ABSTRACT
A financial/business plan is formal expression of the operational and financial expectations of a new venture. The preparation of a financial/business plan is an important element of the disciplined thinking that is required when opening a new single or group practice. Banks or other sources of financing expect one, and a well presented plan increases the likelihood of getting funding at preferential rates, which is often a key element in the short term success or failure of the practice. An established practice also needs to prepare what, in essence, is a business plan each year. It is called a budget.
