How to Write a Succesful Business Plan

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  • 8/8/2019 How to Write a Succesful Business Plan


    1 Practice Expert advice on practicefinance, managem ent,systems and servicesN EW SERIESB A S I C B U S I N E S S S K I L L STen l i | ison how lowr i te asuccessfulbusinesspianIn the first of an occasional series on basic business skills for GPs,healthcare consultant and G P D r Junaid B ajw a offers h is adviceon w riting a convincing case for a new serviceWhethe r bidding for a new service,dem onstra ting the efficiency of yourservice to a PC T or planning a morebusinesslike direction for your practice,writing a good business plan is becomingan essential skill for GPs. At first, thisprocess can be daunting , but all it requiresis a bit of disciplined thin king to give itcreditability.Eugene Kleiner, the famous venturecapitalist, said 'an idea may sound great,but when you pu t dovwi all the details andnumbe rs, it may fall ap art'. This articlewill go through the key information youshould include in a business plan andgives some advice about presen ting it,to make a convincing business case toa commissioner.

    Define your target patient groupBusiness analysts often remark that 'thekey to success is satisfied customers,no t a great product'. Although a simplepremise, it is important not to lose sightthat o ur patients are our customers.The point of the business idea is usuallyabout how best to improve patient care.When considering the idea, identify thegroup you r business will be targeted to.Will your model target a specific healthneed or deliver a service for cheape r th anthe existing service provider (such as thehospital's tariff charge)?2 Be ciear, concise and distinctiveA successful business plan should bewell structured, consistent andaccurate. It should be easy to read, avoidingjargo n if possible.Most impo rtantiy, it should bememorable. D on't forget most of thesedocumen ts are read by non-clinicians who

    history whe n all you need to do is get theminto a specialist unit as an emergency.I nciude an execut ive summaryIf an idea can't be explained ina sentence, then it isn't a good one.The executive summa ry should be a one-or two-page teaser of your 'prod uct' orservice, outiiningyou r proposal.Include a simple explanation of what theproposal is and why it has arisen; whatmakes your idea unique . What are yourunique selling points? Are there nationalpolicy drivers, such as polysystems?

    A Source in format ion on current services/ I Outiine the current services availableI to patients, including any relevantdata which may support this. Informationmay be sourced from primary careorganisations (published online), the NHSInformation C entre, Health Observatoriesor similar bodies. Does your proposaladdress a long-standing capacity problemin the area?

    Out i in e your proposed serviceGo into some detail on the p otentialimpac t of the service on patients, localhealth economy, other services, otherprofessionals, an d if possible healthoutcomes.Include forecasts or estimates of thelikely levels of activity under th e proposednew scheme. As far as possible, it isimportan t to avoid any anecdotal evidence

    It is importan t to avoidan ecdotal eviden ce or Prepare amarketin g p ianCiood business plans will detail thespecific plan s to promote the service,


    Onlin e extra C ommon errow ritin g business plansDrJunaidBajvi/a expsix comm on mistal

  • 8/8/2019 How to Write a Succesful Business Plan


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