Marketing and Business Plans for Nurse Practices

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Marketing and Business Plans for Nurse Practices

• Presented by D. Joy Colarusso, MBA
• Asst. Professor of Business, DSC

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Agenda

• Part 1 - But First a Dream
• Introduction Lets Play a Game
• Vision, Mission, Strategy, Goals Objectives
• Part 2 - Put First Things First
• The Basics of a Marketing Plan
• Part 3 - There is only one YOU
• The Fundamentals of a Business Plan
• Part 4 Ye with the most Knowledge Wins
• Research (Sources for data info)

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Your Homework take a business class

• What were not covering
• Accounting you will need an understanding of
  GAAP, youll need an accountant
• Legal issues you will need an attorney,
  different business structures C, S, LLC etc.
• Insurance Coverage you will need an agent
• Economic Basics Monopoly Profits

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Part 1 - Nothing Happens But First a
Dream-Sandburg

• Take a moment to Dream
• Where do you see yourself your practice in 20
  yrs?
• Take a pen /paper and write out that dream for
  your practice.

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Tic Tac Toe
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Tic Tac Toe Wrap-up

• Time to develop a strategy ensures better and
  more creative ways of reaching good results.
• Goals change performance in many ways.

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Dream Big Dreams but Realize Short Term
Realistic Goals are the Keys to Success

• Take a moment to create one goal for your practice

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Write Goals Objectives

• Where are you now? Where do you want to be?
• Here Now X----------gt There When?
• objectives get to goals goals to your Dream
• Gs Os together should leave no step uncovered!

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Part 2 Put First Things First-Covey

1. Conduct market research to create a Marketing
   Plan for your practice
2. Identify the ways you can market your practice
   (Marketing Mix)
3. Positioning Slogans, Jiggles (Got Milk)
   
4. Create your Marketing Plan

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The 4 Ps in Marketing

• Product (4 Is of Service)
• Intangibility Inconsistency Inseparability
  Inventory
• Price
• Usual and Customary, Intermediary determination
• Cash vs. Insurance What type Insurance?
• Place
• Mobile vs. Office vs. Facility
• One vs. Many Locations
• Promotion
• Marketing Mix
• 5th Positioning What you do in the mind of
  public?
• Be All You Can Be

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Marketing Mix and some techniques

• Advertising
• Traditional Media TV, Radio, Print costly
• Social Media Facebook, Blogs, Word of Mouth
  time consuming
• Personal Selling securing service contracts
• Publicity Charity events, articles, news column
  /expertise uncertain results
• Sales Promotions - Brochures, websites,
  demonstrations, special events, coupons
• Delegate? Ad agency, employee very costly
• Take a moment and Identify 1 technique of the
  above that would work for your practice.

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Social Media / Marketing

• Effective
• Blog drives the rest
• FB pages/group Twitter LinkedIn

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Part 3 There is only one You

• Fundamentals of a Business Plan
• New Concept Sheet
• SBA minimum criteria for business plan
• Incorporates your marketing plan
• Its a Dynamic Document
• Strategy Goals
• Identify opposing forces
• Create sense of urgency (call to action)

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New Business Concept

• New Practice needs Business Concept - Answers the
  following
• What is your Service
• Why is your Service needed
• What /Who is your Market
• How are you different - unique
• Who is managing your practice
• Established Practice
• Constructs and maintains a Business Plan

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At a minimum your current Business Plan contains

• Executive Summary
• Business (Practice) Details
• Marketing Plan
• Management
• Financials
• Appendix

SBA criteria (quasi-standard) The traditional
Model of The Business Plan
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Business Plans

• Are not all things
• Identifies a clear opportunity
• Are Researched - Contain credible information
• Clearly conveys what business you are in
• Has Goals Objectives - Is results orientated
• You need attorney, accountant and business
  insurance agent . Also, professional assocs.
  Chambers
• Acknowledges important relationships (Insurance
  accepted)
• Discusses risk (threats, weakness)

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Do your Homework (Research)

• Internet Library Information Searches
• Best Practices
• Purchase information
• Create e-Pals/Contacts
• similar personal interests
• complimentary businesses and suppliers
• Conduct face-to-face Meetings

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Write so YOUR Plan cannot be Misunderstood

• Assume reader is
• VERY busy and distracted
• an astute individual
• Clear, Concise, Simple and Relevant
• Considers cultural and legal implications
• Re-write, proof test ad nauseum
• Can append other plans
• SHORT

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Enthusiastic

• If you arent excited about what you are doing...
• Why should the reader be excited?
• Your Plan
• Is proactive compelling in tone
• WOW factor - a GREAT value proposition
• Is NOT a lot of spin, hype, or puffing
• Instills confidence
• Motivating

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Business Plans Answer (the 6 Ws )

• Anticipates the readers important questions -
  ALL of them!!!

• Talk about your Practice's
• who why - Mission Purpose (compelling story)
• what - Core Competencies Competitive Advantage
  (skill talent)
• how - Goals Objectives (strategy and business
  model)
• where when - Action Plans i.e. Process,
  Budgets etc. (strengths/ risks )
• The Future Sustainability (financials)

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Create a Budget!!

• For your practice
• For your living while getting your practice off
  the ground!!!

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Bring it all together

• Your plan benefits from incorporating
• Strong Research
• Goals
• Focus on your analysis of risks and rewards
• Current business ideas and philosophy
• Results orientation
• Business Research states
• Success (f) Story, Strategy, Talent, Strength,
  Risk, Sustainability...
• Business Caveats

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Business Concept

• Refer to your dream
• Using your dream create a draft Business Concept
• Indentify your service and why it is needed
• Describe your patients (target market)
• Why your service unique /different
• Who is running your practice - organization

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Part 4 Ye with the most Knowledge WINS!

• Sources for Data and Information
• For Marketing Plan
• For Business Plan
• For Service

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Business Sources of Data Info

• Small Business Administration (SBA)
• SCORE
• SBDC
• Sunbiz
• MyFlorida

• Google trends analytics
• Social Media /Marketing (Butterscotch)
• Local College Library Databases

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Practice Sources of Data Info

• Advanced Registered Nurse Practitioner, Florida
  Administrative Code https//www.flrules.org/gatewa
  y/ChapterHome.asp?Chapter64B8-35
• Nurse Practitioners in Business
  http//npbusiness.org/
• Nurse Practitioner Business Owner
  http//www.nursepractitionerbusinessowner.com/
• Starting a Business in Florida http//www.myflo
  rida.com/taxonomy/business/

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Practice Sources of Data Info

• Womens Entrepreneurship Institute
  http//www.53ei.org/courses_faculty/overview_women
  .html
• Florida Dept. of State Div. Of Corporations
  http//www.sunbiz.org/

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Summary What did you learn?

• Part 1 - But First a Dream
• The importance of direction focus.
• You can answer the Question What Business am I
  in?
• You created a Goal for your Practice (Business)
• Part 2 - Put First Things First
• You learned the contents of a Marketing Plan
• You learned to listen to the Market
• You identified 1 technique to market your
  practice
• Part 3
• You learned contents of a Business Plan
• You learned this is a dynamic process
• You created a practice concept
• Part 4
• Where to look for Data Information
• You can name at least 3 sources for Data/ Info
  for your practice

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Thank you