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The End of the Financial Year Is Here. Time to Plan for 2024!

As Medical practice owners you often get so involved in the day to running of your practices that you often forget to plan and set goals.

We all know we should do it. But other things just get in the way.

As a leader you have one job. Create a vision. Then sell it to the team. That means you must influence them, cajole them, make them believe and then get them to do things even they did not think they can do.

That is what real leaders do. This is what you need to do.

And if you can do this it is amazing what your team will deliver for you.

I have a young team. I believe in them. But a while back I felt they did not believe in themselves. Once you give them confidence and belief a young team has the ability to bypass any obstacle. 

But a leader then needs to show them the vision otherwise they will not know what to do.

And for that all medical businesses need a business map.

So, what should you be planning for the new financial year?

Here are a few things to get you thinking:

  • Do we have a defined mission?

If your team does not know what the goal is then there no chance you are going to get there. What is your business about? Patients buy emotions not healthcare.

So what emotions are you selling? 

  • Do we have a defined vision?

Team members love a vision and will be happy to deliver it – but only if they know what it is. Hard to deliver something you know nothing about.

  • What are the business’s core values?

I have become a real believer in core values. Get them right and it allows the business owner to walk away and the team will instantly know how you want the business to be run.

Core values will tell you who you want working for you, the type of patients you want to work with and what as a organisation you are not no prepared to tolerate.

  • Who are our ideal patients?

This is often neglected. We think all patients are ideal. But get this right and patient churn stops. You work with loyal ones who value what you do and they in turn become raving fans.

  • What value do we give to our patients and how do we sell it?

Work on this and then ask ‘How do we make it better?’

  • Set some Achievable Goals then break them down into 90, 180, 270 and 365 day goals.

Many medical practice owners think this is too hard or will take too long. But it won’t.

You should be able to do this in about 4-6 hours.

6 Hours for a complete year of planning. If you are not prepared to do that then you are not prepared to be serious about your medical business. And if you are not serious about your business, don’t complain when your team isn’t. You have to walk the talk.

Hitesh Mohanlal ACA, CA, Author. Lover of cars, his Team & Family, and Passionate About Making a Difference in People’s Financial Lives.

Hitesh Mohanlal is the majority owner of the WOW! Accountants and Business Advisors Group which consists of WOW! Accountants, MediSuccess & CrystalClear bookkeeping.

He is the author of Double Your Profits & Reduce Your Working Hours for Medical Practitioners and The Passport to Wealth & Real Financial Freedom for Medical Professionals, and written two guides for medical professionals; Blueprint for a Wildly Successful Medical Practice for Medical Professionals and The Ultimate Guide for Medical Professionals Who Want to Pay Less Tax!