Many businesses struggle with identifying and improving their bottom-line. Medical practices are certainly no exception. The secrets of top healthcare consulting involves streamlining your business from finances to operations. Below is our checklist to evaluating your business today.
Identifying Your Major “Products” or Revenue Verticals
Even in a service based business, start with a clear classification of your revenue verticals.
Evaluate the Profit & Loss of Your Verticals
Determine the top grossing, top profit, and least grossing, least profit verticals in your business.
Identify a Business Growth Goal
Reasonable business goals range from 50%+ growth when you are a start-up, 30% for very agressive growth, 15-20% moderate to high growth for established business, and 0-10% as small growth for maintenance phase businesses.
Identify Areas of Growth or Improvement
To meet your desired goals, pick areas of improvement in your business. This could be a high-profit, low-volume revenue vertical, a new revenue vertical or improving the profit of a high-volume vertical.
Match Growth Goal to Specific Revenue Targets
This is where you can get creative as a business. Use your past data to break down your goals for next year/quarter/month by revenue stream, provider, and product.
Calculate Return on Investment for Advertising
Once you have identified the revenue stream / products that you would like to grow, you need to pick a marketing team and marketing strategy to achieve those goals. Evaluate your return of investment on advertising mediums and eliminate advertising mediums that did not work or marketing teams that did not grow your business.