environment like? Are there major hurdles to entering a new market?

From SWOT Analysis to Goal Setting

To use a SWOT Analysis, goals can be developed from the intersection of the\\xa0Strengths\\xa0and\\xa0Weaknesses\\xa0with the\\xa0Opportunities\\xa0and\\xa0Threats\\xa0from the SWOT analysis as depicted in the following table:

During this episode, I go into great detail on how to use the information in the table to create SMART goals, using examples from an imaginary team considering the opening of an imaginary urgent care center.

You\\u2019ll find the show notes for today\\u2019s episode at vitalpe.net/episode054 and you can download a transcript of the episode from the show notes page.

If you\\u2019d like more help in pursuing a CMO job or any other executive healthcare position, I\\u2019ve developed a new mentoring program for you that I rolled out in Episode 52.

It\\u2019s called Become CMO in a Year.

It\\u2019s designed for board certified physicians who work at least part-time in a hospital setting, who want to move into hospital or medical group management.

Through the mentoring program, you will identify and fill the gaps I your resume that you need to be irresistible to recruiters and CEOs.

You can learn more by heading over to vitalpe.net/cmomentor

Thanks again for listening today.