Developing a Business Strategy for Your Podiatry Practice.

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What is strategy?

The dictionary explains strategy as ‘a plan of action designed to achieve a long-term or overall aim …’

Sounds simple enough right? However strategy is often complicated by people focusing too much on S.W.O.T analysis, financial modelling, customer analysis and so forth … or, mistaking strategy for some broad, loosely based concept of what the “big picture” of business looks like.

In reality, strategy has a place in every level of planning and execution of business change.

And having a quality strategy plan is vital in order to have a clear picture of your end goal, with the steps required to get you there effectively – for the best possible outcome for you and your business.

But trying to develop a strategy from your ‘big picture’ alone – can be tough. You need to analyse your practice in detail to plot the best path for the future.  

… It’s a lot easier than it sounds.

Start by asking yourself 5 key questions to develop your 2 -3 year strategy plan …

  1. What are the broad aspirations for your business and the concrete goals against which you can measure your progress?
  2. Where will you choose to play and not play?
  3. How will you choose to win against the other competitors in that space?
  4. What capabilities are necessary to build and maintain (and win) your chosen goals?
  5. What management systems are necessary to build and maintain the key capabilities?

 The trick is to have five answers consistent with, and which reinforce each other.  

For example, if your aspiration is to have your practice run itself (without you having to be there 24/7) – then having outstanding management systems and people with the capability to run the practice without you, is key to your strategy.

BUT – where do you start?

Begin with your vision statement and your aspirations – then work through the questions articulating the steps that are critical to your success … then you can tackle the ‘not so important’ questions.

While it may sound daunting – having to identify the steps needed to achieve your success – this process will save you from endless vision statements and hollow promises.

Crafting your strategy plan in small pieces will allow you to focus in on the important things for your practice, and will ultimately, ensure you prepare a smarter strategy plan to conquer your goals and aspirations.

until next time,

Greg