You’ve completed years of technical training with practical, hands-on experience to ensure you’re well prepared for working in your specialist area of allied health.
But who has trained you in actually running your own practice – and attempting to grow it?
Allied health business growth follows many of the common principles of business but with some important differences. Few professional courses adequately cover business training that prepares you sufficiently for owning and operating your own practice.
By following a few simple rules, as detailed below, you can build a stronger allied health practice that’s designed for growth…
Rule 1 for allied health business growth: Make an effective business plan
The owners of successful allied health practices formalise a business plan in which they articulate key information about their business.
A simple, one-page business plan should include the following key profiles about your targets:
- The types of clients most likely to engage your services;
- The types of services they will buy from you;
- How much they will spend each time they attend an appointment; and
- The number of appointments they will make.
Successful allied health business owners have a clear understanding of each of the above – and it should be your starting point.
Rule 2 for allied health business growth: Create effective business systems
Your understanding of how your practice is running and will run in the future should be based on accurate information derived from effective business systems rather than from gut instinct.
Accurate, timely and meaningful information is a characteristic common to all successful allied health businesses and accessing this through effective systems will underpin your growth.
Knowing your ideal clients and the types of services they demand will allow you to spend your marketing dollars in a manner that will achieve ‘more bang for your buck’. You’ll be able to target higher value clients and services that can bring higher value fees more often.
Rule 3 for allied health business growth: Track and measure KPIs
Effective systems also allow you to measure the Key Performance Indicators (KPIs) that will enable you to monitor and achieve your growth goals.
Fundamental allied health business KPIs generally include:
- Total number of hours available for treatments per week/month
- Total number of clients/patients booked per week/month
- Average $ spend per client/patient
- Number of new clients per month
- Number of clients rebooked per week
When you are able to track and measure the above, the benefits are wide-ranging. You can plan your work flow and staff roster; better manage your expenses, budget and cashflow; and, of course, provide clear insights that will allow you to set and monitor your growth trajectory.
Rule 4 for allied health business growth: Get the help you need
In the early stages of growing your business, you are working both ON and IN your business. The idea of researching, implementing and customising systems will no doubt seem overwhelming.
This is where operating a personal delivery service and operating a practice delivery model are different. You’ll need assistance, delegating to others and investing in advisors, systems and team members, who will provide the returns that help you achieve your overall business and personal income goals.
Having worked with allied health professionals as an accountant and business advisor, I’ve seen how creating and implementing effective business plans can revolutionise allied health practices.
With careful budgeting, forecasting, and developing funding solutions to achieve immediate and future growth goals, the results can be extremely rewarding.
Please contact me on 07 3171 4255 or email firstname.lastname@example.org if you’d like to discuss working on this together.
Meanwhile, if you want to learn about improving your cash flow and using surplus capital to fund your growth plans, click here. Or feel free to take our FREE Business Risk Survey for Health Professionals.
A CPA and Director of q4 financial, Grant Titman brings leadership and the disciplined energy of an endurance runner to deliver ‘big picture’ outcomes for his firm and his clients.
Grant’s expertise includes and extends well beyond achieving profitability and growth for his clients’ businesses. His focus is squarely on helping his clients to achieve three key goals: extract wealth from their business; set and achieve long-term wealth objectives; and ultimately, enjoy financial freedom.