SUMMARIZING YOUR BUSINESS DR. PATRICK BODNAR PARKER COLLEGE OF CHIROPRACTIC © 2005 by Patrick Bodnar and Parker College of Chiropractic. All rights reserved. Any unauthorized use, reproduction or dissemination of this information may be subject to civil and criminal penalties.

ACTING ACCORDING TO PLAN Is the difference between ending up with what we ___________and what we ___________. want get

INITIAL STEPS TO PRACTICE PLANNING 1.Summarize your business 2.Analyzing your market 3.Service development 4.Formulate your strategy 5.Budgeting, Fee Structuring & Forecasting 6.Formalize your plan

SUMMARIZE YOUR BUSINESS 1.How will you practice? 2.What is your (mission) fundamental purpose? 3.What are your resources? 4.How will consumer trends affect you? 5.What/Who is your competition?

OPTIONS IN PRACTICE Sole proprietor (owner) Associate Independent contractor

Sole Proprietor (Owner) What people like: Freedom to make own decisions Lower overhead Equity Sense of ownership What people dislike: Taking responsibility for their decisions High risk Longer hours Managing people Requires money and credit to start

Associate What people like: Low risk Paid partially on salary Gain experience Easier to get time off May include benefits What people dislike: Higher overhead Paid partially on percentage Still have to get patients No sense of ownership Sometimes difficult to dev own treatment style

Independent Contractor What people like: Lower risk Equipment and supplies may be provided Running your own practice Overhead usually lower than associate Share personnel What people dislike: Performance of proprietor’s personnel may affect your business Overhead higher than sole proprietor More difficult to establish own identity

FUNDAMENTAL PURPOSE Decision makers want to know: –Why are you a chiropractor? –What do you do? –How will you add value to your patients? –How will your purpose affect the future?

WHAT ARE YOUR RESOURCES? Human resources –What are the skills and training of your workforce? –Are you preparing your workforce for the future? Financial resources –What funding issues need to be addressed to meet operation needs?

AFFECTS OF CONSUMER TRENDS Markets are moving targets What you need to know about your population? –Average household size –Average household income –Average cost of a home –Age, gender, ethnic make up –Type of education: high school, college, graduate –Types of employment: blue collar, white collar and specifics of each

AFFECTS OF CONSUMER TRENDS Does your population have extra money? –Ave household size –Ave household income –Ave cost of home

AFFECTS OF CONSUMER TRENDS Who do you need to develop service and supply products for? –Age –Gender –Type of employment

AFFECTS OF CONSUMER TRENDS Are you going to be cash practice, insurance practice or combination? –Study insurance coverage through specific employers

AFFECTS OF CONSUMER TRENDS Are you going to provide worker’s comp? –Type of employment

AFFECTS OF CONSUMER TRENDS How are you going to communicate with your population? –Ethnicity –Type of education –Family decision maker

IDENTIFY COMPETITION Who else provides products or services that compete in your market? Why is your service/product a better choice for your market? What is the likelihood that your market will choose your service/product? How do you plan to coexist or complete with your competition?

ANALYZING YOUR MARKET Target your market Source your market Identify market needs Develop your service

FORMULATE YOUR STRATEGY How will you do it? Connecting with your market Advertising plan and calendar

ADAPT TO MARKET RESPONSE Meeting initial response to your business Acclimating to changing trends