APMA News - April 2013 - (Page 50)

Small Business 101 From the American Academy of Podiatric Practice Management, the voice of practice management for the profession. By John Guiliana, DPM Creating the Vision for Your Future Are you thinking about starting a practice? Investing in a new entity? Purchasing new technology? A well-thought-out business plan is essential for start-up ventures. It will be required for any credit or other financing, but even if you’re flying solo, a business plan will help keep you focused on what you know will create success. The following are advantages of creating a plan before beginning any business: 1. Directs the Business—A business plan helps others know your vision for the business. 2. Estimates the Costs—A business plan helps in estimating the investment needed to start the business. The plan helps in analyzing the equipment required and the method of obtaining it. 3. Arranges for Funds—A business plan helps illustrate the concept of your business to bankers and investors. 4. Determines Competitors—A business plan helps in defining competitors that offer similar products and services. 5. Sets Goals—A proper business plan clearly defines the production goals of the business. A solid plan includes the following sections: Executive Summary The executive summary is often considered the most important section of a business plan. This section briefly tells your reader the current status of your company, where you want to take it, and why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to grab a potential investor’s interest. Because the executive summary usually appears first in your business plan, it should highlight the strengths of your overall plan. For this reason, it usually is the last section you write. If you have an established business, be sure to include the following information: Mission Statement—Explains in just a few sentences what your business is all about. Company Information—Includes a short statement that covers when your business was formed, names of the founders and their roles, number of employees, and business location(s). • • 50 APMA News April 2013 • Products/Services—Briefly describes the products and/or services you provide. The executive summary should be clear and concise and kept to a single page. Company Description This section of your business plan provides a high-level review of the different elements of your business. It should: explain how your services meet identified needs; list the specific consumers your company serves or will serve; and explain the competitive advantages you believe will make your business a success, such as your location, expertise, or training. • • • Market Analysis The market analysis should illustrate your industry and market knowledge as well as your research findings and conclusions. This section should include: a description of your industry, its current size, and its growth rate; information about your target market and how much market share you can expect to gain; information about your pricing and profitability; an analysis of your competition; and identification of potential regulatory restrictions. • • • • • Organization and Management This section should provide your company’s organizational structure, details about the ownership of your company, and profiles of your management team. It should include: owners’ names and their ownership percentage; forms of ownership (e.g., common stock, preferred stock, general partner, limited partner); and management profiles (credentials, experience, etc.). • • •

Table of Contents for the Digital Edition of APMA News - April 2013

APMA News - April 2013
President’s Message
Contents
Beat Bunion Blues: APMA’s Spring PR Campaign
Matthew G. Garoufalis, DPM: Presidential Inaugural Speech to the APMA House of Delegates
Nuts and Bolts of the House of Delegates and Resoultions Outcomes
State Advocacy in Focus: Building Relationships
Medicare Advantage: Answering Questions about Coverage
2012 Podiatric Practice Survey: Corporation Type
Podiatric Medical Assistants’ Program at The National Promotes Team Learning
Annual Scientifi c Meeting Registration Forms
Annual Scientifi c Meeting Sponsors
Team APMA 5K Run/Walk
Seeking Award Nominations
Reimbursement
Federal Advocacy Forum
APMAPAC Chair Report
IT Consultant
Inside APMA’s Social Media
Website Wisdom
On the Road with APMA
Small Business 101
CPME Update
In Short
Worthy of Note
Insurance Advisor
New Members
Death Notices
APMAPAC Update
Development Update
Classifi ed Advertising
Dates to Remember
Advertising Index
10 Questions
Your APMA

APMA News - April 2013

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