8 simple steps to grow your profits

Yesterday, my first practice visit of the year, working with three owners and their potential business development manager.

Meeting starts 09:00:

1. Establish schematic of a 6-surgery business and looking at target Average Daily Production for each surgery, based on occupying clinician, type of work and number of days available;

2. Identify that the business has a turnover and profitability potential that is 50% higher than current run-rate (which has already increased by 25% from one year ago);

3. Agree that the business will hit that "maximum cruise" (without any further surgery expansion or acquisitions) by December 2025 - a 36-month strategic objective;

4. Divide the business into respective categories of finance, marketing, patient journey/TCO, operational & compliance, team;

5. Brain dump onto post-it notes every conceivable action that needs to take place to achieve plan (this is the longest section of the meeting);

6. Create 36-month horizontal timeline on flipchart, with quarterly marker points;

7. Attach post-it notes to timeline in correct chronological order and on appropriate target quarter;

8. When completed, transfer all quarterly targets for the next 3 years on to two documents

• Per category with deadline for completion;

• Per person accountable (project lead for each task)

Meeting closes 16:00.

Clients happy, with a clear strategic direction and a tactical plan to get there.

They agree to meet monthly as a management team to review and to share progress with me.

Job's a good'un.

Next?

Photo by Photo Boards on Unsplash