Purchasing an existing practice can be an exciting prospect. Whether it’s your first practice or you’re an established owner, the process can be lengthy as you weigh all the pros and cons of the potential investment. Making sure you know everything you need to about a practice before seriously considering an acquisition will help protect you from making a poor choice that could end up costing you big in the long run. Below are some considerations to keep in mind when looking to purchase a practice.
Acquisition is Just the Beginning
Even the most aesthetically modern and technologically advanced practice will require some renovations or changes to make it match your branding and practice culture. This is even truer for older practices or ones that simply aren’t up to the standards you hold. It’s important to factor the costs of updating a practice will incur into your calculations. A great deal on a building might not seem so great if you’ll have to pay twice as much to get it patient-ready.
Assess the Assets
Before you commit to purchasing a practice, a professional appraisal of the tangible assets is highly recommended. This can include everything from the soundness of the construction to the usability of the existing furniture or the functionality of the existing equipment. It’s essential to know exactly what is included in your potential purchase and to make sure it’s worth the amount you’re about to pay for it.
When looking to purchase a practice, figure out what reputation the current owners have built in the community. If it has particularly poor reviews or has a hard time retaining patients, those are important potential hurdles to keep in mind. While it’s not impossible to build a new reputation for your new practice, it will require a more proactive effort on your part to establish your separation from the previous ownership.
These tips may help you think more comprehensively about practice acquisition. If you need advice on a potential acquisition you’re considering or are simply looking for additional guidance in running your practice well, contact our firm today!
When clients visit your office, they observe. Your clients are going to make decisions and judgements based on what they see. If you don’t already, you need to think in the same manner your clients do. If you were a new client to your office, would you schedule a second appointment? Here are a few elements to consider.
Your Office’s Appearance
Look at your office. Is it clean and hygienic? Is it cluttered, dusty, or musty? Your clients will pick up on elements such as these. Make your office spotless. You risk your professional credibility if your office appears to be dirty. Clients are visiting you for professional treatment, so the environment must be clean. Décor matters too. Consider repainting your walls to be a soothing light blue or green. What artwork do you have hanging on your walls? Project a modern atmosphere to create confidence in your methods.
Your Team’s Appearance
Both you and your team should always be presentable. Is a team member coming to work wearing wrinkled clothing or covered with pet hair? Are phone calls left unanswered? An observant client will notice and it could cost you repeat business. You are in the business of retaining and serving your clients, so your team needs to smile often and set a confident, professional tone.
Keeping your office clean is a key element to client retention. Create an environment that makes your clients feel comfortable. Visitors will interpret your office and the appearance of your team as a reflection of your professional capabilities. It is imperative in today’s age of social media and online reviews that you present a positive impression of your business. A misstep on your part may be read by other prospective clients online.
Make the right impression with your clients if you hope to gain repeat business.
To get started with a professional consultation, please contact Schiff & Associates.
Appointments and continuing education consume most of your time. How do you manage to live a happy, well-adjusted, balanced life when you simply don’t have time? The key is in planning. Do you use a calendar to manage your time or do you simply make agreements and arrangements as they come up? Here is how you can balance your schedule by managing your calendar.
Set Clear Boundaries
The first step to achieving a work-life balance is to consider your basic responsibilities and obligations. Set aside blocks of time in your calendar to meet with patients, hold team meetings, and attend organizational group meetings. Your calendar should be your primary time-management tool.
Time Off Means Time Off
You need to set aside time for activities unrelated to work. When you decide to take a day off, make sure it’s in your calendar. If it’s not in there, your time off is likely to be consumed by an emergency patient appointment, unexpected meeting, or other business-related expense. Make your scheduling priorities clear with your office team so they are not left with the burden of how to handle unexpected situations while you are away.
It’s Not Just for Work
Your calendar doesn’t need to be exclusive to work. In fact, it may be beneficial for you to regularly include your other commitments. From your children’s school activities to anniversaries and birthdays, seeing these events alongside your work schedule can help you make better scheduling choices. You’ll be more reluctant to accept an invitation to a meeting or convention when you know it will conflict with another occasion. By including other events on your calendar, you minimize the risk of dealing with a stressful schedule conflict between your work life and your personal life.
Never let your calendar run your day. You have the ability to schedule your day by using your calendar as a tool for time management. Start by setting clear scheduling boundaries by blocking the time you need for your main responsibilities. Don’t be afraid to take time off, but always make sure it is a part of your schedule. Also, consider including other life events and activities in your calendar to better manage your schedule.
For more tips on effectively managing your work schedule, contact our team today.
Every business experiences trends of increasing and decreasing revenues. When new business slows and income begins to dip, many business owners react by cutting back on the item in their budget they think is most expendable: marketing.
The unfortunate reality is that this is almost definitely the wrong step to take. When you cut your marketing budget, you reduce your revenues as well.
Today’s business cannot survive through only word of mouth referrals. Your company needs to attract new clientele on an ongoing basis, not just in the weeks following a postcard blast or mass email. In addition, you need to engage and maintain the loyalty of your existing customers.
Consistent, effective marketing helps you achieve both ends.
One recent study examined the marketing budgets of several publicly-traded companies. The researchers found that businesses that were spending an average of 16.5% of revenue grew up to 15% annually, and those that spent an average of 22% grew 16% – 30% annually.
When your marketing budget increases, your revenue follows suit.
There are several factors that can influence how much your business should be spending on marketing.
- Are you a new startup company? You may need to invest more until you have established a client base.
- Is business established and you want to maintain growth? Compare your current rates of new customers to those lost annually to determine how your current budget is doing.
- Is business stagnant or decreasing? Consider investing an additional 5% or 10% above your current marketing budget, at least until the trend reverses.
- How competitive is your local market? Higher competition requires greater investment to grow business.
For more advice regarding your marketing budget and business growth, contact our office.