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Develop a good business plan now and count on earning profits later
By Ted Albenesius
SCORE Card
A good business plan provides the small business owner with a plan of action to build a successful small business. The business plan examines the environment in which a business operates, describes how the business will function and anticipates potential problems and opportunities. The plan suggests solutions to problems and responses to opportunities.
It’s worth your time to write a business plan. Planning helps you guarantee that you have defined and described business objectives such as sales, expenses and goals of your business.
The more accurate your plan, the better able you will be to follow this business plan as a true operating guide for your business.
The plan should identify your target customers and how you will gain their business. The business plan is the definitive document that showcases your clear thinking about the business. If you plan to seek financing, a copy of your business plan will generally be required as a way to substantiate that you have a valid business idea and realistic plans for business success.
Putting your ideas in writing forces you to think realistically about what your business can achieve.
These were the thoughts that Dr. Michael J. Wheaton was considering as he made plans for the founding and operation of Wheaton Pediatrics LLC.
He had heard about the Service Corps of Retired Executives from business friends and visited the Web site of our local SCORE chapter at www.score285.org.
Wheaton presented himself at our office in August 2005, seeking help from our counselors on the many phases of starting his own medical business and in reviewing his business plan.
During the next year he spent considerable time discussing his pediatrics practice and tweaking the business plan that he had written. While his lead counselor was John Fischer, counselors William Kingsley, Thomas Thornhill and Archie Duncan also assisted Wheaton. Much of the counseling involved a thorough review of the business plan Wheaton presented to SCORE prior to seeking bank financing.
Wheaton was born in Idaho and grew up in Seattle, where he earned his degree in medicine. He earned his degree in pediatric medicine in Cincinnati. Prior to starting his own practice, he practiced with a group of pediatricians for three years in Walterboro, S.C.
While affiliated with the Walterboro group, he learned first hand “the importance of working hard and understanding that if excellent care is provided to patients, the rewards of business success and financial success will follow.”
Wheaton is fluent in Spanish and prides himself on conversing with the parents and grandparents of his young patients in their native tongue.
“I find this aspect extremely helpful when explaining the nature of the illness, the treatment I recommend and the anticipated recovery without need of a third-party interpreter,” Wheaton said. “Not only does this aspect afford peace of mind for the parent or guardian but it is of tremendous value in the healing process.”
It was natural for Wheaton Pediatric LLC to seek out and lease its current property at 354 Folly Road, which gives the practice access to many Spanish-speaking patients who live on James Island, Johns Island and Wadmalaw Island. Consequently 50% to 60% of Wheaton’s patients are Hispanic.
Wheaton’s business has grown beyond his expectations since he began his practice in August 2005, and continues to grow month by month.
When asked how SCORE helped him get started, Wheaton replied: “When I visited the SCORE Web site, I was impressed with the format and the many things the local SCORE chapter offers to would-be entrepreneurs.
“Subsequently, when I visited the SCORE office I was impressed with their business library, where I spent considerable time checking out their reference books and gaining valuable information, which helped me complete my business plan in a timely manner.
“When I conferred with four counselors on several occasions, I was amazed at the detailed information they gave me but was even more impressed with their keeping me on course, and all of this was free of charge. I refer business friends to SCORE often.”
If you are thinking about starting your own business in the greater Charleston area, call on SCORE. Our services are free and confidential.
Counseling hours are from 10 a.m. to 2 p.m. five days a week at our office in the Charleston Metro Chamber of Commerce Building at 2750 Speissegger Drive in North Charleston. No appointment is necessary.
Ted Albenesius is a retired Charleston businessman and past chairman of the local SCORE chapter. The Charleston SCORE chapter can be contacted at (843) 727-4778 or www.score285.org.
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