How does your business perform?
What may be interfering with potential success (attitude, response time, timely delivery, product lines available). These can fit into any business, including medical.
Once your business (or practice) is established and running, it’s easy to become buried in the necessary day to day activities. To maintain a healthy business through both lean times (like now) and booming times (which we anticipate again for the future), the best practice is to regularly review, assess, and plan.
identify how you can make the most of the market position you’ve established and decide where to take your business next. You will need to revisit and update your business plan with your new strategy in mind and make sure you introduce the developments you’ve noted.
- What are you doing now that nets the best results?
- What are you doing now that’s causing difficulty?
- What are your problem points?
- What are your most financially productive activities?
- Are you relying on one revenue stream?
(What we know is: A business should never rely on one revenue stream!)
- Where does my business stand in comparison to other like businesses?
- How is my business better? How am I to showcase my business’ strengths?
- Where are my business’ weaknesses? How can I overcome these weaknesses?
Answering these questions will help you determine where you want to take your business, and help you set the future direction and the future plan.
Review where your market is now.
- Will it remain stable long-term? Or will the market be changing?
- What are potential additions to the market that your business could be added to your business
- What are potential activities (or revenue streams) that will eventually shrink, then disappear?
- To continue to evolve my business as the marketplace evolves, what will I need to continue to succeed?
- Management? IT? Financing? Equipment? Physical Facilities?
And, last, but VERY important:
- What are my measurements of success?
- Are they financial?
- Are they related to work/life balance?
As you move through and answer these questions, you will be creating a strategic business development plan for your unique business. And, as always, we can help you answer these questions and put your strategic plan in action!