Sole Practitioner, Business Planning Tips

Planning for Success Doric E. Earle, MBA [email_address] www.doric.us 214-502-6472 Seven “Solo” Survivor Tips

WIIFM What’s in it For ME? ,[object Object],[object Object],[object Object],[object Object]

Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Definitions ,[object Object],[object Object],[object Object]

#1. Think Like a CEO: Your Practice is a Business ,[object Object],[object Object],[object Object],[object Object]

The Planning Process ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

#2. What’s Your Situation? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Info. gathering activity

More Detailed Questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Info. gathering activity

Situational Assessment Using SWOT: Strengths, Weaknesses, Opportunities, Threats ,[object Object],Strengths Weaknesses Opportunities Threats Internal External Helpful Harmful Info. gathering activity

SWOT DEFINES YOUR…. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],STRENGTHS WEAKNESSES OPPORTUNITIES THREATS ,[object Object],[object Object],[object Object],[object Object],Info. gathering activity

#3. Write it Down, Make Your Plan ,[object Object],[object Object],[object Object],[object Object],[object Object],Goal setting activity

Basic Business Plan Should…. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Simple Plan TOC

A Mind Map ,[object Object],[object Object],Source: http://freemind.sourceforge.net Operational Planning

#4. Cash is King: Know Your Numbers ,[object Object],[object Object],[object Object],Financial Planning

Financial Questions to Ask Yourself ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Financial Planning

Use a Simple Financial Tracking Spreadsheet to Manage Your $ Source: State Bar of Texas Financial Planning

Then “See” Where Your $ Are Going ,[object Object],Financial Planning

#5. There is no “I” in Team : Solo Means Solo ,[object Object],[object Object],[object Object],Operational Planning

A Virtual Office ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Operational Planning

#6. The Sustainability Drivers: Marketing & Sales ,[object Object],[object Object],[object Object],Marketing Planning

Circle of Effectiveness ,[object Object],Operational Efficiency (Low Cost) - Fast, cheap, high churn ,[object Object],[object Object],[object Object],[object Object],Circle of Effectiveness - Best results by Balancing all 3 ,[object Object],[object Object],[object Object],Operational Planning

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What Can Social Media Do 4 U? Connect with individual clients Share content, photos Write a blog Marketing Planning

#7. Take the Map Out Again : Are You On Course? ,[object Object],[object Object],[object Object],Review & Adjust

The Planning Process ,[object Object],Start Review & Adjust What is your Practice Focus? SWOT Build Sub-plans. Put it All Together. Review Regularly & Adjust.

Prioritizing Planning Actions Legend: #1 – Prepare goals & objectives – what business are we in? Are we doing the right, smart things? #2 – Determine current organization status – health check #3 – Identify & begin writing business plan #4 – Establish budget & operational / marketing plan #5 – Execute Plan #6 –Active participation in networking activities #7 – Review and adjust business plan Review & Adjust

Appendix: Examples, Web Sites ,[object Object]

Social Media and Other Useful Sites ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Contact Information ,[object Object],[object Object],[object Object],[object Object],[object Object]

Sole Practitioner, Business Planning Tips

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