Welcome to the Planning for Practice Success Newsletter

 Practice Startup Success

Information Advice Encouragement

June 4, 2007                                                                           ISSN 1934-3248

Desire is the most important factor in the success of any athlete.

Willie Shoemaker

In this issue:

Spellbound.  I watched a movie (documentary) the other night, about the 1999 National Spelling Bee.  The winner was a 14-year old girl from Tama named Nupur Lala.  The documentary profiled 8 young people who were competing in the National Spelling Bee.  What impressed me most about Nupur was her determination and desire.  Three boys who had competed with her in class competitions said, “She was determined to win.”  Each of the 8 young people had studied, some with ferocious intensity.  Several had been in previous national spelling bee competitions.  But none, I would wager, had the determination of Nupur.  She not only wanted to win, she was determined.  How about you?  Do you want to start your own practice?  Or are you DETERMINED to do it?  Think about the difference.

Thanks.  The response to my offer to donate money to the Avon Walk for Breast Cancer in Chicago last weekend was great! Thanks to all of you for buying the book and for helping me with this worthwhile cause.  I will continue to send donations for book purchases for a few more weeks.  And I’ll continue to offer a free hour consultation with any book purchase.

 FAQ’s.  This week, I want to feature a few common questions I receive about business plans:

1. How should I print up the business plan?  Should I put it in a fancy binder?  I would suggest you print four copies, for three banks and you.  Print as cheaply as possible. Put in a nice binder, but don’t spend too much money on binding; the banker doesn’t care how it’s bound; he or she is focused on the plan itself.  Why only four copies?  I can almost guarantee you that you will be revising the plan, particularly if you don’t have a specific office location.  Printing too many copies will mean you’ll end up throwing some away when you revise.
2. How do I insert the financials in the business plan?  The easiest way is to insert the spreadsheets as appendixes.  Then you don’t have to worry about pages.
3. What is the banker going to focus on?  I’m sure the banker will focus on two things:  The Executive Summary and the financials.  Bankers are “bottom line” people, and they just want the key facts.  Spend your time on the Executive Summary, or use the Practice PowerPlan you received when you signed up for the newsletter.

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 Ask Dr. Jean Murray a question (email jean@dcpracticesuccess.com )
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