Your practice needs to work toward shared goals and you need to have serious, somewhat formal discussions about your plans to address the economic threats to your practice. The fundamental steps in the business plan or strategic planning process—though overdone—remain valuable undertakings and should occur on a regular basis:
- Get to know your industry, demographics, competition, and yourself. There’s no need to get formal or fancy, just to lead some good, open discussion.
- Lead your group in projecting the practice’s likely finances (income and expenses) for the next few years
- State a number of generally acceptable and desirable goals for the next few years, too
- Agree on some action steps to achieve those goals