ABSTRACT
Because of the historic economic crisis, the past 18 months—2008 and the first half
of 2009—have been challenging for many plastic surgery practices. Prior to the economic
crisis in 2008, many practices enjoyed success with little synchronization between
financial and productivity results, practice goals, and strategic planning. Now, suddenly,
there is a great deal of interest in the alignment of budgets and financial reporting,
marketing return on investment (ROI), staff accountability, and overhead management.
The process of developing a business plan can serve to bring clarity and objectivity
to the assessment of practice goals and market dynamics. The business planning process
also provides assurance of more efficient use of the practice's human and capital
resources. Ultimately, the process will bring order, discipline, and focus to practice
stakeholders, thus increasing the likelihood of meeting or exceeding practice goals.
The process: (1) defining the mission of the practice; (2) completing a competitive
analysis for your market; (3) completing an assessment of your current environment;
(4) completing an assessment of the financial health of your practice; (5) preparation
of a SWOT (strengths, weakness, opportunity, threat) analysis; and (6) a translation
of your mission statement into specific long-term goals and short-term performance
objectives. The outcome of completing these tasks should be an actionable plan that
will serve as a guide or road map for the practice. A well-articulated plan will solidify
staff confidence, continue the advancement of a strong business foundation, and provide
clear navigation through this new economic landscape in a way that preserves your
ability to provide the care you have devoted yourselves to deliver. Today's needs,
and yesterday's lessons, dictate that a well-documented strategic action plan be undertaken.
KEYWORDS
Strategic planning - return on investment - strat plan - practice management - financial
management - practice planning - budget - managing budget
