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Insights Hub > Running and Growing a Practice

Tips and tools for running and expanding your business

 

To keep your business running smoothly, it’s important to regularly assess how your business is doing. Check your business finances and see what you could do to help improve your financial position with our range of articles to help you run your business on a day to day basis:

 

Like every other business owner, a general practitioner (GP) needs a business plan. Tristan Bond, Founder of The Healthcare Business Group, and GP Dr Karen Price discuss the benefits of a plan, what it should cover and how a business coach could help doctors to stay on track.

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Without appropriate protection, your hard-earned assets could be at risk. Paul Jarvis, whose team manages the wealth of clients in the NAB Health sector, discusses how insurance, tax planning and a collaborative team of advisers can help you build a successful practice.

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A budget will help you to monitor the financial health of your practice – but that’s just the beginning. Medfin Credit Executive, Stephen Allan explains how a budget can also help you to run a more productive and profitable practice.

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Marketing can help you to build a practice, run it successfully and ultimately make a profitable exit. Jason Borody, Managing Director of Vividus Marketing, talks about opportunities, challenges and how the internet has made communications an increasingly important factor in medical practices.

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Vehicle and equipment finance has many advantages over traditional loans for business owners, including the ability to borrow 100 percent of the purchase price and matching repayments to the cash flow of the business. Find out how your bottom line could benefit.

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5 things to think about when buying equipment

When buying equipment there are a lot of options available to you when it comes to financing your purchase.Read more

 

You’ve built a business you’re proud of—but market volatility can bring it all crashing down. Learn how to manage market risks to your business.

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Cutting costs is arguably the quickest and easiest way to improve the profitability of your business. Introducing a cost-control system can bring immediate savings and ensure that you remain competitive in the longer term.

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If you’re on good terms with your suppliers, you have a better chance of getting special deals or preferential treatment.

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Taking the time to understand your financial documents will give you more control and a clearer picture of your business and how it’s performing. The profit and loss statement and the balance sheet are the two basic financial documents that give you this information.

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Identifying and monitoring the key drivers of your business is critical to boosting profitability. A key business driver is something that has a major impact on the performance of your specific business.

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Getting paid on time is important to the financial health and wellbeing of your business. Having good credit control is important for maintaining a healthy cash flow and a profitable business.

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We face change all the time, driven both by internal or external influences. Words like growth, innovation, redundancy, outsourcing, relocation, diversification and competition all signal change.

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Download a simple tool from Healthcare Business Coaching to help you set your KPI’s and monitor what is happening in your practice.

 

Finding and keeping the right people is fundamental to the success of any business. Gavin O’Meara, Manager of People and Culture at Ramsay Health Care, explains how planning, preparation and ongoing support can help you build an engaged and productive team.Read more