Today I would like to share with you the following six tips on how to set and achieve goals which will turn your healthcare practice into a success.
1. Make a plan, set objectives and monitor against them.
Plans can change but the end objective should still be set. It’s a good idea to set twelve months and five year goals displayed in your net income. Every time you contemplate doing something, make sure it will achieve these net income goals. Be dogmatic and single-minded in your goals.
2. Plan to fail.
Always make sure you know what you are risking and only risk what you wish to. This can be everything, but it may not be.
3. Ensure you have sufficient capital.
Always be mindful of your available funds, being over aggressive & not mindful of your funds could mean that you may lose it all. If you need to borrow, do so but again be careful of not over extending.
4. Be tax effective.
Tax can be the largest expense of any practice. It can take all of the money which should be used to grow the practice. Set up the appropriate structure at the start.
5. Hire people who are better than you.
You may have the best healthcare service in the world and be terrific at what you do, but the practice will require the right staff. Everything gets down to people and you should treasure good people who help you create a successful practice & who help you make money. If you don’t share the money, good people will leave. Mostly, you lose the good people who are the first to be offered other employment or are able to manage their own practice.
6. Have fun & be passionate.
One of the most essential ingredients in running a successful practice & making money is from functioning on a higher plane is being happy with what you do & being passionate about it.