by Dr. Jennifer Bonde
5 Easy Financial Tips for Your Wellness Business
Owning a small business is an exciting adventure, but it can also be nerve-wracking at times. Unfortunately, many businesses experience economic hardship, which can ultimately turn an exciting adventure into a stressful one. That’s why I’ve compiled a list of my five favorite financial tips for your small business.
Our 5 Most Popular Financial Tips for Your Small Business:
Pay yourself
ROI
Invest in growth
Monitor your money
Plan ahead
Always Pay Yourself First
Many business owners are quick to pay their new employees as they grow their business but often forget to pay themselves first. While investing in your day-to-day operations, it’s important to set other funds aside as well.
One thing to remember is that if something were to happen to you or your business, you need to have paid yourself to make it through that. After all, most small business owners start their businesses to provide themselves with financial security and stability.
Focus on Your ROI
Focusing on your small business’s ROI can provide a clear picture of what is going well and what isn’t. By calculating ROI for different aspects of your business, you can see which investments are paying off and which ones are still costing you money.
Many small business owners use ROI as a metric to understand if their new revenue streams are successful. A good ROI for small businesses is between 15 and 30 percent.
What is ROI?
ROI stands for return on investment. It is used to calculate an investment’s monetary value versus its cost.
Take the Time to Invest in Your Growth
While paying yourself is important, it’s also crucial to set aside funds for future growth opportunities for your small business. By preparing for growth opportunities when they arise, your business will continue to thrive and move in a positive and healthy direction financially. Investing in growth also allows you to work smarter, not harder.
Financial forecasting is one of the most important aspects of investing in your growth. Financial forecasting is predicting how a business will perform in the future using estimates of future income and business expenses.
Monitor Your Finances
I know this is an obvious one, but it’s crucial to your success. By setting time aside on a consistent cadence, you keep yourself apprised of your business’s finances, which allows you to plan accordingly and catch anything out of the ordinary before it can put a large financial strain on your business.
Business owners who keep a close eye on their finances are more likely to avoid embezzlement and unnecessary spending. Anyone can make mistakes, including banks. Your time and money are valuable, so reviewing your finances consistently ensures that no money is mishandled, and if mistakes were made, they can be corrected.
I work with a few excellent bookkeepers and they play a critical role in ensuring you keep an eye on your financials. I recommend meeting with them at least monthly to review the status of your P&L and Balance Sheet.
Plan Ahead & Re-Evaluate Consistently
When it comes to your business’s finances, you should always be planning for the future. While planning ahead may not always pan out as intended, it’s important to re-evaluate your finances on a routine basis. For example, if you have taken out any loans, make sure to pay off your debt in a timely fashion and ensure you are keeping track of your business credit.
Whether it’s planning for your taxes, looking to invest, saving for retirement, or handling day-to-day operations, planning for all of the above helps avoid unexpected costs and ensures your long-term goals can stay on track.
I know there are many moving parts when starting a small business, but I am here to help you. Whether you are looking to reassess the plan you put into place when you first started your business, are starting at the beginning, or just need a second pair of eyes, we can sit together and ensure your financial future is secure.
-Dr. Jennifer Bonde
by Dr. Jennifer Bonde
Why You Need a Business Roadmap
It can be easy to get wrapped up in starting your wellness business, but before you know it, you are stuck in the day-to-day routine and are struggling to take your business to the next level. So how do you ensure your long-term goals don’t get pushed to the side? A business roadmap! If you aren’t sure what that is or what you should include, that’s what I’m here for.
What is a Business Roadmap?
A business roadmap outlines the direction you plan to take to achieve the long-term goals and plans you set. A well-thought-out roadmap can be used at every stage, from early startup to being an established company. As a wellness business coach, I can help you build out your roadmap and plan for each stage.
5 Things to Include in Your Business Roadmap:
High-level overview
Products
Market
Marketing
Financials
Executive High-Level Summary
If your wellness business has a mission statement, use it to start your roadmap. Make sure to add details about your company, like the name and location. You can also include a brief history of the company, senior management, and other trusted advisors. Finally, don’t forget to add what your company does!
What Are Your Products & Services?
The next part of your roadmap should include the products and services your wellness business offers. Focus on what you sell, the cost, the profits, pricing, and any manufacturing information. If you offer subscription services or only accept transactions for payment, note that as well.
Who Is Your Target Market?
Your target market should include your ideal customer profile or ICP. Your wellness business should know exactly what specifications would make up its ideal customer profile and how it will reach those customers. Once you know your target market, do your research on competitors and other market trends for similar wellness businesses.
How to Explain Your Marketing Strategy
Now that you’ve done your research on the current market and your competitors and come up with the ideal customer profile, how will you market your business to those customers while ensuring you are setting yourself apart. Explain the marketing activities you plan to do and how you plan to distribute information about your company. Don’t forget to include your communication templates and brand book if you have one!
Why You Should Share Your Financials and Budget
If you are a new business, you may be working off of projected numbers to start, but for more well-established businesses, you will have bank statements, balance sheets, and other financial details. Speaking of financials, don’t forget to include your budget. This should include business expenses from staff to marketing to retention.
Why You Need a Business Roadmap
If you are an early-stage startup planning to reach out to investors in the future, they will want to see your roadmap and will most likely ask you to present and explain it. A well-thought-out roadmap allows you to have your vision and plans in one place so you can easily communicate them. This is also very important to help plan the future of your business – do you want to eventually sell your practice?
It also allows you to visualize your overall strategy and make changes when needed while ensuring everything stays aligned with business changes and outcomes. By creating this picture in a clear and concise way, you will be able to execute accordingly and bring your wellness business dreams into a reality.
That’s it. If you are struggling to find the time to create your business roadmap, hire me today, so I can help you think of the future of your business. Whether you are trying to work smarter, not harder, add dates to your exit strategy, or improve revenue, your business roadmap can include it all!
by Dr. Jennifer Bonde
Strategic goals are crucial to the success of a practice. As a healthcare business coach, or virtual CEO, I am here to help you create your goals and then accomplish them!
What is a Strategic Goal?
A strategic goal is a long-term, “big-picture” objective. What are you looking to achieve with your wellness practice in the next 3-5 years? What is your long-term vision? The answers to these questions make up your goals.
Why Are Strategic Goals Important?
Knowing your goals is crucial to setting yourself up for success. By planning and working towards your goals, you are keeping your wellness practice on track. In addition, having your goals outlined makes it easier for those looking to expand their practice by joining you to ensure they are working towards the same goals.
My 5 Favorite Strategic Goals:
Increase revenue
Increase web traffic
Acquisition
Value
Restructure
How to Increase Revenue for Your Wellness Practice
Increasing revenue for your practice is not a one-size-fits-all. However, once you determine your goals, you can start planning how to increase your revenue. While gaining new customers is important to every business, focusing on customer retention is crucial.
Customer retention increases revenue by improving brand loyalty, which brings in new patients through word of mouth. Studies have shown that the cost of acquiring a new customer is higher than that of retaining current patients.
Why You Should Increase Your Website Traffic
Increasing your website traffic improves the chances of potential patients turning into newly signed customers. Focus on creating a simple but sleek website that caters to your target market. While website traffic is only one part of SEO, it is crucial. Driving new patients to your site can increase product sales, create more services, and build brand loyalty, increasing revenue.
How to Develop Your Acquisition Strategy
Acquisitions and mergers aren’t a goal for every wellness practice, but if it is on your list, it’s crucial to know what to focus on. If you are trying to work smarter, not harder, while bringing in more money at the same time, a merger or acquisition may be for you. When developing your strategy, follow the three most common categories: strategy, execution, and integration. This will ensure you are buying a company for the right reasons. Let’s also consider and discuss preparing your practice for sale in the future.
How You Can Increase Value for Your Wellness Practice
There are several ways to increase the value of your practice, including building your brand, community involvement, and engaging your team. Marketing to your community is crucial to your success. Since many wellness practices may offer the same type of services as you do, finding a strategic way to set yourself apart from your competitors is important.
Building your brand allows the community to learn more about you and your practice. While engaging your team may not seem like an obvious way to increase your practice’s value, it’s a driving factor in your success. Team engagement improves employee retention and builds patients’ trust in your practice. If you are looking to improve team engagement, I would be happy to help.
What is Restructuring and Why Should You Do It?
Restructuring sounds scary, but if things feel like they aren’t working or you are preparing for your exit strategy, restructuring may be necessary. If you aren’t sure how to restructure your wellness business, I can help! Start by identifying your team’s genius zone to maximize potential. Then, if changes need to be made, identify what they are and how you plan to accomplish them. Once you’ve solidified your new strategy, communicate it with your team and implement it!
Every business owner has unique strategic goals that align with their vision. Take the time to identify yours and ensure that you’re always working towards them. Your practice will continue to thrive as you stay aligned, and you’ll be one step closer to being a freedom-based practice.
– Dr. Jennifer Bonde
by Dr. Jennifer Bonde
Why You Should Add a Healthcare Business Coach to Your Team
When investing in your healthcare practice, most people think of buying new equipment, re-doing the office, and hiring new staff. However, investing in your practice can also include hiring a business coach to help you stay on track and keep you focused on your exit strategy. A healthcare business coach can offer several benefits to you and your company.
5 Benefits of Hiring a Healthcare Business Coach
Support
Goals
Points of view
Motivation
Communication
A Healthcare Business Coach Provides Support
Support is crucial when running your healthcare practice. While your team relies on you for support, you also need someone to rely on. A healthcare business coach can be that person for you. By offering you added support, they can be an unbiased party that can share knowledge purely based on your long-term goals for the practice.
If you are struggling to plan and execute your healthcare business goals, a healthcare business coach may be what you need. As your business coach, I can help keep you on track to creating a successful practice with a well-defined exit strategy. This will ensure that you get to enjoy all your hard work!
A Healthcare Business Coach Helps with Goal Planning
Whether you have your goals well-defined and are struggling to execute them, are looking to revamp your goals, or need some fresh ideas for new goals, a healthcare business coach can help. I will help you create your business goals, build your business roadmap, and create a plan for long-term success.
Once you have agreed on your ideal goals, a healthcare business coach can help you prioritize those goals and create a timeline. I love to help my clients figure out their practice’s vision and then keep them on track to completing those goals within their desired timeframe.
A Healthcare Business Coach Offers Different Points of View
A healthcare business coach can offer valuable feedback and insight as a third party. When a healthcare practice hires me, I can look at what is going on from the outside and offer a fresh perspective. I am always making sure that my clients are working smarter, not harder, while still being able to achieve everything they’ve set out to accomplish.
By working smarter, not harder, and allowing me to keep you on track, you will be able to experience the benefits of your hard work, have a healthy work-life balance, and focus on your exit strategy. After all, I know you didn’t start your practice to work forever!
What is an Exit Strategy?
An exit strategy is a plan that allows business owners to leave or sell their business when they’re ready. Whether it’s retirement, a profit, or you’re ready to start your next adventure, an exit strategy is crucial to your practice’s success and your future.
A Healthcare Business Coach Can Motivate You
It can be draining to do the same thing day in and day out while also trying to handle everything else for your healthcare practice. However, I can keep you motivated and on track while helping you avoid the dreadful workplace burnout. Motivation comes in many different forms, from helping to create an actionable plan, keeping you up to date on progress, ensuring you take days off, or just cheering you on.
Keeping you focused on your exit strategy will allow you to get closer to achieving what you set out to do. I will also focus on you and your team’s genius zone, ensuring that each person’s strongest skills are being utilized to help generate new revenue, improve employee retention, and ensure everyone feels valued and appreciated.
A Healthcare Business Coach Will Keep Communication Flowing
Communication is crucial for your healthcare practice. Knowing how to talk with vendors, team members, and patients is imperative to your success. I can help you and your team continue to develop better communication skills so that everyone will feel more confident and be able to successfully provide a top-notch level of service.
Hiring a healthcare business coach can help you grow your practice to the next level. So don’t waste another minute and reach out to me today. Let me help you optimize what you have!
by Dr. Jennifer Bonde
How Cutting Back on Business Costs Can Help Bring in New Revenue
When we hear the word cutback, it can cause feelings of stress. Cutting back can feel overwhelming – and knowing where to start is half the battle. So, where do you begin, and how can I help? As a healthcare business coach, I can help you look at the bigger picture and provide insight into where cuts can be made without hurting your healthcare practice.
5 Ways to Cut Back on Healthcare Business Expenses
Low-hanging fruit
Utilization
Revenue
Genius zone
Pricing
Identify the Low-Hanging Fruit
Every business has low-hanging fruit that can be easily addressed. If you are looking to cut back on expenses, identifying these items can help you resolve issues that don’t require a high level of effort. By knocking off these easy-to-complete items, you are one step closer to cutting back your expenses. As a healthcare business coach, I can assist you in identifying things that can be cut almost immediately and reduce expenses right away.
Utilizing Wasted Space
Underutilized space can be costing your practice money and valuable real estate. Start by assessing your storage spaces, ensuring that all those items need to be kept, and, if so, do they need to be stored onsite. For example, many healthcare practices will only keep the primary files of their patients onsite to ensure they aren’t using up storage space just to hold documents that they don’t need to reference daily.
Next, investigate your conference rooms and personal desk spaces. If they are hardly being used, it may be time to restructure one or two of those areas to make room for a new service you can offer. Again, by identifying these spaces throughout your practice, you can optimize the space for new revenue.
Plan New Revenue Streams
Now that you have freed up space, start thinking about new revenue streams for your practice. The best way to do this is to tap into your genius zone. As a healthcare business coach, I can help you and your team utilize their genius zone and focus on those valuable skills that can drive new revenue into your practice.
Different types of revenue can include:
Expanding your customer base by supporting patients that speak a different language
Offering a new service that can bring in new business
Creating a more seamless process for a better patient experience
New revenue streams are different for every practice, so let me help you identify them today!
What is a Genius Zone?
A person’s genius zone is comprised of their natural abilities. This could include speaking a language, work experience, a college degree, a hobby, or experiences. By focusing on the natural abilities of your staff, you can create new revenue streams that go together with your team’s genius zone.
Utilizing your genius zone also allows you to work smarter, not harder, by leveraging the skills that already exist in your practice. As a healthcare business coach, I can help you target each team member’s genius zone and help create new opportunities while keeping your exit strategy on track.
Know Your Worth
When cutting back expenses, it’s also crucial to look at your current pricing and charges. Are you underselling yourself? Are you upping your rates as your experience and knowledge continue to grow? Knowing your worth and what to charge your patients is imperative to the success of your practice.
While cutbacks may always be inevitable, undercharging for your services can make cutbacks even more common and eventually cut into more important parts of your practice. So, stay on top of your pricing model and ensure you are charging prices that will drive profits. This allows you to work smarter, not harder, and keep your exit strategy intact.
While cutting back on expenses can be difficult, it allows you to look at your practice and ensure you are accomplishing what you set out to do. In addition, as you bring in more revenue, cutbacks will continue to go down until you are eventually using every aspect of your practice to the fullest.
