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Professionals Banking - Resources for Professionals

Starting a Practice

 

Business Plans

Why is a business plan so important? A business plan helps you identify the services you will offer or want to offer. It provides a financial analysis of your business that allows you to set an annual budget in order for you to achieve realistic goals. It also shows the loans officer that you are a serious businessperson with a solid game plan.

Many young professionals hire a consultant to help them formulate an effective first business plan, which should:

  • identify your services - what you provide
  • describe your business - how you will provide it
  • target your market - who you want to use your services
  • provide an analysis of your market - the demographics of the people who use your services
  • develop marketing plans to capture your target market - how you are going to attract people to use your services
  • provide a financial analysis of your business - what it costs to run your business in relation to what income you hope to receive

Your business plan should be front and centre to your practice throughout your career, and updated annually. It will help you to:

  • set up the infrastructure to achieve success
  • delegate appropriately (for example, don't use a $20 an hour staff person to open mail that can more cost effectively be opened by a $10 an hour staff person)
  • ensure your staff have quantifiable responsibilities and develop systems to make them accountable for their work
  • plan and analyse your operations on a regular basis (i.e., monthly)
  • develop strong daily communication programs with your staff and anyone who interacts with your business
For detailed information on how to write a business plan visit RBC Royal Bank's section about Starting a Business.
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Make Your Goals Clear and Quantifiable
Business Plans
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10/15/2007 13:05:57