Today I want to talk to you about a touchy subject for people but it’s a reality. It’s what to do when your organization is struggling. It’s something we don’t want to readily admit, but I get calls from people about it. I want to share with you some of the tips to help you get yourself through those really tough spots when your business, (your heart and soul), is struggling. One of the first things you have to do, which seems so simplistic, is to take a deep breath. You’re in a leadership position and your employees that you depend on need to feel that calm from you. They also need to know that you’ve got a grip on this and you’re going to work through this with their help. So, the first step is to take a deep breath.
The next thing to do is to look at numbers. Numbers don’t lie. So hopefully you’ve been maintaining good financial numbers (statistics in terms of patient outcomes). But you need to take a look at your numbers. Get those numbers together and ensure that they’re as accurate as possible. And then make some really hard analysis and decisions based on those numbers.
Look at where your revenue streams are (what’s working well), and then look at what your expenses are. Where are you spending a bit too much money? Oftentimes when people are having financial trouble they think the best thing to do is add more staff to help manage things. Oftentimes, that’s one of the worse things you can do. A lot of times you need to trim some of that fat. Making those hard decisions is one of the other things you need to do.
You also have to look at your billing/collection system. Do you have a lot of Accounts Receivable out there? How are things being followed up on? So that’s all a part of looking at those numbers. And there are some key metrics and you can review what those are in my best-selling book, “The Five Profit Engines of a Successful Bariatric Surgery Practice”, which are applicable to just about any bariatric practice and a lot of medical/surgical practices.
The next thing you need to look at is where is it that you want to go? What’s your goal? What are those goals you want to set for yourself? Those goals also need to include your key employees: your administrative staff and management. A lot of times some of the people on the front lines can be very helpful in terms of understanding what the goals are so they can help put some plans into place to help you attain those goals. I like to look just 12 weeks out to start with. If you start to look at an entire year, that can be really overwhelming. Or you may think you’ve got a lot of time because the end of the year isn’t for 12 more months. So if you set a 12 week goal you can set in some indicators to track.
You might need to ask for help. There are plenty of professionals to work with, but make sure they understand your goals and make sure you attain a return on your investment. This is something that is more common than you might think, even though people might say things are going great. When you get down to the bottom line, often times there are struggles going on.
So these are the steps people need to go through in order to ascertain what’s going on that’s causing the issue. And, then how to change it and monitor so you’re setting things in place to keep things moving in the right direction to prevent you from going back in the wrong direction.
I’ve got lots of tools in my book or working one-on-one with people. This is something that’s real out there. Let me know if I can help in any way. firstname.lastname@example.org
There are tons of free resources on our website. I wish you nothing but lack of struggle and lots of success and happiness. Have a great day, and I look forward to hearing from you.