A comprehensive medical business plan is integral in achieving both short and long-term organisational goals. This plan should encompass a broad range of strategies, including those around financial management, human resource management and marketing planning. In order to put together a detailed medical business plan, it is wise to enlist the help of a business advisor, whose experience and broad skill set can help you to create a fully-fledged plan that is sure to help your business flourish. The team at Sandercoe Accounting is well versed in the creation of medical business plans and can act as business advisors to put you on track to success.
Your business advisor will focus on the following areas when creating your medical business plan:
This section of the medical business plan should lay out the purpose for your business existing – this would include your vision and mission statements, as well as a description of the services you offer. Additionally, your location and trading hours should be noted here, and an overview of your service fees should be provided.
The development of a sound marketing strategy is integral, as your business’ income is largely dependent on the efficacy of this strategy. A business advisor will focus on components such as branding, promotion, pricing and product and service development. This strategy will seek to identify your target market and employ promotional strategies that will attract and retain their business.
Alongside your marketing strategy, your business advisor will develop a competitive analysis which seeks to position your organisation within the market to compare it against competing practices and businesses. This analysis will allow you to identify your business’ strengths, weaknesses, opportunities and threats within the market, and to implement strategies to leverage the strengths and opportunities, and to mitigate the weaknesses and threats.
Arguably one of the most important elements of a medical business plan, is identifying the most appropriate business structure for your business. This incorporates the planning around the legal structure and set up of your business, as well as the outline of ownership, exit and succession planning, and the staffing structure.
In this section of the medical business plan, you’ll need to carefully asses how you will draw practitioners into your business, and how they will be paid. You’ll also need to consider the way in which you will roster these practitioners in a way that is effective for your clients and sustainable for the health professionals.
In this section, you should aim to outline the budget for your business, which will include both the set up and operational costs for the practice. From here, you will examine the funding secured and additional funding required to run your business. Your financial planning should include tax planning, which can be a complex task – it’s for this reason that it’s recommended you engage a business advisor to aid with this.
Your medical business plan is an incredibly valuable document, which will be referred to for many years to come. It’s for this reason that you should engage a professional business advisor, such as Sandercoe Accounting, to help in creating this plan. Due to their many years of experience, and broad knowledge of the medical industry, Sandercoe Accounting can aid you in creating a comprehensive and considered medical business plan.