(M) Lec 3: How to Create A Medical Business Plan Flashcards
- first section planned to offer an overview of the entire business plan
- written AFTER the entire business plan is ready and it summarizes each section of your plan
Executive summary
In introducing your business, all should be present but one.
A. Name of your Med. laboratory
B. Established
C. Type of Medical Lab
D. Location
E. NOTA
E
● Summarize your market research, including market size, growth potential, and marketing trends.
● Highlight the opportunities in the market and how your business will fit in to fill the gap
Market opportunity
● Highlight the laboratory services you o er your clients.
● The USPs and differentiators you offer are always a plus
Products and services
Outline your sales and marketing strategies.
MARKETING & SALES STRATEGIES
● Briefly summarize your financial projections for the initial years of business operations.
● Include any capital or investment requirements, associated startup costs, projected revenues, and pro t forecasts.
FINANCIAL HIGHLIGHTS
● Summarize your executive summary section with a clear CTA.
● For example, inviting angel investors to discuss potential business investment.
● Ensure that your executive summary is clear, concise, easy to understand, and jargon-free.
Call to Action
● Offers detailed information about your company.
● This section should provide a thorough understanding of your business; its history, and its future.
● Keep this section engaging, precise, and to the point.
BUSINESS OVERVIEW
BUSINESS OVERVIEW
Fundamental elements, but one
A. Business name
B. Business history
C. Future goals
D. Location
E. Type of Medical Lab
E
● Describe your business by providing all the basic information.
● Describe what kind of medical lab you run and the name of it.
● Explain where your business is located and why you selected the place.
Business description
TOF. In the mission statement, describe the legal structure of your medical lab, whether it is a sole proprietorship, LLC, partnership, or others.
F (business description)
● List the names of your medical laboratory founders or owners.
● Describe what shares they own and their responsibilities for e ciently managing the business.
Owners
● Summarize your business’ objective, core principles, and values in your mission statement.
● This statement needs to be memorable, clear, and brief.
MISSION STATEMENT
● Briefly describe when was it founded, how it evolved over time, etc.
● If you have received any awards, or recognition for excellent work, describe them.
Business histroy
They can be speci c targets for revenue, market share, or expanding your services.
Future goals
Should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities.
MARKET ANALYSIS
Market Analysis component except
A. Financial highlights
B. Target market
C. Call to action
D. Competitive analysis
Regulatory environement
A (for executive summ yan)
MARKET ANALYSIS
● Start this section
● Define your ideal customer and explain what types of
services they prefer.
● Creating a buyer persona will help you easily de ne your target market to your readers.
● For instance patients, healthcare providers, and the
workplace would be the ideal target audience for a clinical pathology laboratory business.
Target market
MARKET ANALYSIS
Describe your market size and growth potential.
CALL TO ACTION
MARKET ANALYSIS
● Identify and analyze your direct and indirect competitors.
● Identify their strengths and weaknesses.
● Describe what differentiates your medical lab services from them.
● Point out how you have a competitive edge in the market.
Competitive analysis
MARKET ANALYSIS
● List regulations and licensing requirements that may affect your medical lab, such as business registration, DOG, requirements, etc.
REGULATORY ENVIRONMENT
PRODUCTS AND SERVICES
The product and services section should describe the specific services and products, except:
1. Blood tests
2. Urine tests
3. Allergy tests
4. Sputum test
5. Cholesterol and blood sugar tests
6. Thyroid tests
4 (WALANG SPUTUM TEST)
PRODUCTS AND SERVICES
● This section should explain how you maintain quality standards and consistently provide the highest quality service.
● This may include reliable equipment, modern technology, trained staff, expert lab professionals, and strict adherence to standard.
QUALITY MEASURES
SALES AND MARKETING STRATEGIES, except
A. UNIQUE SELLING PROPOSITION
B. ONLINE PROMOTIONS
C. PRICING STRATEGY
D. CUSTOMER RETENTION
B (wala lang di siya sinama eh)
● Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients.
● This section of your medical laboratory business plan should focus on customer acquisition and retention.
SALES AND MARKETING STRATEGIES
SALES AND MARKETING STRATEGIES
● Define your business’s ____ depending on the market you serve, the equipment you use, and the technique services you provide.
● Identifying this will help you plan your marketing strategies.
● Example: advanced equipment specialization in certain testing and fast turnaround in test results.
UNIQUE SELLING PROPOSITION
SALES AND MARKETING STRATEGIES
● How you plan to price your laboratory services and stay competitive in the local market.
● You can mention comprehensive health checkup packages to attract new customers.
PRICING STRATEGY
SALES AND MARKETING STRATEGIES
For instance, introducing special packages, discount o ers, o ering premium services like instant test results at no additional costs, etc.
customer retention
It should outline the processes and procedures involved in your business operations, such as sta ng requirements and operations processes.
OPERATION PLAN
OPERATION PLAN
● Mention your laboratory business’s staffing requirements, including the number of lab scientists and technicians, pathologists, or administrative staffing needed.
● Include their qualifications, the training required, and the duties they will perform.
STAFFING & TR AINING
OPERATION PLAN
● Outline the processes and procedures you will use to run your medical laboratory business.
● this may include collecting samples, lab testing, data testing, generating results, sending results, offering consultations, archiving data, etc.
Operational process
OPERATION PLAN
- Include the list of equipment and machinery required for the medical lab such microscopes, DNA analyzers, refrigerators incubators autoclave, consumables, etc.
- Explain how these technologies help you maintain quality standards and improve the e ciency of your business operations.
EQUIPMENT & MACHINERY
- provides an overview of your medical lab business’ management team.
- detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.
- section should describe the key personnel for your medical lab services, highlighting how you have the perfect team to succeed.
MANAGEMENT TEAM
A management team must consist all but one
* Founders/CEO
* Key managers and Advisors/Consultants
* Organizational structure
* Compensation plan
* Pricing strategy
Pricing strategy
Provide a summary of your business’s nancial projections for the first few years.
FINANCIAL PLAN
FINANCIAL PLAN
● Describe details such as projected revenues, operational costs, and services costs.
● Make sure to include your business’ expected net pro t or loss.
PROFIT & LOSS STATEMENT
FINANCIAL PLAN
● The cash flow for the first few years of your operation should be estimated and described in this section.
● This may include billing invoices, payment receipts, loan payments,and any other cash flow statement.
CASH FLOW STATEMENT
FINANCIAL PLAN
This is documenting your medical lab business’s assets, liabilities,and equity.
BALANCE SHEET
FINANCIAL PLAN
● Determine and mention your business’s break-even, point at the point at which your business costs and revenue will be equal.
● This exercise will help you understand how much revenue you need to generate to sustain or be pro table.
BREAK-EVEN POINT
FINANCIAL PLAN
● Calculate costs associated with starting a medical lab and estimate your nancing needs and how much capital you need to raise to operate your business.
● Be specific about your short-term and long-term nancing requirements, such as investment capital or loans.
FINANCING NEEDS
Should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.
Appendix
Description of appendix, except
* relevant and important information supporting your plan’s main content
* table of contents to help readers easily find specific information or sections.
* Briefly summarize your financial projections for the initial years of business operations.
* These statements must be the latest and over financial projections for at least first three or five years of business operations
* Include any legal documents such as permits, licenses, and contracts.
- Briefly summarize your financial projections for the initial years of business operations
for financial projections yan eh
pabasa nalang ng iba tinatamad na ako mwah
