A business plan can help general practitioners to run their practice more efficiently and achieve their business goals. Dr Neville Steer and accountant Sue Prestney discuss the benefits, the process and how technology has made it easy to keep track of progress.
A general practice is a business like any other, and every business needs a plan.
“A business plan is the key to a more efficient and productive practice,” says Dr Neville Steer, a general practitioner (GP) and member of the Royal Australian College of General Practitioners’ (RACGP) national standing committee on GP advocacy and support. “It can help you to navigate changes within the practice with minimum disruption and make it easier to get finance from banks and investors. And a GP without a business plan is more likely to waste time fighting fires such as staff issues, unexpected expenses and changes in government health policy. A plan can help you to anticipate those kinds of issues and prevent the fires from starting.”’