If you are planning to start your own practice you must have a business plan.
Having a vision is great, but not having a plan or a route map of how you are going reach your vision is professional suicide. Most businesses fail mainly because they rarely think about the pitfalls that may arise whilst in business. The planning stage is all about identifying the possible problems in advance.
So what exactly is a business plan?
Simply put, a business plan is a constantly evolving document that tells you, and its readers, the “what” and the “how” of your business. It is a communication tool that conveys your ideas and thoughts, and outlines how you are going to put these ideas and thoughts into action.
It is a document that is constantly evolving as you change, grow and build your business; whether you are just about to start your own practice, or have been in practice 25 years. A business plan is an imperative in today’s changing business environment and not something that should just be in your head.
The key stages of a business plan include the following:
- Executive Summary – an overview of the plan, usually written last
- Describe the business – what type of business is it, what do you plan to set up?
- Market study, market positioning – is there a market in the area you want to open up for these services?
- Vision and mission
- The business strategy – what are you going to do
- Plans for products and services
- Financial forecasting
- Highlight risks and opportunities
Once you have a comprehensive business plan, not only will you be in a much stronger position for approaching banks and other lenders for financing your practice, you will also be much more focused and driven to reach your goals.
If you are looking to build or grow a business and need help with building a business plan please get in touch with us.