Management & Organization

Management & Organization

One of the main purposes of the business plan is to make a compelling case to lenders for financing your practice. One of the common reasons new businesses fail is lack of management competence. Because of a significant risk to lenders in this area, your business plan will need to describe your practice's management structure and operational plan, including:

  • Hours of operation
  • Staffing
  • Expertise and background of the practitioner and staff
  • List of policies that have been developed that will guide the practice
  • Business formation (i.e., corporation, limited liability company, sole proprietorship, etc.)
  • Insurance coverage accepted
  • Accounting systems and software
  • Payment of taxes – quarterly estimates or withholding (depends on the business structure – corporation, independent contractor, etc.)
  • Individuals who will provide professional and advisory support (i.e., attorney, accountant, etc.)
  • Management succession and exit strategy
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