Select Page
The Importance of Strategic Goals in Business

The Importance of Strategic Goals in Business

by

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

Why You Should Add a Healthcare Business Coach to Your Team

Why You Should Add a Healthcare Business Coach to Your Team

by

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!

 

 

How Cutting Back on Business Costs Can Help Bring in New Revenue

How Cutting Back on Business Costs Can Help Bring in New Revenue

by

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.

How Hiring a Healthcare Business Coach Can Take Your Business to the Next Level

How Hiring a Healthcare Business Coach Can Take Your Business to the Next Level

by

How Hiring a Healthcare Business Coach Can Take Your Business to the Next Level

If you’ve been running a successful healthcare practice and are feeling confident in your goals, you are probably wondering why you would need a healthcare business coach. As a healthcare business coach, I can help you see the big picture, offer you an outside perspective, and assist you in accomplishing your goals. I also focus on things that may not be top of mind but will help your success, both personally and professionally. 

 

3 Reasons Why You Should Hire a Healthcare Business Coach:

Exit strategy

Genius zone

Growth

 

Help Plan Your Exit Strategy

An exit strategy is a timeline or plan with actionable steps that are meant to help you work towards your retirement or business endgame. Whether you are just opening your practice or have been in the healthcare business for years and are re-evaluating your goals, defining your exit strategy is crucial to your retirement plan. If you are unsure what that looks like, I can help.

I can help you develop your exit strategy, from running day-to-day operations to creating a timeline with a hard end date. Your exit strategy will be personally catered to your wants and needs, and I will ensure you meet the goals you’ve set for yourself by helping you work smarter, not harder, growing your business, and getting closer to financial freedom each day.

 

Help Target Your Genius Zone

If you haven’t ever utilized your team’s genius zone, you are leaving valuable skills and knowledge on the table. Each team member in your practice has a unique set of skills that, when highlighted, can bring your business to the next level. If you haven’t evaluated your team before, or it’s been a while, and you want to see what other unique skills your team has added, let me help. 

I will do the legwork of figuring out the unique skills that are in your practice’s genius zone and ensure each of those skills is being maximized. This can include a wide range of things, from identifying unused space and turning it into a useful area for your patients to adding a new service within your practice that will generate new revenue. So don’t waste another minute – let’s build your goals with everyone’s genius zone in mind.

 

Help Plan Your Growth

Growth can come in many different forms. Whether you are looking to expand your healthcare team to avoid employee burnout, offer a new service to your patients, or open a second practice, it’s crucial to ensure you’re prepared. While investing in your patients is important, investing in your business is the key to your success. 

Growth can be scary, especially for business owners. There is a lot of risk involved, so how do you know when and if it’s the right time for growth? That’s where I come in. 

I will help to evaluate your finances, your current team, areas of improvement, and your long-term goals. By doing so, I can help you create a growth timeline that is actionable and ensure that the risk is worth the reward. 

As a healthcare business coach, my job is to make your life easier, help keep you on track for your exit strategy, and remind you of the big picture you started with. Don’t waste another minute; reach out today. Before you know it, you’ll be looking forward to everything on your timeline, from hiring your next employee to the day you retire.

How to Choose Your Business Goals

How to Choose Your Business Goals

by

How to Choose Your Business Goals

 

Planning goals for your healthcare practice is imperative to your success. It lays the foundation for the future of your practice, your employees, and your patients. So how do you choose which goals are the best fit for your practice? That’s where I come in. As a healthcare business coach, I will ensure your goals are aligned with your vision and help you stay on track to achieve them. 

 

3 Business Goals for Your Healthcare Practice:

 

KPIs

Work smarter, not harder

Financial planning

 

Goal #1: KPIs

 

Key performance indicators (KPIs) measure performance and if a company is achieving its key business goals. In a healthcare business, KPIs can measure all healthcare processes to increase satisfaction. These indicators are used to track your progress towards a goal. KPIs can include patient follow-up rate, patient turnover, and employee turnover. 

 

As a healthcare business coach, my job is to help you set your KPIs and ensure they are being met. If things have changed, they are adjustable as well. By knowing the status of your goals and consistently measuring the success of your practice, we can work together to ensure everything stays on track, and you can start working smarter, not harder.

 

Goal #2: Work Smarter, Not Harder

 

The time for working harder than you need to is over. Now it’s time to maximize your skills and work smarter. You can accomplish all your business goals without feeling stressed or overworked. Giving 100% doesn’t have to mean sacrificing your personal life, free time, or anything in between. 

 

I can help you navigate where most of your time is being spent and start helping you look at ways to reduce the amount of time and energy you are dedicating to it. This could be anything from simple process changes to hiring new team members to help manage the day-to-day tasks. By focusing on working smarter, you gain a positive atmosphere for your team, better alignment towards your goals, and improved mental and physical health.

 

Goal #3: Financial Planning

 

I know money is a major stressor for many healthcare business owners. So how do you avoid falling into that same category after starting your own practice? Know your worth, know your skills, and know your audience. 

 

It may not be one size fits all, but charging the right price for your expertise and knowledge is something many are afraid to do. You worked hard, and you deserve to be paid accordingly. 

 

Each healthcare professional who opens a healthcare practice generally has a specific patient base in mind. As a healthcare business coach, my job is to sell you to your desired audience, so you don’t undersell your skills or experience. As we work to plan your financial goals for your healthcare practice, I can help you achieve them without sacrificing your skills or prices.

 

Your business goals are meant to ensure you stay on track to achieve your retirement goals, run a successful healthcare practice, and still have time for yourself. So, if you haven’t mapped out your goals, reach out to me today. We will work together to ensure you are one step closer to success (and retirement) every day!

Planning Your Healthcare Business Success Starts with a Business Roadmap

Planning Your Healthcare Business Success Starts with a Business Roadmap

by

Building a business roadmap takes time and planning. If you have an idea of what you want, executing it is a different story. That’s where I can help. My job as a healthcare business coach is to make your vision a reality by researching, planning, and helping you execute your business roadmap.

5 Tips to Creating Your Ideal Healthcare Business Roadmap:

Identify

Picture it

Segment

Clarity

Milestones

Identify Your Key Objectives, Goals, & Vision for Your Healthcare Practice

Creating a business roadmap for your healthcare practice isn’t one-size-fits-all. Your roadmap should be unique to your business’ mission while highlighting patient care, growth, and other personal and professional goals that align with your long- and short-term vision. 

If your goal is to work smarter, not harder, it’s crucial to align your healthcare business roadmap with that in mind. A healthcare business coach can help you build a business roadmap that is personalized to the needs of your practice and your goals.

What is the Big Picture for Your Healthcare Business?

Your business roadmap should paint a picture. What is the problem you are trying to solve, and how do you plan to solve it? Each action you take is another step towards completing the big picture. It’s easy to get lost in the day-to-day details and planning, losing sight of your big picture. 

As a healthcare business coach, I can help you achieve both. While you focus on your daily tasks, I will keep you on track, ensuring that you are working towards your big-picture goal.

Segment Your Goals Around Your Vision or Mission Statement

A healthcare business roadmap has many parts that correspond with each goal. By segmenting them into their proper groups, each objective is solidified, making it clear what needs to be accomplished to achieve the overall goal. 

For example, if your three main goals are expanding your healthcare team, patient retention, and utilizing office space, integrate your mission statement into tasks that will help you accomplish these goals and group them together accordingly.

Why It’s Important to Define Clear Outcomes for Your Healthcare Business

Creating realistic business outcomes is imperative to your business roadmap. What are you trying to accomplish? Is there something you can do now that you couldn’t do before? Why is that important to your healthcare business? Focusing on clear outcomes allows you to measure your success.

As a healthcare business coach, I will help you create clear outcomes for your practice. Alongside those realistic outcomes, I will ensure that your business roadmap is full of attainable goals that won’t add tremendous stress to your workload and cause burnout.

Set Milestones for Your Healthcare Business Roadmap and Finalize Your Timeline

Now that you have all the pieces for your healthcare business roadmap, the next step is to set your timeline. While getting everything done as quickly as possible may feel like the best choice, I don’t recommend it. It’s imperative to avoid overworking yourself and your team. Give yourself a realistic timeline and include buffer dates because things happen!

I will keep you on track and ensure your timeline is manageable and realistic, so you don’t have to. Don’t forget – it took a lot of time, planning, research, and energy to build your business roadmap. Give yourself the same amount of time to execute it.

So, whether you need guidance to build your healthcare business roadmap from scratch, need advice to refine it and create a more manageable timeline, or just want a second set of eyes, I can help you reach your goals. Reach out for your Complimentary Consultation today!