When the fifth edition of the RACGP Standards for general practices were launched in October 2017, many practices were surprised to see business planning was a new requirement. While it was a surprise for some, a general practice is a business like any other, and every business needs a plan.
To support your practice team with preparing and implementing a business plan, we have gathered together seven helpful tips for you to consider.
Research
It is useful to gain an understanding of your current position and to identify whether there are any opportunities available to you.
Be realistic with time
It’s an activity that needs dedicated effort and not something that can be completed in a couple of hours at the end of a busy day or when the practice has a lull in patients.
Make your business plan specific to you
Every practice is unique, offering different services, professionals with differing interests and specialities, and a patient population with its own individual needs. Your business plan should encompass all of these unique elements instead of simply copying what others are doing.
Identify the areas your business plan will address
The actual format of your business plan can take many forms, but generally it will include your practice’s vision, mission, values, objectives, strategy, governance structure, roles and responsibilities, reporting and monitoring systems, processes and timelines, financial status, and budget.
Involve all staff members in the process
Staff may also be able to identify new issues, options and opportunities that you hadn’t thought of previously. It also provides the opportunity for collective contributions, improving the morale demonstrated when working toward a common goal.
Presentation matters
Just like when meeting new patients, your business plan also needs to make a good impression, so language and presentation should be professional. To minimise errors and ensure your business plan makes sense, it is also a good idea to have someone impartial proofread your document.
Review
A business plan should be a living document rather than something you write then forget. Your practice, clients, market and competitors are constantly evolving – it is vital that your business plan does the same. Your business plan should be reviewed several times a year.