Health & Wellness practitioners often overlook the importance of planning for the growth of their business. An effective business plan might be the last thing on your mind as you support your patients to live their best life. What if writing that plan supported you to reach more patients who need your help.
This blog outlines 5 benefits of a business plan, whether you’re starting up or looking to grow and expand your practice.
What is a business plan?
A business plan is a formal document that outlines your company’s goals, objectives and strategies. It serves as a road map for how you want to grow your business and achieve success.
If you’re just starting your Health & Wellness practice, creating a business plan is a vital first step. Different business plans suit different purposes, whether you’re just looking to create a strategy and goals you can monitor internally, or perhaps you’re seeking investment or other finance for your business.
If you’re already an established therapist or practitioner, it’s worth taking time to write a business plan that sets out how you plan to develop and grow your practice. This will help you embed sustainable growth and track your progress.
But don’t just write the plan and file it! Make regular time to revisit it and review it. The best business plans are living documents that respond to the changes around you, as quickly and effectively as possible.
Five benefits of a business plan for your Health & Wellness business
There are a number of reasons why a business plan is important for Health & Wellness businesses:
1: Define your business goals and objectives
Where do you want your business to be in 6 months, a year, or three years? Think about the revenue you’d like to see coming in, about the support you’ll need from others to achieve this. Consider also how your practice or clinic fits into your life as a whole. Do you want to work full-time or part-time? Do you have family or other work commitments now, or in the future?
2: Develop strategies for achieving those goals
Break your goals down into smaller steps, so you can begin to see clearly how to get where you want to be. For example, do you need to think about adding a booking system to your website to free up your time scheduling appointments? Or hiring a receptionist once your revenue hits a certain level?.
3: Track your progress and adjust your plans as needed
Revisit your business plan regularly. If you’re not hitting your goals, that’s OK – just work out whether the goal is still relevant, and if not then change the plan. If it’s still relevant, work out what you need to do to hit the goals you have set in future.
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4: Stay accountable to yourself and your team
Even if you’re a sole practitioner, you will likely have responsibilities to others. Perhaps you’ve taken a loan you need to repay, or you’re supporting your family financially. As a therapist, you will need to ensure enough time to take detailed case notes and review them for effective progress, as well as pursue Continuing Professional Development, perhaps updating your practice with the latest science. A good business plan will take that into account.
5: Attract customers and partners
If your plans for growth include working with other therapists in a clinic you set up, or collaborating with companies to deliver corporate services, a comprehensive business plan will demonstrate your commitment and show that you are realistic in your plans. It builds your credibility.
How to write a business plan for your Health & Wellness practice
- Keep it simple. Don’t try to cram too much information into your plan.
- Be realistic. Don’t over-promise or make unrealistic assumptions about your growth potential.
- Do your research. Thoroughly research your industry, competitors and target market.
- Know your numbers. Include financial projections for your business in your plan.
- Get help. If you’re not sure where to start, there are plenty of resources available to help you, including templates, software and consultants.