Discover more from ROC - Rehab Owners Community
ROC Weekly Management & Mindset Segment
Strategizing with a Business Plan for Rehab Center Success in 2022
A business plan can help you strategize, optimize, and plan for success in the upcoming year. Once you outline your business plan, you can start assessing what and who you will need to reach your goals, and what will need special attention.
An effective business plan can also help you make important business decisions throughout the year and help you stay focused on your goals with each decision. You can think of a business plan as a roadmap; it identifies where you have been, where you are, and where you are going.
Entering 2022 brings a hope that businesses will be able to stop reacting the situations around them, and instead, refocus on efforts that align with their values and mission.
Why is a business plan important?
Here is a list of ways that having an effective business plan can be beneficial:
Planning: Having a clear business plan can help you understand the scope of your business and your goals. It will also help you determine the amount of time, money, and resources you will need.
Evaluating: When you have several ideas, writing and organizing them can help you prioritize the most important ones.
Recruiting: A strong business plan is a great way to remind employees about the vision and goals of the company and to educate new employees when they join your team.
Research: The research for your business plan will help you make more informed business decisions overall.
How to identify your biggest priorities for the upcoming year
The most challenging aspect of creating a business plan may be choosing your top priorities. Here are a few things you can do to help identify your main goal for the upcoming year:
Ask your mentor, business coach, or advisory board for their input.
Gather employee input from those involved in business growth and development.
Review client feedback to gain insight about your strengths and weaknesses, and assess where their needs are unmet.
Conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis to identify the areas that will provide the greatest benefits and those that need the most attention.
Ask yourself a number of questions:
What is the greatest challenge to our growth?
What strengths can we use to overcome our challenges?
What opportunity are we neglecting?
How can we build on our greatest strength?
What do the numbers say about our performance?
Business plan best practices
When creating your business plan, be sure to follow these best practices:
Identify your assumptions and biases
While there may be some assumptions that can help you create your business plan, be flexible and adaptable to change. You can review your assumptions from the year before and ask yourself which ones held up, which ones didn’t, and why they didn’t. Identifying these aspects can help you avoid making the same mistakes in the future.
Look at your results
Your results from the year prior may be very different than expected. This does not mean you did anything wrong, but it may mean that things changed or happened in a way you didn’t anticipate. Review your results and use this insight to help you make your plan for the upcoming year. Try to identify whether your results were because of anomalies, or if they signify long-term trends.
Projections convey your commitments. When you have strong projections backed with data and confidence, you can influence your circumstances and the support you receive. Creating projections can also help you identify unforeseen circumstances and help you anticipate any challenges you may face. Consider both the best- and worst-case scenario for your projections to help you prepare. You can try to work with others to help you get a more realistic idea of the reality of your goals. The sooner you identify your goals, the sooner you can start working towards them.
What to include in a business plan
Here is a list of sections you can include in your business plan:
Executive Summary: Create a summary of the overall plan.
Goals for 2022: Identify your goals and why you have them. Try to include as many details as possible. Be sure to focus on both your goals for the upcoming year and overall for your business.
Business Overview: Describe the strengths of your rehab center, where you are coming from, and where you hope to go. You can include the impact of COVID in this section.
Market Analysis/Industry Analysis: Provide an overview of the industry, its current state, its projections, and how it has changed.
Competitive Analysis: Review your competitors and their clients. In this section, you can identify your own competitive advantage.
Sales and Marketing Plan: The sales and marketing plan identifies who you will target and how you plan to do it. You can include any past actions you have taken and whether they worked.
Operations and Management Plan: Identify how your operations will need to evolve or change during the year.
Financial Plan: Include information about your cash flow and any financing you may need to meet the goals for 2022; include sales forecasts (best-case, worst-case, and status quo), your cash flow statement, profit and loss statement, and budget for expenses.
Business plan steps to take
You can follow these steps to create your business plan and use it for success in 2022:
Write it down: Write your business plan with as much clarity as you can. Use numbers and figures to help you be precise.
Communicate it with your team: Be sure to communicate your goals and inform everyone of their roles.
Start strategizing: Once everyone is informed, start working together and put plans into action.
If you are interested in joining the ROC community, please complete this form for consideration: https://tinyurl.com/5btxe39z