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5 Key Steps to a Successful Business Planby Michael Pakula, Bank of America Practice Solutions
No business is immune to a slump. Changing market conditions, sagging consumer confidence, and an unmotivated staff can all quickly turn a stellar practice into a fast downward spiral. Small business owners and their staff are facing intense competition. What are you doing to ensure that your practice is strong enough to make it through today and capable to grow tomorrow?
A good way to combat a slump before it happens is to review your business plan. Times have changed drastically in the past year. Your goals and growth strategy might not be in line with today's financial conditions. When was the last time you looked back at your business plan?
A small business plan should include the market, the competitors, and how to separate yourself from other practices. You also need to think of the different scenarios or obstacles that you have encountered and how you are going to deal with them. Do you offer services that are not offered by other dentists in your local area? What makes your office unique? Another important part of a business plan is the goals and objectives. How are you mapping out your monthly and yearly goals? Below are some ideas...
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