Business and Financial Planning

A well-crafted business plan provides a roadmap for growth, helping you align your clinic’s goals with actionable strategies. See the BC start your business guide.

Get personalized assistance

Connect with a regional business advisor to receive guidance tailored to your unique goals and challenges. Our advisors are here to help you refine your strategies and achieve business success.

Connect with a regional business advisor.

Market research

Conducting preliminary market research is essential for a profitable medical practice.

Before drafting your business plan, evaluate both possibilities and liabilities such as the volume and types of practices in your area, local population demographics and health needs, average costs for leasing or buying space and transportation options, proximity to complementary services like diagnostic facilities and hospitals.

Promote your practice and build connections through:

• Advertising and communication with the public practice standard
• Divisions of Family Practice
• Pathways
• Practice announcements through Doctors of BC

Strategic planning

Strategic planning sets your business's direction by defining its vision and goals, laying the groundwork for progress and success. 

1. A vision statement outlines your business's future direction, providing guidance and purpose for staff and management as they pursue their goals.
   • (Example: “To provide compassionate, high-quality care to families and individuals in [community], focusing on prevention, chronic disease management, and building lasting patient-physician relationships.”)
2. A mission statement defines the current business objectives and the means to achieve them.
   • (Example: “To empower the families and individuals of [community] with compassionate, high-quality healthcare—preventing illness, managing chronic conditions, and nurturing lifelong healing relationships.”)
3. Mind mapping is a technique that enhances thinking and strategy development using words, lines, images, and colours. It's useful for identifying options and linking activities when creating a business strategy.
4. An operational analysis evaluates an organization's internal workflows.
5. SMART goals are specific, measurable, achievable, relevant, and time-based objectives that help clarify and focus desired outcomes. They provide a structured approach for planning, monitoring, and evaluating initiatives, ensuring that targets align with the vision, mission, and mapping.
6. A business strategy canvas helps outline key components of your strategy, facilitating collaboration and focus on essential elements.
7. A Gantt chart is a valuable project management tool for planning and scheduling tasks. It visualizes project timelines and action items required for business plans. Platforms like Microsoft Excel and Google Sheets offer gantt chart templates.

Human Resources and contingency planning

• Please refer to the human resources toolkit for a more comprehensive overview.
• Registration for WorkSafeBC coverage for your employees is mandatory.
• See the contingency planning toolkit to be prepared for the unexpected.

A financial plan establishes guidelines and accountability for a business. It focuses on budgeting, costs, and overhead to track earnings and investments effectively.

Costs and projections

Physicians must understand the typical expenses when opening a medical practice.

• Key costs include rent and utilities, renovations, staffing, furniture, and medical equipment.
• Additional expenses comprise licensing and association dues, technology (such as EMR and billing software), insurance, and marketing.
• It’s also important to consider fees for advisors like lawyers and accountants, as well as service needs (janitorial, maintenance, etc.) and miscellaneous costs such as staff training, office supplies, and signage.
• Budget and financial management templates are available for reference through Microsoft Platforms.

Additional office policies to consider:

• Proprietor responsibilities and asset management
• Expenditure, budget, and petty cash controls
• Oversight of physical assets and credit policies
• Management of payroll and employment contracts
• Bank mandates and signing authorities

A clear understanding of your business expenses is essential for establishing a strong, sustainable business model. The overhead expense calculator helps you estimate your income, lease or mortgage, and monthly overhead.

Download the overhead expense calculator.

Optimize your practice with financial tools and professional services designed to support your career at every stage. 

ClubMD 

ClubMD provides Doctors of BC members with deals on accounting, tax planning, financial, legal, and professional services from Campbell Froh May & Rice LLP, Hamilton Duncan Law Corp, Knapp Resolutions, and more.

Explore financial, legal, and professional services.

MD Financial Management and Scotiabank Healthcare+

Access comprehensive financial guidance tailored for physicians from medical school through retirement. Their combined expertise ensures goal-driven support at every stage of your career.

Learn more about MD Financial Management and Scotiabank Healthcare+.

Managing your finances effectively is key to running a smooth and sustainable practice.

• Open a business banking account: Establish a dedicated account for your business transactions to streamline financial management. 
• Set up payment method: If necessary, consider setting up a credit or debit machine to facilitate customer payments. 
• Bookkeeping: We recommend finding a qualified bookkeeping/accounting professional through the Canadian Bookkeepers Association to support with expense tracking. Explore the Canadian Bookkeepers Association member directory.
• Evaluate internal risk: The Internal Fraud and Financial Control checklist can help you evaluate internal financial risk.

Doctors of BC Insurance

Protect what matters most with personalized insurance coverage–for your business property and more. Members can also consult with Doctors of BC Insurance professionals to discuss personal and commercial coverage.

Learn more about Doctors of BC Insurance.

Westland Insurance

Westland Insurance has developed exclusive general insurance policies for Doctors of BC members such as residential and commercial insurance.

Learn more about Westland Insurance.