Business Planning Flashcards
What is the purpose of business planning?
To provide data and proposed action to answer a business questiion
What are common mistake associated with business planning?
Written plans being too technical or detailed -> fails to keep the atteention of staleholders
What is the 1st step in creating a new business idea?
Preliminary evaluations (exploring the business concept)
What are the considerations of exploring business concept?
- Size and receptivity of poential customers for the service
- Revenue generated
- Ability of proposed service/program to address specific goals
What are the steps of developing a business plan?
- Define the business or program
- COnduct market rsearch and analysis
- Identify the target market
- COnduct competitor analysis
- Assess clinical and qualit requirements
- Define processes and operations
- Develop a marketing strategy
- Develop finanacial projections
- Identify an action plan
- Assess critical risks and opportunits
- Establish an exit plan
What factors should be assessed when making a business plan?
- Profitability
- Quality
- Customer
- Staff
- Operations
- Competition
- Tech
- Regulation
- Reimbursement
- Costs
- Market
What are the components of a business plan?
- Executive summary
- Background and descrption
- Market analysis and strategy
- Operational structure and processes
- Financial projections
- Milestones, schedule, and action plan
- Criticla risks and opportunities
- Exit strategy
- Conclusion
- Supportive documents
Short description that highlights the main points of the proposal
Executive summary
Defines the rationale for proposed business and service
Background and description
- Describes how the business/service will operate
- Provides details on who/how the business/service will be provided
- Provides information about how customers will be enrolled in service
Operational structure and processes
Estimation of expenses and revenue generated over the 1st 3-5 years?
Financial projections
Defines a timeline that includes major accomplishments, program goals for implementation and through 1st 3-5 years, and long-range growth goals and expansion objectives
Milestones, schedule, & action plan
Describes major strengths & weaknesses for proposed service
Describes opportunities & threats associated with proposed service
Critical risk and opportunities
Provides a recommendation about the proposed business decision
Conclusion
Describes what will happen if the service fails or becomes very successful
Defines the details when/how a decision will be made to leave business
Exit strategy
