All practices should have a business plan, which for small or medium-sized practices could be as simple as a one-page document. A larger and more complex practice with multiple revenue streams will likely have a more comprehensive plan, with several contributors providing input. The benefits include setting the business direction (and eliminating procrastination) and identifying key goals and strategies to achieve them. It’s a tool to communicate your goals and vision with your team and it provides a template to review actual performance against targets.
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