Building a strategy is vital for every business. The focus of a business plan is mainly to create a plan for one upcoming year by investigating the market and establishing financial goals. On the other hand, strategic planning is something entirely different. New business startups especially need a well-thought strategic plan to lead their businesses in the right direction. Same goes if you need to create a business plan for a sublease.
A strategic plan is theoretical and subject to constant changes. Market conditions are never consistent; they keep changing with time. Priorities can shift, customer needs can alter, new technologies can come in the picture, etc. In order for your small business to respond to those changes, it needs a well-planned strategy. That strategy will guide you towards your desired results. Your corporate optical has a strategic plan, understanding what their plan is can help you align your own business plan for you sublease and grow both businesses.
Face tomorrow’s challenges by building a strategic plan today with the following simple steps. It will also help differentiate you from other candidates looking to get the sublease.
Write a Mission Statement
A short summarized statement that describes the reasons for the existence of your organization and its overall objectives and identifies its operational goals is a mission statement. It also consists of the services or products provided by your organization, its main target market, its customers, and the geographical zone of operations. Just freely write one that aligns with your goals and you can edit it later. Add what you feel is vital to help the corporate optical grow and increase your patient base.
Analyze your Strengths, Weaknesses, Opportunities, and Threats (SWOT)
Conduct a SWOT Analysis. As the name suggests, first, consider the strengths and weaknesses of your organization. Think of all the internal resources and attributes that support or work against a successful result. Now look for opportunities. Figure out all the external factors that your organization can use to capitalize on or take advantage of. Lastly, examine factors that could put your organization’s success in jeopardy. Take into account increased competition, managed care plans, online sales, online refractions and telemedicine.
Setting clear and well-defined goals is important to move a business forward. You need to ensure that your goals are realistic and possible to achieve. They can be based on your budget, customer’s needs, or anything else that is relevant to your small business. Set long-term goals as well as short-termed ones. It is not necessary that you stick to them in the future but having goals to start with is important for continued success. In general a new sublease can take 3-5 years to grow and build a patient flowing. If the sublease is established set realistic goals to retain the established patients and seeing growth in revenue from the last OD.
Build a Financial Plan
Now once you’ve set your goals, it’s time to create a financial plan. Evaluate your current and future financial state. Use the information that is currently available to you to speculate future asset values, withdrawal plans, and future income. Unless you are an accountant yourself, don’t perform this task alone. Many times a sublease is a turn key with minimal investment, but in a new sublease the volume can be lower than the norm so be prepared for less income at the beginning.
Decide Your Target Market
Decide your target market. You need to identify your customers and clients. Once you are sure about the people you’ll serve, you’ll do a better job at reaching them with marketing efforts. Now check your competition and analyze your products and services according to their growing or shrinking demand. Understand whether you corporate optical is a high end or value based patient base.
Lastly, come up with a marketing plan that will help you increase your customer base. Think of what sets you apart from the rest and embrace your uniqueness. Complete your strategic plan with a statement about your company’s brilliant future! Once the plan is in place, don’t waste any time before executing it.