Business plans are like roadmaps; you can go on your journey without one, but it’ll only increase the likelihood of you getting lost along the way. Whether you’re straight out of medical school or have been practicing for years, owning a medical practice is an aspiration you may want to make a reality. A business plan, therefore, is one of the most important strategic tools for any entrepreneur. A good plan will not only help you focus on the steps necessary to make your medical practice successful, but it also helps you plan and achieve both long-term and short-term goals.
A study published in Small Business Economics found that entrepreneurs that take the time to create a plan for their business idea are 152% more likely to start their business. Once an entrepreneur has a business plan they are then 129% more likely to propel their business forward beyond the initial startup phase. 17% of small businesses fail because they lack a business model. It’s practically impossible to start and maintain a successful business without a well-laid-out plan.