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