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[RELAXING MUSIC] Welcome to this lesson on building a private practice. Here's what we'll be covering in this lesson-- alignment of values, vision, mission, strategy, and plan, importance of alignment, application. So it's important that one's values, vision statement, mission statement, and business strategies align. Alignment means that these elements are consistent and support each other. Misalignment means that these elements are conflicting, inconsistent, or divergent.
So here's an example of when two or more elements are aligned. So the value of flexibility in my business aligns with my business strategy of not relying on my business as the sole source of income. Now this allows me to see clients when I feel I have time to spare. Here's an example of two or more elements that are not aligned or misaligned. Values and vision and mission are all synced up, but your business strategy lacks the funding to make it happen.
Alignment is important for guiding the business and for reminding all stakeholders and the public what the company is, does, and does best. When misalignment is present, it can lead to unsynchronized efforts and a lot of wasted energy. So here's an example. A business plan makes sense for the market, but doesn't align with and support the practitioner's mission.
Another example. A strategy has short-term benefits, but does not align with the vision. And yet another. Business plan, mission, and strategies are all aligned with each other, but are not consistent with a practitioner's values. Any of the elements of the business plan can change. And when this happens, the values, vision, mission, and strategies will need to be reassessed to confirm alignment
OK. So let's tie all of this together neatly. So I'm going to give you an example of values, vision, mission, strategy, and plan. So let's say a counselor values aesthetics, and another counselor values education. It makes sense that the first counselor will spend more money on office furnishings, while the second counselor will spend more money on client materials.
Here's a great example of the vision statement of the Smithsonian Institution. "Shaping the future by preserving our heritage, discovering new knowledge, and sharing our resources with the world." Mission. "Our business provides effective, evidence-based mental and behavioral health services to children, adolescents, and adults in Sunriver, Oregon." Strategy. "I have financial backing, which places me ahead of competition, who does not. So I can advertise aggressively!"
Having a business plan is essential. A business plan is a plan that outlines business goals and details how the goals will be achieved. Business plans generally include the following. A description of how one's company is different from other companies, financial figures about the business, data about the business, information about the surrounding area and location, a marketing analysis, a SWOT analysis-- this includes strengths, weaknesses, opportunities, and threats-- a description of strategies that will be utilized to fulfill the plan.
So a strong business plan should incorporate one's values, vision statement, mission statement, and strategies. So alignment is essential between all of these elements. Misalignment can throw everything off.
So if I've got this great vision, mission, and strategy for a thriving practice in, let's say, Kupreanof, Alaska, then the market analysis in my business plan is completely whacked. Why, you ask? Well, the population of Kupreanof, Alaska is a mere 23 chilly folks. So alignment is vital. With a strong vision, mission, and strategy and business plan with a market analysis that aligns, then you've got a plan for success.
So here's what we covered in this lesson-- alignment of values, vision, mission, strategy, and plan, importance of alignment, application.
(00:25-01:18) Alignment of values, vision, mission, strategy and plan
(01:19-02:17) Importance of alignment