Hey there! Creating a solid business plan is key to success if you’re an occupational therapist like me, either stepping into the entrepreneurial world or already maneuvering through the challenges. In this blog post, I’ll take you through the process of developing my occupational therapy (OT) business plan for 2024, drawing inspiration from valuable insights and experiences I’ve gathered along the way.
I’m Hoang, a certified hand therapist and occupational therapist. I talk to a wide range of people about what they can do to develop hand therapy at different points of their careers, so whether you’re an occupational therapist or an occupational therapist assistant, this will be the best resource for you right now.
Setting the Foundation
I’ve come to understand the importance of knowing exactly where I’m headed. Oprah Winfrey’s advice, “You don’t know how to get to where you’re going because you don’t know where you’re going,” has become the cornerstone of my business planning. Before diving in, I make sure to get crystal clear on my objectives.
Let me share a bit about my journey. When I was just starting out, I faced numerous challenges and had to shift my mindset to survive. If you’re in the same boat, learn from my approach to setting revenue goals, understanding expenses, and identifying the number of patients needed to meet those goals.
As I progressed in my business journey, I realized the need to refine my strategy. Focusing solely on keeping everything cheap wasn’t enough. I started adding future expenses to my calculations and embraced a more abundant mindset.
Setting Detailed Goals
Now, as I find myself in a growth mindset, I’ve learned the importance of dreaming big and setting detailed goals. I write out my personal goals alongside business goals, aligning my business with my life aspirations.
Identifying what I’m willing to sacrifice and what I’m willing to upgrade has been crucial for my growth. I invested in courses, and occupational therapy coaching, and upgraded my personal life by hiring help around the house. Making strategic decisions has propelled my business forward.
I’ve realized the significance of listing tasks, identifying what brings me joy, and what annoys me. By analyzing my tasks, I make informed decisions on delegation, allowing me to focus on high-impact activities that drive growth.
Focusing on Major Goals
As an occupational therapist immersed in the growth mode of my business, I have come to understand the pivotal importance of narrowing my focus to one or two major goals. This strategic approach has proven to be essential for propelling my clinic toward sustainable success. In the vast landscape of entrepreneurial endeavors, concentration becomes a guiding principle, steering efforts in the direction of tangible and impactful outcomes.
In my current growth phase, my primary focus revolves around achieving a notable 20% growth in cash revenue for my clinic. This specific and measurable goal has become the lodestar guiding my strategic decisions and daily operations. The significance of setting such a concrete objective lies in its power to streamline efforts. Instead of spreading resources thinly across various pursuits, I’ve learned to concentrate my energy, time, and resources on the initiatives that directly contribute to achieving this growth target.
Strategic alignment is not merely a buzzword but a guiding principle that has shaped the culture and ethos of my clinic. It means every team member understands the overarching goal and how their individual contributions play a crucial role in the collective pursuit of growth. This shared vision instills a sense of purpose and fosters a collaborative spirit, essential elements in navigating the complexities of a growing OT business.
Crafting my occupational therapy business plan for 2024 involves a thoughtful blend of financial considerations, personal aspirations, strategic sacrifices, and focused goal setting.
My journey may resonate with yours, and I encourage you to stay adaptable, dream big, and take strategic actions to shape the future of your OT business program. Best of luck!
Visit my YouTube video to learn more about Creating Your OT Business Plan for 2024
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Want to know what I’ve learned in the past 10 years growing my clinic, developing my online platforms, and charging premium for my services….