Will Your Next Chapters Be Growth Focused?

Recently we’ve looked at writing the next chapters in your practice story.

If you’ve determined that you would like your practice story to be growth focused, let’s examine at how to start those chapters. Before you begin, you must perform an honest assessment on the key areas of your practice. This includes a thorough analysis of your financials, and your staff’s performance.

Beginning your assessment with your financial results will provide you with clarity on the health of your practice. A review of your profit and loss statement should begin with the bottom line and move up to revenue. If your revenue is growing, but the bottom line is flat or being reduced, you are moving into unhealthy financial territory. Recognizing and responding to the situation now, will minimize and potentially eliminate significant pain in the months and years ahead.

As you look at your financials, you’ll notice that one of your largest expenses is payroll. Yes, a staff is a significant expense but I encourage you to look at each position and each person’s performance in that position and ask yourself if they are a good investment? Is each staff member completely supportive of your patients? Do they work together as a team to support the practice? Are they trusted to make decisions that exemplify your values? Would you re-hire every member of your staff today? If you answered “no” to any of these, then it’s time to determine which staff members can grow and which ones may need to go. Successful practices grow from the inside out so having a staff in place that embraces your values and vision is critical to your growth story.

As you move through the process to grow and you find yourself questioning the value of changing, review the bottom line of your profit and loss statement. Ask yourself if nothing changes what will this number look like in 2022 and beyond?

If you are ready to add those growth chapters to your practice story, and would like support, please contact me at smays@impactpracticeconsultants.com.