Starting a medical practice is by no means a small feat. Medical practitioners who decide to embark on the journey of owning a medical practice need to quickly find synergy between continuing to deliver a high level of patient care with now running a business.
Endeavours such as this typically start with the idea, countless hours of research and planning. It is in this planning phase that a new medical practice should document its business plan.
A business plan is a roadmap for any new medical practice and should outline for the day-to-day operations as well as setting goals for future growth.
So, what should be included in a business plan? Business plans should focus on the business itself, the market it is operating in, its future growth and of course the finances.
Here are just a few points to consider at each of these steps:
The Market
You will firstly need to understand your patient demographic and potential patient numbers. You also should look at competitors in the area and consider marketing or advertising strategies you may need to implement.
An effective planning technique is the utilisation of SWOT analysis, this helps to understand the strengths, weaknesses, opportunities, and threats of a new medical practice.
The Business
Understanding the business itself is paramount. The appropriate structure, the number of doctors required, staff needed and what equipment will be needed to effectively deliver quality patient care must all be considered here.
The Future
How do you see the practice continuing to operate it to the future? This can start with a vision statement articulating what you want the medical practice to look like. It is also important to understand and identify the future and ongoing goals and objectives of the practice in this section.
The Finances
One of the final elements in any business plan are the finances.
Initial consideration will need to be given on how to finance the practice in its infancy. Ongoing budgeting and forecasting are also required to ensure the practice continues to remain financially sustainable into the future.
Taking the time to write a business plan will no doubt increase the likelihood of the practice in reaching its overall goals and objectives.
There is considerable work involved in creating a credible business plan, it is likely you will need assistance from outside sources such as mentors and your trusted business advisor to bring it all together.
If you need help with writing your business plan, get in touch with our team today.
