Remember there is a difference between a business plan and a strategic plan. Yes, you need to have both plans for your practice. Simply put a business plan is about ‘costs’:
And, when you have a strategic plan in place then your goal each day is to work your plan. Easier said than done? Absolutely! That is why many private practitioners fail to succeed to their full professional and revenue potential.
To conduct your private practice effectively there is a need to do your clinical work. To do your clinical work to the best of your ability means that there is a need to generate enough clients to make this happen. To generate enough clients means that a regular focus on your strategic plan is a must along with activating the next level of steps that will bring in business to your business i.e. private practice.
Working your strategic plan is ‘business speak’ for staying on tract so that you can do what you have planned i.e. to meet your revenue goals while generating the type of practice that you would like.
Creating a viable strategic plan allows you to differentiate revenue streams to keep your private practice – self employment business – viable. Focusing only on full paying clients is akin to having ‘all your eggs in one basket’.
A more successful way to run a private practice is to have different revenue streams that relate to your professional practice – in other words the different streams link together to one or two of your niches of expertise. Having different revenue streams will generate more possibility of revenue income and will help you when there are other societal factors at play such as a downturn in the financial market which could impact the number of your full-fee clients yet generate an increase in EAP referrals for instance.
Take time now to develop a strategic (or vision) plan for your private practice and then commit to working your plan.