A business plan sets out what you want to achieve for your business and describes where you are now, and how you will reach your goals.
Without a realistic and measurable business plan, you may:
- Lack insight into services that you could develop and the potential income
- Be unaware of potential threats from competitors (to your existing and potential patients)
- Overestimate demand and expand too quickly
- Experience cash-flow problems
- Have no marketing strategy to help you recruit and retain patients.
Key learning points
This advice identifies the main aspects of developing a business plan:
- Evaluate your current position and identify where you want to be and by when
- Research that will help you approach lenders and plan for a successful practice
- Tools to help you assess the business environment and viability of your plans
- What information to include and how to structure your business plan
- Planning how to implement your business plan.