“Business plan” might sound like big words. Don’t be afraid of it! In fact, having a veterinary business plan is a great idea to evaluate your business and make it growth. If you are a veterinary business owner, or you would like to have your own clinic, you should consider owning your veterinary business plan. Let’s see the steps you should follow to build it.
What is a business plan
A business plan is a document where you explain everything about your business: who is your target, which services do you offer and how are you planning to make it growth. It should be an editable document, to be revisited and updated annually. Your business plan is the map of your business.
There are many reasons you should consider having your own business plan:
- It helps you to get external financing, if needed.
- You and your team will know exactly which are the goals of your business.
- It will help you to have more focus on the purpose of your business.
- You will have a realistic vision of your clinic’s situation, to take risks and make good decisions.
Main elements for your veterinary business plan
Briefly, in your veterinary business plan you should consider your situation, your business goals and your strategy to accomplish them. Let’s see which elements will you need to build your business plan.
- Executive summary: the first page of your business plan should be an executive summary, specially if it is oriented to obtain external financing.
- Business analysis: in this part, you should describe every important aspect of your clinic. For example, you should detail every operation and service you offer, your equipment, your milestones…
- Industry analysis: you might think that knowing the most essential key ideas of your industry is not indispensable. However, it is necessary to understand how your sector is changing and which are the new trends, to avoid being left behind.
- Customer analysis: who is the person you are serving? You should be specific and describe which are their desires, what do they need and what do they prioritize.
- Marketing plan: it is also significant to know how will you reach your customers. Will you use social media or a radio ad? Your prices will be economic or premium? Do you want to do flash promotions?
- Operation plan: in this part, you should set your main goals and explain how are you willing to accomplish them. For example, how does your work-flow look, how many hours will you expend in each area, etc.
- Financial plan: it is also important to be clear in your numbers. You should consider which are the main investment you would like to apply, to aim your goals.
- Other interesting information: who are the members of your team, which are the predictions to growth, short and long-term goals… You can add whatever you consider it’s significant.
3 steps to build your own business plan
We’ve seen the main parts for your veterinary business plan, but which are the main steps to build it?
Step 1: create the main structure of the document
First step will be to specify the main parts of your business plan. You can get inspired with the list of elements that we have just described, or check the recommendations of U. S. Small Business Administration page. You can also write your first goals, to know where to look and where to focus while you’re doing your research.
Step 2: analyze the situation
Next step is to do some research and explore the different elements we have already mentioned. You should focus on understating the changes in your industry, the strategy of your main competitors, your current situation and, specially, the needs of your customers.
Step 3: plan
The final step is the most creative, because your job will consist in set up the details of your marketing, operation and financial plans, based in your research. To accomplish your goals, you should figure out the details and plan it with your co-workers. Then, stick to the plan! But also remember to be flexible, depending on the situations and opportunities of your market.
Creating your business plan is easier than you think
Writing your business plan can seem overwhelming, but in fact it is easier than you think. You can expend hours to do your research and set up realistic objectives, but don’t expend weeks and weeks to finish it (you can expand it later). And keep in mind that this document should be short, to accomplish its main objective: to have a crystal clear road map of your business.