In our previous blogs in this series, we focused on analyzing the market and identifying potential Employer Partners in your area. Now, we shift focus and demonstrate how Therapists should establish goals and revenue projections based on realistic information and research.

This step-by-step guide can help you prepare your revenue projection spreadsheets.

1. Research Each Line Item
   Before diving into revenue projections, thoroughly research each line item. For instance, if you’re projecting physician referrals, identify potential referring physicians and gather contact information. Your research should be detailed and based on realistic data – not just hopes or estimations!
2. Feed the Funnel
   Think of your revenue projections as feeding a funnel. Each line item represents a different source of potential revenue. For instance, if you anticipate 2 Full Case Evaluations (FCEs) per month from each of 6 Ortho docs, ensure you have a list of 18 to 24 Ortho Docs you can potentially get referrals from.
3. Business Plan
   Your revenue projections should form a crucial part of your business plan. Each line item needs a support document detailing the research behind it. Include contact information, sources of outreach, and any other relevant details. This comprehensive research will serve as the foundation for your business plan.
4. Marketing Plan
   Your revenue projections also inform your marketing plan. For instance, when projecting Prior-to-Hire Assessments (PTH) with Employer Partners, include company names, number of employees, and relevant Bureau of Labor Statistics (BLS) information. Aim to have 5-10 times more prospective Employer Partners than listed on your spreadsheet. Use the BANT (Budget/Authority/Need/Timing) Framework to qualify and move each Employer through the sales funnel.

Creating Support Documents

Each line item should have its own support document. These documents provide detailed research and serve as the backbone for your marketing and business plans. Whether you’re the owner or responsible for bringing in new business, these support documents are invaluable.

If you’re tasked with bringing in new business, use these support documents to build your sales and marketing plan. They provide a wealth of information to guide your outreach efforts.

If you’re the owner/manager, these support documents help you track, benchmark, and manage your business development team effectively. Understanding the specifics of the job and being able to respond quickly to trends is crucial for success.

Building a revenue plan for your private therapy practice requires thorough research and documentation. With these steps, you can create detailed revenue projections that will guide your practice growth and help launch you to success! At KEY, we help Therapists identify potential Employer Partners and create fulfilling, enduring, and lucrative relationships! Contact us to learn more about the KEY Method – including the tools and knowledge you need for developing a realistic Revenue Projection Spreadsheet.