A business plan is an important document that serves as a powerful declaration of your goals and intentions, is a written summary of what you aim to accomplish, and provides an overview of how you intend to organize your resources to attain those goals. Do you have a business plan? If so, when was the last time you reviewed it? If not, it is never too late to put your intentions in writing.
Many practitioners “fall into” their practices. For instance, a practitioner might work as an employee and start developing a private clientele on the side. Then one day she realizes she has enough clients to quit her job and focus on private practice. Perhaps she had created a business plan to help her in this transition, but then again, maybe not. Unfortunately, the latter case is more common.
Whether you are just thinking about private practice or have been in business for many years, it’s never too late to write (or revise) a business plan.
In general, a business plan addresses the who, what, when, where, why, and how of your business. A business plan helps you to stay focused and inspired. It’s so easy to get overwhelmed in running a practice. A business plan can alleviate stress, as it maps out the steps you need to take to accomplish your vision and assists you in anticipating problems, so that they can be avoided or at least minimized.
Keep in mind that a business plan is a living document.
People change. Circumstances change. The industry changes. Our needs and wants change. Review your business plan at least once a year to be sure that it reflects your current goals. Even if you are already in practice and you don’t have an official plan, create one now. A business plan dramatically increases your chance of success and can provide peace of mind, when you follow these 4 steps:
- Create your business plan.
- Follow your timelines and action plans.
- Measure your results and compare them to your projected plans.
- Review and adjust your plan regularly, as your business grows and changes.
We would love to hear from you about how your business plan has supported you and your business. Add your comments below.