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Did you ever ask yourself this question during any stage of your practice career? Long gone are the days of starting a business out on a limb and hoping for the best, with the release of Royal Australian College of General Practitioners (RACGP) 5th Edition, a business plan is listed as one of the new standards required.
Indicators in the RACGP Standards 5th edition provides the following guidance on business planning:
Criterion C3.1A – Our practice plans and sets goals aimed at improving our services.
Criterion C3.1B – Our practice evaluates its progress towards achieving its goals.
Whether you are just starting out in a new practice or other stages of the practice life cycle, establishing a business plan is not merely for meeting the new RACGP Standards 5th edition requirement but is critical to achieve your business goals.
Whilst the initial phase of developing a business plan can be overwhelming, a well-developed business plan will set the roadmap of the business progression and guide/support the operational success of a practice.
We have listed some top tips for you to consider before you embark on the journey of developing a business plan.
With extensive experience in helping medical and dental practices to thrive, the team at MGI South Queensland can help you with your existing plan or the development of a business plan to concrete your roadmap to success.
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Your friends or family will thank you later.