Your business plan
A business plan is a detailed plan of the products and services you want to sell in the market place. The plan serves to provide a clear overview of the business case and how your practice will be profitable. It should lay out any anticipated expenses and revenues as well as the strategies for pricing, marketing and operations.
Your business plan may include the following sections:
The executive summary summarizes the main points of the business plan. It should contain enough information for a reader to get familiarized with the plan without reading the entire document. It usually contains a brief statement of the proposal, background information, concise analysis and main conclusions, along with the mission, vision and corporate objectives.
The business description provides a description of what the business will sell along with an overview of the environment and competitor background information. This description should serve to detail the type of challenges or barriers to entry this business would face to enter the market space. It asks two questions:
- How might what's happening around your business affect it?
- What should your responses be to any challenges you will face?
Components include:
- Environmental Analysis
- Industry Overview
- Barriers to Entry
- Product portfolio
- Competitor strengths and weaknesses
- Competitor segments served
- Competitor pricing
- Competitor distribution channels
- Competitor locations
- Number of staff and key employees
- Competitor corporate objectives, mission statements
Competitor Analysis template
This section should identify all the products and services that will be offered in addition to description of the features and benefits of each.
Components include:
- Product or service definition
- Product features
- Product benefits
- Technology strengths – scan time and image quality
- Service strengths can be:
- Accessibility
- Trained technologists
- Report turnaround time
- Legal considerations
- Safety & regulatory considerations
- Training requirements
This section details the market analysis as well as the marketing plan.
The management section should outlay an explanation of the governance, ownership and the organization structure with roles and responsibilities.
Components include:
- Ownership
- Board of advisors or trustees
- Governance structure
- Leadership
- Roles and responsibilities
- Staff
- Organizational chart
The operations section is a description of how the business logistics will effectively work to optimize productivity, which has a direct impact to the overall profitability of the business.
Components include:
- Service model
- Standard operating procedures:
- Scheduling
- Patient prep procedure and communication
- Discharge and waiting room policies and procedures
- Missed or late appointment policies and procedures
- Operating expenses
- Inventory
- Suppliers
- Personnel: staffing hours
The financial section should describe any and all relevant monies that enter or exit the organization. A well rounded financial section will provide a balanced visibility to the financial viability of the organization from the beginning stages. It should state the amount of monies available for the startup, any previous financial history as well as the current financial situation. This section should always include a balance sheet and cash flow statement as well as a proforma or income statement.
Components include:
- Funding available
- Risk /opportunity
- Balance sheet
- Proforma*
- Cash flow statement
- Breakeven analysis
*
Components of a proforma
*
Proforma template
*
Rubidium proforma HOPPS template
Your marketing plan
A marketing plan involves much more than coordinating events or direct mailers to advertise your business. A marketing plan may be part of an overall business plan and should be a well thought out document that details the necessary actions to achieve one or more marketing objectives. It should also state a clear business case and how your practice will be profitable.
To begin, the plan should include market trends as well as a description of the implications to the local market. A deep situational analysis of the local market, competitive landscape and your product should be among the first items to research. After gaining a good sense of your situation, you can then identify a goal along with the strategic objectives you want to accomplish. Objectives should be accompanied with tactics, which explain how you plan to achieve your objectives. In the end, you will have a comprehensive strategic plan that will serve to accomplish your goals.
Your marketing plan should include the following components:
The Executive summary summarizes the main points of the marketing plan. It should contain enough information for a reader to get familiarized with the marketing plan without reading the entire document. It usually contains a brief statement of the proposal, background information, concise analysis and main conclusions.
A Strategic analysis looks at what is happening outside your organization now and in the future. It asks two questions:
- How might what's happening affect you?
- What would be your response to likely changes?
Components include:
- Situational Analysis (SWOT analysis template)
- Industry Overview
- Industry Trends
- Company
- Consumers
- Competitors
- Collaborators
- Target Market Analysis
- Sales Analysis
- Pricing Strategy
- Cost Analysis
Strategic objectives, tactics and metrics
The strategic objectives, tactics and metrics section identifies what you will achieve, the tactics you will use to achieve it and how you will measure success.
Components include:
- Message strategy
- Media strategy
- Sales promotion
- Direct marketing
- Public relations
- Positioning strategy
Tips for creating a Strategic Objectives Template
Evaluation, budget and monitoring
This section of the marketing plan is used to define how you will monitor your practice’s performance. It includes budgeting requirements and how success will be measured. (i.e. revenues, growth, patient volumes, etc.)
Consider including these components in your marketing plan
