Top 10 Items to Review & Build Your Business Now
In building and running an independent
private practice or small business, there are many items that need to be
monitored closely and should be reviewed periodically. Year-end is a traditional
time do this, and this week’s Letter is a "Top Ten" of items to review as the
year draws to a close, or whenever you decide to pause, reflect, take stock and
re-assess.
1. Review your client statistics: How many clients did you have? On average, how
long did they stay? How did they describe their problem? What did they need or
want from you? Does tracking by gender, age, or other criteria, provide insight
about your business?
2. Review your referral sources: How do clients find you? Do you have a solid
mix of referral sources? Too few sources makes your business dependent on them,
while too many sources is inefficient. Who refers the most desirable clients?
Who refers the least desirable?
3. Review your outcome statistics: How many clients had successful outcomes? How
many had unsuccessful outcomes, and why? How many left before you thought they
should, and why? Which clients are you most effective with? Which do you enjoy
the most?
4. Review your income, month by month: Look for patterns or relationships with
marketing efforts or community events that may impact your business. Does your
business go up when school starts or after holidays?
Can you capitalize on any of these cyclical patterns?
5. Review environmental changes: Has the community’s awareness of your skills or
services been impacted by someone else’s marketing, by news stories or
controversy this year? Has your neighborhood changed?
Have circumstances made your office more or less visible? Are other
professionals moving into, or out of, your neighborhood?
6. Review office policies and procedures: Do any of your forms, brochures, or
signs need to be up-dated? Is it time to add color and graphics? Can office
procedures be streamlined, computerized or contracted out for better
productivity?
7. Review your insurance coverage, lease agreements, partnerships and other
documents that impact your business. Is this the year to incorporate? Consult a
professional about making appropriate changes, and meet with your accountant for
a year-end review and tax planning.
8. Review every aspect of your professional status: Review your CE requirements,
renew your license(s), pay dues to your professional organizations, and be sure
your liability insurance coverage is adequate and current.
9. Identify and study the 3 biggest mistakes you made relative to finances,
business and marketing this year. What did you do, or not do? What did you
learn? What steps can you take so that particular mistake or set of
circumstances never holds you back again?
10. Be sure to acknowledge and thank everyone who has contributed to your
success this year, including referral sources, advisors, colleagues, and
especially your clients. Send holiday greetings, thank you notes, and where it’s
appropriate, send a gift or token of appreciation.
"Written by Dr
Philip E. Humbert, writer, speaker and success coach. Dr.
Humbert has over 300 free articles, tools and
resources for your success, including a great newsletter.
It's all on his website at: http://www.philiphumbert.com"
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