The Importance of a Business Plan
Plans don’t fail people, people fail to plan.
The critical cornerstone to any new business venture or growing business is a complete and realistic business plan. This plan is more than just an exercise in forecasting, but rather an exhaustive and objective review of your market, competition, resources, assumptions and the conditions needed for your success. Your pharmacy business plan should also establish mileposts by which to measure your business’s performance and adjust the plan, as necessary.
Why do I need a business plan?
A business plan is necessary for three primary reasons:
- It gives business owners a current assessment of the business, as well as a road map for the future.
- It helps a business grow, both organically and through outside funding.
- It is essential to have an up-to-date business plan, in order to secure financing, ranging from an overdraft facility or bank loan, to venture capital funding.
For a business plan to be effective, those who will have to implement it should own it. An experienced business facilitator can add insight and value to the process, while ensuring that ownership is in-house.
Why do I need to review my business plan periodically?
The business plan is a living document that should be continuously reviewed, in light of the business environment and actual performance; this enables the ownership to oversee business performance.
The pharmacy business experts at HealthCare Consultants can provide assistance and guidance in the creation and review of the business plan for your pharmacy. Our consultants have a great wealth of experience that will facilitate the development of a realistic and thorough plan for your pharmacy, including: defined strategic objectives, milestones and performance metrics. HCC’s experts can also provide objective and insightful periodic reviews of your existing business plan. HCC consultants will monitor and evaluate progress toward the defined strategic objectives and stimulate alternative action, if an objective is unlikely to be met by the original plan. Allow our experience and knowledge help your business succeed!
Call us today at 800.642.1652 to discuss your critical Business Plan needs.