You would not set out on a road trip without a map and a full tank of gas. In the same way, strategic planning is essential when you run your own veterinary practice. Just as you do when you travel, you need an idea of where you are going and enough resources to get there. For this reason, business plan development is essential for veterinarians. Whether you are a first time practice owner or you want to improve an existing practice, you need to strategize for the future. The accountants at Reliance Consulting, LLC can help. Thanks to our experience with small businesses and veterinary practices, we understand your particular concerns and goals. Contact us today to schedule a consultation and begin creating your roadmap for a successful practice.
What Is a Business Plan?
In a well-developed business plan, you will lay out your ultimate goals for your practice, as well as strategies to achieve those objectives. A complete plan will contain several components.
- Executive summary: An executive summary is similar to an abstract on a scholarly article. It outlines the information found in the entire business plan. Potential investors or lenders will scan the executive summary to decide if they even want to read your plan. Therefore, the summary should be concise, yet engaging.
- Company summary: This section provides basic information about your practice. Perhaps more importantly, it also outlines what sets your practice apart. Maybe you offer more advanced technology than area competitors. Compassionate care may be your hallmark. Whatever it is that makes your practice unique, you should lay it out in precise, appealing language.
- Market analysis: This section of your business plan lays out all research you have done regarding your industry and your target client base. Among other things, it should include potential for growth, pricing structure, an analysis of your competition, and the distinguishing characteristics of your clients.
- Organizational analysis: After evaluating your industry and competition, you should describe your practice ownership and management. Explain who is in charge of each aspect of your business. If applicable, discuss the qualifications of your board members.
- Description of services: Describe the types of animals and/or specific conditions that you treat. If you offer patented services, or if you are involved in research, include these activities in this section of your plan.
- Marketing and sales strategy: Once you have outlined your target client base and primary services, discuss how you will promote those services. Include specific details of how you will reach you key audience.
- Financial projections: In this section, you can include a variety of financial statements, such as cash flow and income statements. Using these documents, your accountant can predict how your practice will fare in the future. Financial projections and budgets will help your practice stay on track. They will also help you acquire loans.
The Importance of a Business Plan
Unfortunately, many veterinarians and other service providers assume that they do not need a business plan. However, every business – no matter how large or small – should have a comprehensive strategy for the future. First, a business plan will hold you accountable. It will force you to create specific goals and tactics, both of which are essential for success. Additionally, a good business plan will make others want to be a part of your practice. With a well-formulated plan it will be easier to acquire loans for business growth. It may also be easier to attract top-quality employees and to undertake mergers or acquisitions.
Reliance Consulting Can Help Develop a Reliable Business Plan
Starting your own veterinary practice can be both intimidating and stressful. As a vet, you have extensive training in medicine. However, you may not have the business expertise that many entrepreneurs require. Therefore, working with an accountant can be highly beneficial. We have years of experience helping service providers create effective business plans and understand the needs of small business owners in the Tampa Bay area. Our CPAs will conduct a thorough consultation and evaluation of your current financial records. Then they can help you develop a plan to ensure ongoing growth and financial security.
Contact Our CPAs Today
At Reliance Consulting, LLC, we want to create a map for your practice’s success. Schedule an appointment today and get started on your business plan. Our accountants serve clients in Tampa, St. Petersburg, Clearwater, Sarasota, Pasco, Lakeland, and the greater Tampa Bay area.