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BSM Connection Offers New Business Planning Section

Wednesday, May 16, 2018 9:00 AM

BSM News, BSM Products and Services

Written by: Maureen Waddle

Editor's Note: We are thrilled to announce the launch of a new comprehensive business planning section for our BSM Connection subscribers. This exciting new offering includes more than a dozen assessment tools and strategic planning materials — all designed to help our valued Connection members plan for the future … and succeed. If you are not a member, BSM Connection® for Ophthalmology is our flagship product, a fee-based practice management website offering hundreds of useful tools and resources, including 120 distance learning courses. Click here to learn more about BSM Connection, what it offers, and to schedule a free demo.  

Maureen Waddle
Senior consultant

By failing to prepare, you are preparing to fail.”

– Benjamin Franklin

You’ve probably heard this quote, and it’s so true. As a consultant, a common characteristic I see of high-performing practices is a strong commitment to regular planning and a desire to thoughtfully execute a business plan. It makes sense. To succeed, you must know where you want to go and how to get there.

A business plan increases your practice’s chance of success by:

  • Keeping everyone focused on appropriate priorities.
  • Engaging the entire team, maximizing effectiveness.
  • Providing realistic deadlines and milestones to meet.
  • Avoiding wasted time evaluating opportunities that won’t help achieve stated practice goals.
  • Keeping owners updated and aligned through regular plan reviews.

There are many types of business plans to choose from — to the point where it can be overwhelming. If you are new to strategic and business planning, start with a simple project plan to learn the process. When creating any plan, it should involve:

  • Understanding the subjective feelings and external forces creating the need for a plan.
  • Knowing your current situation.
  • Conducting a strengths, weaknesses, opportunities, and threats (SWOT) analysis based on the above findings and information.
  • Prioritizing opportunities and setting goals as determined by the SWOT analysis.
  • Identifying the measures of success.
  • Creating a realistic and achievable tactical action plan that will help you meet your goals. This includes deadlines and responsible parties for each step.

You can create your plan using our new BSM Connection business planning section. Here are some of the valuable tools and resources available:

  • A worksheet to create a vision statement for your practice.
  • A strategic planning agenda you can customize for your own meeting.
  • A PowerPoint template to help you create your own strategic planning slides.
  • Tools to assess your current situation or help you understand the financial impact of some of the opportunities you are considering.

At BSM Consulting, we help a lot of clients — like you — with their planning efforts. Even though we follow basically the same process each time, the results are different for every practice because of their unique situation, marketplace, operating model, and staff dynamics. By following our tried-and-true process, we always deliver a solid plan that is easy to follow.

With so many forces impacting your practice, don’t leave your practice destiny to chance — follow the advice of Benjamin Franklin: prepare. Use the tools in the new BSM Connection section to embrace disciplined business planning and create realistic, achievable plans to elevate your practice.

Join Us: If you are a BSM Connection member, we are hosting a free webinar tomorrow (May 17) to introduce our new business planning section. BSM senior consultant Maureen Waddle will host the webinar, which takes place at 11 a.m. PDT, 2 p.m. EDT. We hope you can join us. Register for the webinar here.

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