Time to review your Practice Goodwill Finance?

A business plan is a tool often used when starting your practice. It helps identify your business’ personality, develop a roadmap and align your planning with your goals. It’s a good idea to to review your plans regularly.  Your business plan remains a key resource as your business grows.  It too will continue to develop, as your practice, technology and the economy changes.

Download Medfin’s easy to use templates to help keep you on track of your goals

(1) Medfin’s Practice check-in template asks the questions you don’t spend time on, when you’re busy focussing on patients.

(2) Use Medfin’s Business Plan Questionnaire, when you’re starting up and as your regular practice pulse check.

Often required by lenders when you start out in your business.  But equally important for you, to review and update regularly.

Do you know how many patients you need to see to cover your expenses each month?  And if those patient numbers suddenly change, what flexibility do you have to change too?

Making time to regularly look at your cash flow, will help you to make informed everyday expense decisions, and is key to future planning.

When you’re running a busy practice, budgeting can seem like a time-consuming, low-priority chore. But, like all business owners, you have to know how much revenue you need to generate, to cover your outgoings such as rent, wages and tax.  A budget can play a positive role in helping you to run your practice more smoothly, productively and be prepared for any unplanned changes in income.