41% of Australian practices are currently operating with a well thought out, consciously implemented plan for their business. Here are ten of the top insights we’ve gained from talking to them about their approach to business planning.
1. Start at the beginning: be realistic as to how your practice is placed (comparability to peers) in terms of its key metrics, client satisfaction and staff satisfaction.
2. Form a view of what the market may look like in say three years’ time, and how your practice will look in it.
3. What strategies and actions are needed to help your practice to get to where you want it to be?
4. Document the key decisions including goals, actions, timeframes and who will be responsible for the ‘doing’.
5. You can’t manage what you can’t measure.
6. The plan is not a ' set and forget' exercise, it is always a work in progress.
7. Don’t be afraid to change parts of your plan if they’re not working for you.
8. Regularly track your progress to plan.
9. Share your plan with key staff, centres of influence and other strategic partners. The more people on the same page, the better!
10. Empower someone external to hold you accountable to your plan (and challenge you if necessary) . Could be your BDM, PDM, business coach or board of advice.