How successful was your practice in 2022? What specific factors have contributed to its success? Which things are holding you back? What do you need to protect against in 2023? If you aren’t quite sure how to answer these questions, this week’s podcast will be worth a listen. I explain exactly how you can objectively measure your success and create a business plan for your practice that will help ensure you can create the business of your dreams.
In this episode, you’ll discover why the critical first step in creating a great annual business plan must be to define what success would look like for you. Then, you’ll learn how to take your vision and quickly turn it into an organized calendar for the coming year that will leverage strategic planning and data-driven decisions to ensure your practice succeeds.
This “highlight” is from a Q&A call with my Mastermind Gold group—a highly interactive, supportive group where people who have tons of questions and concerns about how to start, grow, or transition to a cash-based private practice get the answers, resources, and confidence they need to build the practice of their dreams. We have a group coaching call every week, and we occasionally use excerpts of those calls for this podcast.
More specifically, we discuss these topics related to creating an annual business plan for a cash-based practice:
- How to define what “success” means for your practice so you can determine which KPIs should guide your decision-making process.
- Auditing practice finances in order to identify wasteful expenses you can cut and promising opportunities for investments that will deliver a good return.
- How to use metrics to discover where to focus attention among your existing referral sources.
- Why it’s important to calculate your average plan-of-care value so you can make good decisions regarding expenditures during the year.
- How to use a SWOT analysis to help create an organized plan that you and your staff can follow in the coming year.
- Some of the key metrics I like to track in my own practice and how we use them to help grow the business.