Aaaom strategic planning building a successful clinical practice


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Aaaom strategic planning building a successful clinical practice

  1. 1. Strategic Planning -Building the Foundation of a Successful Clinic Practice AAAOM Conference. Chicago, Illinois October 18, 2008 2:00PM to 6:00PM Lani Anderson L.Ac.
  2. 2. Course OverviewBusiness Plan vs Strategic PlanGoalsFinancialSpecializationEssentialsSelf promotion (marketing introduction)
  3. 3. Business Plan vsStrategic Plan Investment (pitch problem solution) Elements these plans share – Executive summary – Mission, values – Goals – SWOT – Plan of action (3-5 year)
  4. 4. Components of a Strategic Plan Executive Summary, Introduction Mission, Values SWOT Road map to achieving objectives
  5. 5. Business Plan Components Executive Summary What is your Business? Problem Current business situation (ownership) Successes and Capabilities (mojo) Opportunities and Risks Competition and Market Marketing plan Implementation schedule Financials (include requirements)
  6. 6.  Executive Summary Sample Introduction Product/Service Target Market Competitive Position Goals and Objectives Management Finances
  7. 7.  Executive Summary Sample Introduction TCM Inc. was founded in 1998 as a Clinic treating Children with asthma allergies. We have a proven track record of pediatric expertise. We have helped several hundred children breathe better. We are focused on improving the health of Children ultimately, helping them to participate in sports and other activities that they otherwise would not be able to.
  8. 8.  Executive Summary Sample Continued Product/Service Our services include acupuncture, tui na and specially formulated medicinals tailored to each patient’s individual needs. We offer a series of educational e-books to enable parents to understand the treatments their children will be receiving. We hold patient education nights once a month and have special outdoor clinics to help patients understand and manage their condition in real outdoor settings.
  9. 9.  Executive Summary Sample Continued Target Market Our customer base includes primarily school aged children between the ages of 6 and 18. We target the parents of our target client as well as team sport venues and services. We are currently developing a strategy to target High School students directly.
  10. 10.  Executive Summary Sample Continued Competitive Position Our specific niche of patients realizes the need and desire to improve their health naturally thereby allowing them to be active in sports and other activities that they might not have been able to participate in with asthma or allergies. Research indicates that Americans are becoming more conscious of the health of Children, in particular in areas related to asthma education. Research shows that more people are turning to alternative medicine to help them treat conditions that occidental medicine has only managed to treat or suppress the symptoms of. Americans are spending more on alternative health care than ever before and insurance companies are beginning to cover non-traditional treatment modalities given the patient demand.
  11. 11.  Executive Summary Sample Continued Goals and Objectives TCM Inc. niche market is the reason we are working to provide a valuable product and service. Within 12 months we intend to have more downloadable e-books and 2 educational meet and greets in our office. Within 2 years we will have in place networking and support group opportunities for our patients and their parents. Within 5 years we plan to add more targeted focus at athletic events and practice fields. We plan to include swimming pools parks and gymnasiums. At this point we have a massive list of coaches and facilities offering sports to youth. We plan to include High Schools in our focus. We have begun to build the relationships with the local School District and are receiving positive feed back on our proposals thus far.
  12. 12.  Executive Summary Sample Continued Management (In this section you should add the names and the titles of your management team. If you are a corporation you should include the President, Vice President, the key share holders and so on. You may also include their knowledge and their experiences. This should take a form similar to a resume.) Mary Ann Spitz L.Ac. President Mary Ann has been working as a Doctor of Oriental Medicine for 10 years, specializing in the treatment of childhood asthma. She has written articles alternative treatments for asthma in Child Magazine and Teen Sport Magazine. John Clayton L.Ac. Vice President John is a Doctor of Oriental Medicine and physical trainer. John has designed programs for young people to help them manage lung related illnesses and conditions. He has written numerous articles on body mechanics and athletic enhancement.
  13. 13.  Executive Summary Sample Continued Finances TCM Inc. practice has done well thus far and we see a need in the market to expand our services to other communities. The primary areas we are looking to expand in are Elgin, Oak Park and Waukegan.
  14. 14. Business Plan Components Executive Summary What is your Business? Problem Current business situation (ownership) Successes and Capabilities (mojo) Opportunities and Risks Competition and Market Marketing plan Implementation schedule Financials (include requirements)
  15. 15. Business Plan andStrategic Plan Elements these plans share – Executive summary – Mission, values – Goals – SWOT – Plan of action (3-5 year)
  16. 16. Components of a Strategic Plan Executive Summary, Introduction Mission, Values SWOT Road map to achieving objectives
  17. 17. SWOT Strengths Weaknesses Opportunities Threats
  18. 18. Mission statement This statement defines your purpose in a simple phrase. It reminds you of your purpose. You may have individual and business mission statements.
  19. 19. Write your personal missionstatement
  20. 20. Write your business missionstatement
  21. 21. Goal How big do you want to be? Where do you want to practice? Sole proprietor vs partnership vs Corp? Specialization – What do you love to do? – Who do you love to serve? Your team
  22. 22. SMART GoalsIf a sailor knows not what harbor he seeks any wind is the right windIf you don’t know where you are going, how will you know when you get there? Specific Measurable Attainable Realistic Timely (tangible)
  23. 23. Financials How big your practice will be depends on how much money you need to generate to live. People often make the mistake of “living within their means” either because they work for someone else or they accept what ever business comes their way. Know what you need to make.
  24. 24. Where do you want to hangyour shingle? Sometimes you’ll have flexibility on this decision, sometimes you won’t. You will need to know where your first office will be in order to obtain proper figures for your financials. If you don’t know for sure where you want to be, run the numbers on a few areas and see what makes sense for you.
  25. 25. Some things to consider regarding location How many Acupuncturists are there in the area? What do they charge for their services? Are there enough of your target market in the area you are considering? Do most of your potential patients have insurance or will they pay out of pocket? – If insurance is an issue, is Acupuncture covered and what details do you need to know about TCM providers?
  26. 26. Type of Entity You’ll need to know what kind of legal entity you will be before you calculate your financials. Besides Sole proprietor and partnership you may consider C and S Corporations. Consult a good lawyer and tax accountant to be sure you understand each entity before you decide what to do.
  27. 27. Some things to consider aboutentities Sole Proprietor – Owner pays taxes as individual Partnership – Partners pay taxes as individuals Corporation – C Corporation  Could see double taxation (dividends) – S Corporation  Taxliability passes through to shareholders/owners
  28. 28. Additional considerationsabout your business structure Know what business licenses are necessary in your City. Obtain a resale tax certificate if you will be selling products. Be sure your type of business is allowed under the zoning laws for the area you are trying to set up a practice in. Be certain you adhere to permit requirements for your build out and signage. If you will hire employees, know the laws pertaining to employees.
  29. 29. Specialization Who is your ideal client? What do you love to do? When thinking about your specialty you must consider these two important points.
  30. 30. Essentials Direct contact with your target market  You  Brochure  Business cards  Web site  Follow up routine
  31. 31. Components of your web site Web site formats to consider What your web site should contain Clear name that lets your target market know what it is you do Contact information List of services Call to action
  32. 32. Components of your web site More details to consider Newsletters Blogs Web sales Opt in /Qualified potential clients Auto-responders SEO (search engine optimization)
  33. 33. Introduction to Self PromotionModule 2 Building Credibility Marketing your service business Do your potential clients trust you? The marketing pyramid or funnel How best to sell yourself and your services – Writing – Networking – Speaking
  34. 34. Final Thoughts Q&ALani Anderson L.Ac.www.buildyourbusinessqi.comTCM ON Point™Building your Business Qi™Module 1 teleseries©