The first day of a new job can be overwhelming for new employees. There are company policies and procedures to absorb, colleagues to meet, and job duties to learn. That stress can make the first few days of a job uncomfortable. As a small business owner, it makes sense for you to make that transition as easy and pleasant for the new hire as possible. Taking some simple steps will… Read more
When you own a healthcare business, it’s vital you understand how money flows into and out of it. At a basic level, you need to know where your income comes from and what your expenses are. At a deeper level, knowing how money moves through your business can help you make strategic decisions about growth, invoicing, and debt management. The consequences of not understanding money can be drastic—poor financial management… Read more
Every manager has habits that make them incredibly effective as well as issues that their employees wish they would change. The problem is that many employees won’t tell their manager what those weaknesses are, often out of fear of retaliation. So while managers conduct employee performance reviews pointing out areas for staff improvement, sometimes the manager’s own weaknesses go unaddressed. There are a wide variety of habits that make managers… Read more
When you run a medical or healthcare business, every cent counts. It can be difficult to spend money on anything you don’t consider vital. Hiring a lawyer during key times in your small business might seem like an unnecessary expense, but the money you spend now on a business attorney could save you time, money, and energy in the long run and could protect your business. When it comes to… Read more
Healthcare business owners know how important it is to save money. They know that one day that dollar could come in handy, especially during slower times. Saving money is definitely important, but there are also things business owners can – and should – spend their money on today. It might seem counterproductive to spend money when you want to put it in the bank – and make no mistake, saving… Read more
To many people, financial planning sounds like something for the very rich. The wealthiest people take their piles of money to someone who tells them where to invest it so they can make even more money. The rest of us just focus on saving what we can while paying off debt and hoping we don’t lose our jobs before we’re financially stable. In fact, financial planning is about having long-term and… Read more
Keeping track of income, receivables, expenses, and payables is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one of the worst parts of running a business!… Read more
It’s the line item most often left out of a health & wellness company’s budget: the owner’s salary. Let’s face it: you can always spend cash on your practice. From office expenses to employee salaries to rent, every month a portion of your revenue is accounted for. But paying yourself first is a must. You need to earn a living – and paying yourself can actually help your business succeed.… Read more
All medical, health & wellness business owners need to be aware of their break-even point — that is, the number of patients or clients they need to sell in order to cover their operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your practice is no longer in the red, and you are officially earning a profit. This article will show you how to calculate your break-even… Read more
Successfully exiting a business is a dream for many owners. Follow these ten steps and you’ll be in great shape to make your dream become a reality. Many entrepreneurs desire to build and sell a thriving business. A financially successful exit is certainly achievable, but it requires several years of hard work and planning. Many business owners fail to think about how they’ll exit their business until they want to… Read more
When you are setting out and everything is moving so quickly in your medical and wellness practice, it’s easy to deviate from where you intend to be. If you don’t have a business plan, you might compromise growth or miss out on opportunities by sweating the small stuff and not focusing on what matters most. Having a clear business plan from day one keeps you focused on the goals that… Read more
Below are some suggestions for unlocking funds without affecting your operational capacity. Keep in mind that you should always seek professional guidance before making changes to your business if you are unsure of the repercussions or potential issues. Hidden sources of finance Most medical and wellness business owners immediately think of the bank or loans when they’re short of money. But there are many more resources you can tap before… Read more
If you’re like most medical, health & wellness business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on… Read more
The key performance indicators (KPIs) for one type of practice will invariably be different from the KPIs of another firm. What both hypothetical companies share however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, medical, health and wellness practices have a vast array of reports and data sets from which to choose and select from, but… Read more