Strategic Business Planning

A Strategic Business Plan is much more than a tool to obtain financing. If you still have all your plans and ideas locked up inside your head, preparing a strategic plan can help you clarify your veterinary practice's direction. It can ensure that your key leaders are all on the same page, and keeps both management and staff focused on the tasks at hand.

A Strategic Plan is often needed when...

  • Starting a new venture, product or service

  • Expanding a current organization, product or service

  • Buying a new business, product or service

  • Turning around a declining practice

The Strategic Plan provides a blueprint, describing your veterinary practice, its services and mission, the competitive environment, management team, financial health, and business risks.

The plan allows you to...

  1. Identify and describe the target client profile, features, advantages and benefits of your new venture, product or service.

  2. Justify that your plans are credible by fully researching the need being filled with your new venture.

  3. Develop marketing plans including full descriptions of targeted promotional campaigns with implementation timelines. You examine market conditions, the nature of your clients, as well as your competitors, sales potential, and projected results of your promotional campaigns.

  4. Develop staffing plans including identifying the key players, skills, attitudes and expertise needed to build the venture.

  5. Develop management plans including full descriptions of management systems and timelines for implementation.

  6. Develop financial plans including projected startup costs, operating costs, revenue, profits, and break-even analysis for the first 3 to 5 years.

    Projected financial plans allow you to effectively predict upcoming problems, or prevent them. In other words, the perspective gained through your Strategic Business Plan can make a significant contribution to your practice's success, and should help obtain funding when required.

  7. Identify building and equipment needs including vendors and cost estimates.

  8. Formulate company milestones including timelines for upcoming products and services in development.

Remember: Failing to plan is planning to fail.

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