It may take a national artery campaign to educate people about peripheral artery disease and give some real punch to our business planning efforts, because as excited as we are here at this meeting, we're pretty much unknown to the outside world. The environmental assessment also identifies parties from whom you will take market share. When properly developed and incorporated into a business plan, these key elements create a living organizational plan which promotes evolution and permits growth to continue over time. Developing your business plan is developing a rational case for putting all the business elements together and making it happen. The single greatest cause of failure in new business or product development is misreading the market.
Objective information forms the basis of sound planning.
Thus, a business plan should be a hard, objective review and projection of business opportunity. Internally, this includes a thorough market review, an objective set of assumptions and implications, the identification of specific business risks, and management's recommended course of action. A plan's external use may be to convince outsiders to approve of or invest in the venture. Finally, increasing the odds of success requires management commitment and accountability, the active support and involvement of physicians, board support, organizational willingness and ability to allocate resources, and the development of support mechanisms.