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General practice in Australia is facing increasing challenges from the rising number of chronic conditions being managed in primary care settings, increased patient and carer expectations and ever shrinking resources and funds. Further complicating these challenges, most general practices are small businesses, yet most general practices do not have a plan for innovation, improvement or even sustainability from a business perspective. In fact, this is the biggest threat for many practices in such a challenging environment.
Building a realistic and holistic business plan is the essential first step for any general practice to deal with these challenges. A business plan assists the practice to run efficiently, mitigate risks, measure successes against goals and maximise revenue. Like any other business without a tailored business plan, a practice may spend significant time and money ‘fighting fires’, such as staff issues, patient complaints and chasing lost revenue.