Most practice owners don’t have a written business plan and written budgets. They may be looking at numbers but they don’t concretely set targets like they do for the patients that they treat. Chuck Felder of HCS Consulting says it’s important to create business plans and budgets to keep you and your team rowing in the same direction, having that alignment, teamwork, and cooperative mindset. How can they make decisions and focus their time if they don’t know what the goals of the company are and how they fit into it? Simple plans and goals keep you unified and maintaining proper budgets gives you the power to actually predict your profits in the future. Who wouldn’t want that? Take the time to monitor and follow these three things on a regular basis – KPIs, business plan, and budget – and you’re on your way to maintaining a healthy, successful business.
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