Road map
This road map provides a list of steps suggested to be taken to successfully open a practice in BC.
The Process of Planning/Redesigning your Clinic
- Step 1: Review Starting a Business
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Reviewing this section will allow a new to practice physician to understand the requirements necessary to open a practice in BC.
- Step 2: Strategic Planning
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Use the strategic planning examples in this toolkit, such as mind mapping or Business Canvas to brainstorm ideas for what is important to you in your clinic.
- Step 3: Business Planning
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Use the Business Plan template to map out specifics for your business' operational and financial requirements.
- Step 4: Business Review
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Reviewing the Checklist for Starting a New Business to ensure you have the required tasks complete before opening your business.
- Step 5: Submitting Business Plan
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Use a business plan to map out your business needs. Bring the plan to your meetings with banks and/or lenders during the process of starting a business.
Strategic plan
Strategic planning lays the foundation for your business to progress and succeed. It defines your vision and overall goals, providing a sense of direction for your business.
Business Plan
A business plan is the outline that transitions an idea into a profitable business. Throughout the process of writing a business plan, all aspects of launching a business should be considered including, business model, market position, competition, income and expenses, financing, securing a space and hiring employees, expected profitability, and an exit strategy.
Create your business plan using this template.
Business Structure:
- Sole proprietor
- Partnership
- Corporation
Pros and cons of common business structures:
|
Sole proprietorship |
Partnership |
Corporation |
Legal status |
Does not exist as a separate legal entity.
Proprietorship = ownership
|
Does not exist as a separate legal entity.
Partnership = partners as owners
|
Corporation is treated as a separate legal entity from its owners.
Corporation = shareholder ownership
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Control |
Owner has total control. |
Partners’ agreement determines control between partners. |
Directors and shareholders. |
Profits |
Profits are paid to the owner. |
To partners according to a partnership agreement. |
Earned by the corporation. Dividends may be paid to shareholders and/or retained in the corporation. |
Debts |
The owner is responsible (unlimited liability). |
Partners are individually and collectively responsible. |
Paid by corporation. |
Taxation |
The owner is taxed as an individual on the income of the business as if he or she was employed. |
Partners are taxed individually according to their share of the income. |
The corporation pays corporate taxes separately from taxes paid by directors and shareholders. |
Assets |
Business assets are wholly owned by the proprietor. |
Partners jointly own business assets and/or ownership is governed by partnership agreement. |
Business assets are owned by the corporation. There is no specific claim on the corporate assets by shareholders. |
Hiring and Retention
It is Important to create guidelines for employing and retention of staff. These can be done by creating human resource standards for your workplace. The Business Pathways HR toolkit provides an extensive overview of these practices.
Moreover, some practices that may support employee retention are:
- Build employee engagement
- Get recognition and rewards right
- Recruit the right employees
- Create an exceptional onboarding experience
- Provide avenues for professional development
- Build culture employees want to be a part of
- Offer winning incentives
- Manage to retain
- Prevent burnout by focusing on employee wellness
- Maintain open and ongoing communication
Financial Plan
Having a financial plan will allow structure in setting guidelines, and reminders of what the goal is for starting this business. The financial plan will help keep accountability for earnings and investments. Some important aspects of a financial plan for a business include budget, cost and overhead.
Budget and financial management templates are available for reference through Microsoft Platforms.
Opening Plan
Reviewing the following resources can help plan and track the tasks leading up to the first day of business:
Consider establishing financial policies and procedures such as:
- Proprietor’s responsibilities
- Asset controls
- Expenditure and budget controls
- Physical assets controls
- Credit policies
- Petty cash
- Payroll and employment contracts
- Bank mandates and signing authorities.
The Internal Fraud and Financial Control checklist can help you evaluate internal financial risk.
Succession Plan
Succession planning allows for a business to have a supports and structure in the cases there are unexpected changes. This allows for a business to run smoothly in the case staff leaves or other changes occur. A succession plan will help the business plan for the future and stay running successfully.
- Identify key areas and positions
- Identify capabilities for key areas and Positions
- Identify Interested Employees and Assess Them Against Capabilities
- Develop and Implement Succession and Knowledge Transfer Plans
- Evaluate Effectiveness
Diversity and Inclusion Strategy
Hierarchy of goals
The priorities of your business can be expressed through goals and objectives that form a hierarchy of goals. The hierarchy of goals highlights the connection between the operational aspects of the business.
- To start, a vision usually describes a goal that is inspiring, overarching, and long-term. A vision provides a sense of purpose and reflects the collective values of its stakeholders. (Example: To provide patient-centered health care with excellence in quality, service, and access.)
- A mission statement is more specific than the vision statement, comprising the purpose of the business, as well as how the vision will be achieved. It communicates why the business is different and special.
- Strategic objectives help provide guidance on how the business will fulfill the mission and vision. Your hierarchy of goals may change over time.
Gantt Chart
A Gantt chart is a great tool for project management. It helps in planning and scheduling tasks in alignment to a project timeline. Additionally, a Gantt chart can outline specific action items for a business plan and allot these items, and the required time needed for completion. Overall, it can help visualize and monitor business activity.
The example below demonstrates a realistic interpretation of how to use a Gantt chart for starting a practice. This chart uses steps from the Checklist for Opening a New Practice and Excel templates to map out the timeline and tasks for the project.
Note: There are multiple Gantt charts available over a variety of platforms such as Microsoft excel, google sheets, etc.