Consistently Sustaining A Profitable Practice

It is important to understand that when it comes to business planning we look at the Short Medium and Long term plan of any Business. This often goes overlooked and business owners focus on just one plan if any at all.

Ensure your business plan caters for the short, medium, and long term future of your business typically 1, 3 and 5 years. You will need to be flexible and able to adapt as the business world and market changes as we progress into the millennium years.

Short Term Plan =       6 – 12 Months

Medium Term Plan =   12 – 36 Months

Long Term Plan =        36 – 60 Months

You should commit to forecasting your business results in line with your short medium and long term plan. You should include anticipated appointment levels, income levels, activity, your different income streams and costs.

Short Term Plan =     6 – 12 Months

This plan would include the following

  • Start up Actions
  • Renting of Room
  • Ordering of Stationary
  • Creating first Website
  • First attempt at Advertising and Marketing

Medium Term Plan = 12 – 36 Months

This plan would include the following

  • Ongoing review of Action Plan
  • More Advanced Marketing Campaigns
  • Joint Ventures
  • Adding new Income Streams
  • Media Marketing
  • Personal Development
  • Adding new Therapeutic Disciplines
  • Formulation and Addition to ProductRange
  • Review / Change of Premises
  • Effective Change Management Program
  • Ongoing CPD
  • Data Marketing
  • Business Development

Long Term Plan =      36 – 60 Months

This plan would include the following

  • Effective Change Management Program
  • A review of Short and Medium term Business Plan
  • A more Strategic view of your overall Business Proposition
  • Merging or acquiring new businesses
  • Product Development
  • Keeping up with Economic and Legislative change
  • Attainment of further qualifications
  • Ongoing CPD
  • Strategic Business Development

And the list is endless and can go on and on.

Modeling Tip

Achieving success is one thing consistently sustaining a successful practice is something entirely different.

If we look at the success ratios of any practice over 30% fail in the first twelve months and only 8% remain profitable five years on.

This is why its imperative you ensure you have a five year business plan, split into the three segments of short, medium and long term.

Although it may appear that the three categories above are divided into three action plans, they are not.

They are 1 plan and 1 plan only

A good Practitioner should have 1 Business plan including short, medium and long term actions. This is how you keep up and manage change and stay ahead of the competition.

You simply include short medium and long term actions in the same plan and review the plan every month.

The key is to apportion your time in a sensible way as often short term action seem more pressing than an action you have five years to complete

The key is to dedicate your time to your business plan using the following time weightings

  • Short Term Plan         70%
  • Medium Term Plan    20%
  • Long Term Plan          10%

Think of these as three juggling balls you have to keep in the air all three all the time.

Conclusion

Writing a Business Plan is important, writing a meaningful Business Plan that captures the short medium and long term future of your business is paramount to the long term sustainable future of your practice

20121209-101707.jpgFurther details on how to set up and enjoy a successful Complementary & Alternative Clinic or Practice “The CAM Coach” book is now available to buy from http://www.thecamcoach.com

About The Author

Mark Shields, Life Coach, Author, Media expert and Motivational Speaker, is Managing Director of Life

Practice UK, specialists in Personal And Business Coaching. Contact: Tel: 01462 431112  info@lifepractice.co.uk

http://www.lifepractice.co.uk

Advertisements