This week, Cheryl Whitman explains how to keep your business healthy while understanding key financial metrics.
To Keep Your Business Healthy, Know And Understand Your Numbers.
Just as knowing your blood pressure and cholesterol numbers can help you stay healthy, knowing the key numbers in your business can keep you on the road to success. It is important to use quantifiable metrics rather than intuition to keep your practice on the right track. Your accountant can help you identify key financial metrics and develop a plan to review them regularly. Satisfied patients are critical to a successful and profitable practice. To ensure you are meeting your patient’s expectations, you should also identify and monitor client satisfaction metrics. Finally, to facilitate practice growth, you should use demographic and lead metrics to target your marketing efforts. Managing your practice by the numbers will help you enjoy a profitable and growing practice.
This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman.
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