Audiology Business Plan

I took a little time off and started with Phonak as of January 2002.AO/Beck: Ron, what does your job at Phonak involve?On a slightly different issue, suppose that I have a practice that is an Audiology based practice in a medical/professional building,a nd supposing that I have revenues of about 300 thousand dollars annually.

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The basic issue is that the business plan should not be stale or stagnant, it should have future goals and targets, and it should spell out future goals and it should address how the accomplishments will be evaluated.

AO/Beck: Do you have a sample business plan that we can attach to this interview? I will attach it at the end of this interview, and it can be used as a model for private practices, or really any dispensing practice.

Gleitman: My job is to help independent practitioners compete in their market place.

Of course there are many ways to do that, and Phonak supports and helps the practices in their growth and expansion plans. For example, what are the most important things you try to communicate to every practice?

For example, we have the medical model, the retail model and the mixed model.

Each model has a different approach to marketing, based on the practice needs.AO/Beck: What sort of measurement are we talking about here?Gleitman: A good goal might be to increase revenues ten percent a year, or perhaps to increase your profits ten percent a year, or to see more new patients per year, or by reducing returns by 25 percent per year, and on and on.For example, in Skokie Illinois, the largest population segment is older adults at about 26 percent.In Naperville, where the Phonak factory is, the older adult population is only six percent.Each model will have a different marketing and advertising strategy. I think that has significance in that the medical model will probably become more active in traditional retail venues over the next few months.AO/Beck: Yes, I think that is a reasonable expectation, and it probably is a response to the flat growth, as you've suggested.We plan to achieve this support through seminars and consultation with our customers. Gleitman: Probably the first and most important issue is that excellent patient care is good business.If you provide excellent care for your patients, you create apostles and they will promote your practice and your services.Additionally, very few business plans have any way of measuring success!This is of course a critically important point, but even the offices that had intact, up-to-date business plans did not have a way to measure their success.

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