How to Write a Laboratory Business Plan

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Technology continues to expand the service offerings and ways a laboratory does business in modern society. Medical laboratories play a role in helping detect, diagnose and treat disease. Laboratories are utilized by medical clinics and hospitals to perform tests. Writing a laboratory business plan involves more than just writing. A strong understanding of the laboratory’s business objectives, financial data and the surrounding competitive marketplace are essential to this type of business plan.

Put together a team to write the laboratory business plan. The team should consist of the laboratory manager and three to five key staff members.

Determine the laboratory’s strengths and weaknesses. Define customer needs and how the services the laboratory plans to offer will meet these needs. Consult with professionals who work with the lab to gain a better understanding of the laboratory services they require most. If currently in business, find out what customers like about services you currently provide and areas they would like you to change.

Define the laboratory's purpose and provide a detailed business description. Identify the type of services the lab will provide and highlight any areas of expertise. Provide details on how the lab handles research and development. Also highlight any company awards or recognitions the laboratory has received.

Provide information on the technicians and staff, and details on laboratory accomplishments. Include biographies of the experts on staff with a focus on business accomplishments. Include details about the laboratory history. Identify the laboratory founders and reasons the laboratory was formed. Include information about the current laboratory facility, overall size and any special equipment the laboratory utilizes. Mention requirements for growth or diversification plans as well.

Outline the current market and identify your selling strategy. Identify key customer targets that will utilize the laboratory. Outline your marketing strategy and the current market conditions. Identify factors that are likely to influence the laboratory marketplace in the future. Identify competitors and their strengths, weaknesses and pricing strategies. Highlight ways your laboratory differs from the competition.

Gather the lab's financial data. Include details about loan applications, capital equipment and laboratory facilities. The financial data plan should also include a balance sheet, breakeven analysis, income projections and a summary of previous financial performance. Provide a summary analysis of the financial data for easy reading and reference. Convey details about the investment amount and how the lab plans to use the funds. Include a timeline for income projections.

Insert any supporting material in the appendices. Supporting documents can include tax returns, lease or purchase agreements, copies of licenses, copies of awards, copies of staff credentials and letters of recommendation from doctors and hospital administrators.

Organize your business plan into sections for easy reading. Provide a table of contents and cover with the laboratory name, date and appropriate contact information.

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