A well written business plan is important when it comes to the provision of a competitive edge. The advent of new players in the health care sector means that competition is fierce and for a facility to survive, they need to have a competitive edge. In order to overcome competition in the general practice, properly researching, analyzing the environment and producing an apt business plan will make a facility beat its competition. One of the most important sections of a business plan that offers GIs a competitive advantage is the executive summary. Written in a concise and compact manner, an executive summary will present the reasons as to why the business or proposal is necessary, the costs involved in the implementation, and the attendant risks (Ingram & Spooner, 2004). Providing this information in a comprehensive manner makes a plan stand out as it already reveals the core basis of the business and how it plans to handle future risks, which gives confidence to the PCTs and prospective stakeholders. More importantly, the executive summary offers a guidelines regarding the implementation of the business proposal, which is important in helping the stakeholders to make a decision. As such, the manner in which the executive summary of a business plan is written provides a competitive edge to GIs.
Moreover, a well-written business plan provides factual information concerning various aspects such as costs, objectives, resources, and the risks involved. Written properly, these plans will not only present a proposal but also answer concerns that may arise from the PCTs and even internal stakeholders (Ingram & Spooner, 2004). Answering questions as to why the stakeholders should buy into a proposal and the reservations that they might have concerning the same ensures that a GI gains a competitive edge in the general practice arena as it will be more believable.
Ingram, M., & Spooner, K. (2004). A good business plan can put your practice in the driving seat. Pulse, 64(44), 40–41. Retrieved from https://search-ebscohost-com.lopes.idm.oclc.org/login.aspx?direct=true&db=a9h&AN=15098032&site=ehost-live&scope=site
Struggling with online classes or exams? Get expert help to ace your coursework, assignments, and tests stress-free!