The emerging role of business plans for veterinarians--part 2.

In developing a business plan, whether it is for a start-up, expansion, equipment acquisition, or diversification strategy, your plan should provide a systematic, realistic process that integrates operational, financial, and strategic elements. It should be flexible, have practical timelines, and show commitment and evidence of thorough investigation or due diligence. If your plan is not punchy, is difficult to read, and does not flow well in a potential financier or investor's perception, she or he will get turned off in a hurry. Every plan will always have a few unique areas; however, certain elementary sections, presented in a logical order, should always be included. For primary service, and secondary retail, based industries like veterinary medicine, the US-based Wharton School of Business has correlated business plans styles and formats with the percentage of plans that are ultimately successful at receiving financing and coming to fruition. Based in part on that information, a format along the following lines would make for a reasonable presentation: Cover page: Indicates the name of business and its principals. Executive summary: Many plans die right here, because readers lose interest. This should be a condensed 1-page version of the plan that conveys key ideas and identifies what is in it for the reader and why your idea will work. Table of contents. Assumptions: There are 4 key areas where assumptions should be made before you get into the details of your plan. They are assumptions about; 1), the economy (will this be a growth industry, is it supported demographically?); 2), the competition (is there increased competition likely in the industry?); 3), the consumers; and 4), the suppliers, if there are any (this area informs the reader if the general macro and microeconomic environment is timely and realistic enough to pursue the plan. Definition of business: Answers the question, what is your business now? Most investors will be unfamiliar with veterinary medicine, so a 1-paragraph synopsis will adequately introduce the profession and what veterinarians in your field of practice do. History: Readers will want some history about what the business has done to this point and what current factors have led to your decision. If it is a start-up or new venture, then this section is not as relevant; however, the history of parallel or competing local businesses, or a history of the industry in your area, can be included here. Philosophy: Readers will try and get an idea of how you think. This is the place to include your mission statement. Define your market: Your business, service, or added equipment will appeal to somebody, the question is, who? Is it new clients or existing clients? Who specifically are they, demographically? How many are there, what growth is expected, where will they come from, and how much do you anticipate they will spend? If it is an add-on service or product for existing clients, how will it satisfy their needs, how much extra will they spend, and how many extra visits will they make? This is the spot where you should identify the competitors in your market; readers will want to know who else is out there doing the same thing and why you will have a distinctive competency in this business. Describe your service or product: Detail what the specific service(s) is/are; what the equipment or facility will do or provide; or, if it is a product, what the product accomplishes or what needs it meets. Management structure: Probably the most critical section. It answers the question about who will call the shots and lead the implementation of the plan. This section must include a brief, concise half-page biography of the manager or management team, focussing on their core competencies and linking their experience to the goals of the plan, thus convincing the reader that the right people are in place to make it work. Strategy: This will generally be the biggest and 2nd most important section of any business plan. It lays out how you plan to accomplish your objectives, including timelines to achieve intermediate goals, and what the eventual full implementation date will be. Simplistically, this section should be a step-by-step account of exactly what you are going to do, who is going to do it, how much each step will cost, and when it will be completed. Financial data: The one area of the plan where expert help in preparing budgets is often required; it is strictly a dollars and cents section. Readers are interested in seeing how long it will take for them to recapture their investment; when and how much of a profit you will be turning. Generally, only 3 supporting statements need to be included: a capital investment budget, a prospective statement of cash flows, and a prospective statement of revenues and expenditures. Depending on the size of the investment, anywhere from 3 to 5 projected years is standard. The vast majority of plan content comes right out of the writer's head; the format just organizes it and sells it in such a way that it can be understood by a totally uninformed reader. There are currently many excellent texts and capable consultants to provide advice and reference. In today's competitive and risky marketplace, cautious investors currently rely on these documents and will increasingly continue to do so.

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