Business Planning

Question 1

Objectives

Answer 1

1. Construct a vision and mission statement
2. List practice values that are important to each student. Discuss how these are reflected in various practice strategies
3. Compare types of strategic planning for new and established businesses

Question 2

Mission

Answer 2

Specific goals and objectives of practice, INTERNALLY focused

Question 3

Vision

Answer 3

Concise statement guided by core values that articulate how the practice will contribute to the community
-Externally facing

Question 4

Core values

Answer 4

Ideas that reflect the company stakeholders and their approach to business
-not specific to type of business

Question 5

Strategic plan

Answer 5

Road map

Question 6

Articulating core values

Answer 6

• 3-5 short statements
• long-lasting and insulated from business trends
• Basic elements of how any company goes about doing their work

Question 7

Articulating vision statement

Answer 7

• Efficient and inspirational reflection of overarching goals for the practice
• Describes OUTCOME, NOT DAILY work
• Serves to shape employee and customer expectations
• NOT A ROADMAP
• Consider as guiding principle
• One or two sentences and memorable

Question 8

Practice Mission

Answer 8

• Developed out of stakeholder values for the practice
• Internal guideline for practice stake holders and employees
• Provides Objectives for daily life of the practice
• More PRESENT based than future oriented

Question 9

Annual practice eval should

Answer 9

Should be quantitative and qualitative

-reevaluate all the statements to ensure they still reflect practice and goals

Question 10

Strategic planning requires

Answer 10

1. Situational analysis
2. Formulation of strategies
3. Implementation of strategies
4. Evaluation of results

Question 11

Situational analysis

Answer 11

Assessment of external and internal business environment

Question 12

SWOT

Answer 12

External and Internal situational analysis
Strengths
Weaknesses
Opportunities
Threat analysis

Question 13

Five force analysis

Answer 13

External situational analysis

1. Threat of new entrants into market
2. Threat of substitutes for your product
3. Client buyer power
4. Supplier power
5. Intensity of rivals amongst existing practices

Question 14

PEST analysis

Answer 14

External environment situational analysis

-Political/economic/sociocultural/technological factors that may impact the practice

Question 15

Value Chain analysis

Answer 15

Internal Chain situational analysis

-Work of practice divided into primary and support activities and evaluated individually

Question 16

Tools can be used as a

Answer 16

scorecard

Question 17

Financial performance of practice/individual

Answer 17

can be benchmarked to external or historical data

Question 18

Client/patient/employee feedback

Answer 18

Can be addressed and reassessed through quantitative/qualitative data

Question 19

Formulation of a strategy

Answer 19

To address weaknesses, set goals, and identify key performance indicators

Question 20

Strategy should approach problems from

Answer 20

1. patient perspective
2. client perspective
3. employee perspective
4. financial perspective

Question 21

Goals can be set using SMART

Answer 21

Specific
Measurable
Attainable
Relevant
Time bound

Question 22

Identifying Key Performance Indicators (KPI)

Answer 22

Measureable and should be compared on regular basis for each of four perspective

Question 23

KPI includes following indicators

Answer 23

1. Revenue figures
2. Transaction totals
3. Client retention and referrals
4. Use of pain management or safety protocols for all patients
5. Improved employee retention and performance evals

Question 24

Implementation of strategic plan and eval results

Answer 24

• Engage all members of a practice
• Educating employees is a first step (share KPI and some measurable financial outcomes with employees)
• Sharing metrics and outcomes is a key part of engaging the team in making decisions