STRATEGIZING is NOT a Four-Letter Word!
January 3, 2018
Strategic Planning Benefits Veterinary Hospitals, Too!
Week 1 = Why you should do a strategic plan and the benefits of one.
Small businesses that have a defined mission statement and a strategic plan are 10-12% more successful than those that don’t bother. That is a hefty margin!
— Strategic Planning, Bain & Company, 2015
The most obvious reason for this increase in success is simply that they have a plan.
- Alice in Wonderland: “I just wanted to ask you which way I ought to go?”
- The Cheshire cat: “Well, that depends on where you want to get to.”
- Alice: “Oh, it really doesn’t matter, as long as I…”
- Cat: “Then, it really doesn’t matter which way you go.”
For the month of January, the blogs will focus on the fundamentals of hospital management.
The month will cover a different topic over the next three weeks.
- Why you should do a strategic plan and the benefits of one,
- Who should be on the planning committee and initial work that can be done prior to meeting,
- And finally, what to cover during a strategic planning meeting, recognizing that it ultimately impacts profitability.
Time and Energy
You may be saying to yourself, “Strategic planning is so pace,’ or so ‘old fashion.’ Alright, I see where you are coming from. However, planning challenges leaders to think about the future and to step beyond the current walls or, dare I say, beyond their “tunnel vision.”
By thinking BIGGER, without boundaries, it allows for creativity and innovation when designing the outcome of the hospital. Now include specific goals, due dates, accountability, and measurement of success and you have a clear path that can be walked by all team members. This is a GOOD thing.
How often do you and your team get to dream, design, have fun, and produce a future that is bright, inviting and lucrative? Be honest.
WAIT, one more thing! I often hear, “The team can’t afford a retreat or take two days to allow for creative thought and innovation.” OK, I get that, too. However, with today’s technology, there are easy solutions. Keep reading and there will be answers.
Benefits of Strategic Planning
- As mentioned, statistics show a 10-12% increase in profitability when small businesses have a mission and strategic plan. What else do you need?! But wait, there is more.
- Designing your future rather than letting it unfold haphazardly. You create a tangible roadmap for success with a beginning, middle and end.
- You have an outline on which to base decisions regarding finances, equipment, expansion, team development, client experience, patient care and other hospital growth.
- There are short and long-term goals for sustainability and profitability, not just flying by the seat of your pants.
- An intentional, measurable plan is in place for client retention and growth through marketing and outreach.
- There is increased job satisfaction! Team members leave due to the lack of career fulfilment and poor management. People want to be a part of a greater purpose, enjoy their work, and know that their contributions are appreciated. This can occur as a result of a well-designed, executed and shared strategic plan.
Check back next week for more on this topic.
Yours in Planning for Profit!
Rebecca Rose, CVT
How CATALYST VetPC can help with your strategic planning. http://catalystvetpc.com/expert-consulting/strategic-planning/
7 Benefits of Strategic Planning, Strategic Management Resources, Helen Mitchell, 2006. http://strategicmgmtresources.com/7Benefits.html
Strategic Planning, Bain & Company, June 10th, 2015. http://www.bain.com/publications/articles/management-tools-strategic-planning.aspx
Select your Strategic Planning Team, Eric Olson. http://www.dummies.com/business/business-strategy/select-your-strategic-planning-team/