Tag Archives: business planning

Business Planning for Your Medical Practice

Business Plans are often used to get funding or for internal purposes. A business plan can be a resource guide to increasing productivity, achieving sustained profits, and to establish relationships.  When you create a business plan, you put into writing the business concept, analyze the market, and state how the company will manage finances, but what happens after the business plan is finished? That’s what we’ll be discussing in this blog.

The Process

Internally, you can use a business plan to give insight into how your company intends to grow and do business over the next five, 10 or 20 years. This insight can be directed towards your new employees who want to feel like they can build a future with you, long time employees who may feel jaded as to feeling like a simple cog in a machine. People like and want to feel that they are a part of something. When people see something they are a part of grow, they feel they’re growing as well.
When your business is up and running, its easy to get caught in the day to day grind. Sometimes you might catch yourself taking a glance at “the other guys” and that’s where taking a look at your look at your business plan comes in. When putting together your plan, you likely listed local and regional competitors as well as doing a SWOT analysis. Use your business plan to reflect on some of the competitors that have had to close up shop. Enjoy the win. You might even look at one of your competitors and see them as an opportunity for expansion. If you’re business is rocking and rolling, you might be able to expand your business by buying out one of your competitors.

Suppliers like working with companies that can pay and can do business over time. If a supplier is selling to your company on credit–letting you take delivery of goods and pay for them later–that supplier is your creditor. Suppliers who allow invoice selling have the same legitimate interest in your business’s strategy and soundness as does a banker. Suppliers want to work with business with a history and a future so having a business plan to offer them can show them that.


The Outcome

After you have your business plan written, don’t be afraid to show it to people who matter other than your bankers and investors. The people who you do business with and do business for you should see that you have an idea of where you’ve been and where you’re going. You and your executive team may even need a reminder.


If you need a business plan or your company needs help to realign itself with your old business plan, give us a call at 1-800-383-1148 or visit www.buildtheplan.com.

Reach the Sky with an Effective Business Plan

When one of my friends was asked about the business plans for his new company, he replied, “I don’t have any.” He started several companies in his 20-year period as a businessman and none of them have ever succeeded for long, although he is a millionaire today.

Does this mean that he is a poor businessman? Essentially not!

This means that my poor friend didn’t ever realize the purpose and the worth in creating a business plan, which is often the case with many new entrepreneurs.

So, what exactly is this Business Plan and what makes it so important for every business owner?

Here is all what you must know about an effective business plan.

Business Plan – An Introduction

A business plan is your formal ‘calculation’ of the way you want and will run your business. It is a formal declaration of your business objectives, reasons they are achievable, and plans for accomplishing them. It may sometimes also include background information such as the organization or team endeavoring to reach those goals.

Business Plans serve as a framework for your business and provide standards to check whether you’re reaching your goals. They are a key to help you think through your business and keep you on track.

Business Plan

Business Plan – Its Length

Greg Nelson of SCORE Naples says, “A business plan needs to be long enough to address all the key areas so that the reader is not left with serious questions, concerns and red flag.” He further says that business should be able to present sufficient business plan in less than 20 pages.

However, simple businesses can probably complete their task in 8-10 pages. In cases of complicated market research, one can place much of the supporting information in appendices, which can make the principal plan shorter, more concise, to the point and more effective.

However, according to the book Portable MBA in Finance and Accounting, p. 261-2, “For a business plan to raise debt or equity, 25-40 pages, and “less is more.”

However, some experts believe that a business plan should be measured by its readability and description.

Business Plan – Who need it?

You need a business plan if –
• You are running a business
• You are applying for a business loan
• You are looking for a business investment
• You are looking for business partnerships
• You want to communicate with your management team

In short, everyone who is associated with a business must have an effective business plan.