A business plan is a formal document that describes everything about the company. Provision of sales to ensure local organization as it includes targets for major sales: sales, expenses, issue costs.
A business plan is a benchmark for monitoring your progress and “learning after the fact” if you are performing better or worse than expected.
Business plan - who needs it?
Everyone who runs a business should have a business plan – especially when working with investors, partners, or employees.
What are the basic elements of a business plan?
Business plans will vary based on practice. They should be living documents that can be adapted as your practice evolves and the market changes.
1. Executive Summary
This is a general overview of the practice’s goals and objectives. This section should describe clearly and succinctly how the practice plans to address the patient’s health issues while remaining profitable. It also acts as a kind of structure that can be referenced when developing the rest of the business plan.
For outpatient physical therapy practice, this section should briefly summarize:
- what niche the clinic intends to fill,
- services that the office will provide,
- how you intend to disseminate information about services,
- the clinic’s growth potential,
- competitive advantages,
- general financing requirements
2. Objectives
What does your practice actually do? What are its goals? If your business is already up and running, it’s likely that you can define its goals and services fairly easily. But even if you are a seasoned business veteran, it can be harder to explain what you are trying to accomplish in the long run. So, in this section, it’s a good idea to start by thinking about where your business is now and where you want it to be in the future. It is also worth mentioning here the measures needed to achieve this growth.
3. Marketing
While goals and services are undeniably important, how you plan to sell your practice is just as important – if not more so. After all, services will have little impact if the target audience does not know they are being offered. Ideally, this section should be broken down into three smaller subsections.
The message you want to convey
Patients need to know everything about the company, so it’s worth considering what you want to convey with your message. The content of this section covers the strengths of the practice, the benefits of physiotherapy compared to other treatments, trends in physiotherapy and wellness services, and how patients can access services.
4. Operations
Understanding day-to-day operations – and who is responsible for what – can contribute to the success of your practice. It is worth answering the following questions:
What facilities, equipment and materials do you need on a daily basis?
What is your organizational structure?
Who is responsible for what aspects of the business?
What are the initial staffing needs?
When and how will staff be added?
How will business relationships with suppliers and suppliers be established?
How will these relationships affect day-to-day operations?
How will your business change as your business grows?
What steps will be taken to reduce costs if the company initially fails to meet expectations?
5. Finance
You cannot effectively conduct an internship without assessing your financial situation. It’s a good idea to start by identifying your start-up costs as well as whether you plan to finance them with loans, grants, or savings.
The business plan should include pricing for the construction and renovation of facilities, building leases, and the necessary equipment.
In addition, you must perform:
Balance sheet (i.e. assets, shareholders, liabilities and income to finance future growth)
Profit and loss account (i.e. expected revenues and expenses)
Statement of cash flows (i.e. cash receipts and payments for expenses)
Operating budget (i.e. detailed breakdown of income and expenditure)
Break-even analysis (i.e. projection of revenues required to cover fixed and variable costs)
Thanks to these points, the business plan will be clear and will help in the company’s development.