1. Value Statement. A pithy statement that describes the business in terms of value and benefits derived by patients. It is outward focused and provides patient results.
2. Driving Force. This is the true reason for the firm's existence. Similar to a GPS this sets direction.
3. Mission/Vision. Mission is the statement of purpose. Mission is the reason for existence. Mission is the manifestation of why the business exists. If mission is the statement of the manifestation of values, then vision is where the organization is going. Vision allows the kaleidoscopic thoughts within the leader to be carefully communicated to staff and stakeholders. If strategy is the transmission, vision is the steering column.
4. Practice Objectives. Moving the vision requires four vital factors: 1) standards, 2) goals, 3) priorities, and 4) time lines. This is vital to understand what the practice seeks to accomplish.
5. Practice Measurements (KPI). These are the key performance measures by which the practice will be judged on performance. The measurements that goals given will achieve results.
6. Perfect Patient. Every practice most focuses on its most vital aspect – patients. Yet, is it always best to build a niche rather than go too wide. One group to help build community must hear the practice message.
7. Promotional Activities. One of the most compelling modules in any plan is how the practice will promote itself so that income is received from these activities.
8. People – Property and Processes. It was once stated that it takes a village and it will. Chiropractors will need to enlist those that can help with administration, where the practice will be located for maximum effectiveness and what processes will be included to ensure patient compliance.

What is the Difference?

Remember the purpose of a plan is to detail the aspects of a business for investors or partners. Therefore, when practices are attempting to franchise or partner, there is a need to obtain additional data. This will not be found in a short document so the chiropractor will be required to deliver a more detailed plan. These contain a minimum of 30 pages and can be as many as 100. This means that marketing, operations and finances will be reviewed thoroughly to ensure one thing and one thing only - investors obtain their money back in the shortest time possible.

The following is a template for the long form taken from a 25 page minimum plan:

• Executive Summary
• General Company Description
• Products and Services
• Marketing Plan
• Operational Plan
• Management and Organization
• Personal Financial Statement
• Startup Expenses and Capitalization
• Financial Plan
• Appendices

In reviewing this template, you will immediately note the complexity required and the amount of content. It is recommended to use the shorter eight step formula and then, when required, use the longer version for use with sourcing, associates, franchising, etc. However, no matter which you decide on, writing things down is helpful.

What to Watch For

Reading this you can immediately see the relevance for writing down a plan. Yet, as you begin writing your plan, you must realize some important things. First, the plan is fictional since your goals and revenue are planned. The problem with creating these goals are that they can be 1) limiting if you make them too lofty and 2) too easy to obtain if there is a lack of reality. Additionally, some chiropractors based on behavior are apt not to implement risks and fear placing any numbers due to skepticism. Write down something so as to provide guideposts.

Second, all chiropractors are not knowledgeable of marketing and an enormous portion of the plan requires the activities necessary to promote the practice. Although uncomfortable, the chiropractor must establish a presence and really consider those activities that are helpful to promoting the practice.

Third, no matter the practice, financial reporting is required to understand expenses and income. Invest some time here to understand how YOU will get paid and WHO you need to pay. This should also include types of insurance, patient type and cash.

Finally, do spend some time on your target market. Creating messages to those that will hear these are necessary to ensuring your activity is spot on.

Putting it All Together

The benefits of a business plan are essential for the recognition, formulation and implementation of your practice. Each piece can be used independently for different discussions and each piece can be developed as needed. However, the main point is taking the dreams and transposing to direction and then taking that direction and transferring it to reality. When you have a good operational plan, you have direction for your present and your future. Create your destiny now!

Drew Stevens, PhD, is known as "The Revenue Doctor." He helps chiropractors develop strategies that exponentially grow revenue and returns personal time. He is the author of eight books including the widely acclaimed "Practice Acceleration" by Greenbranch publishing. He can be reached through his website at www.stevensconsultinggroup.com.