The year is coming to an end. 2020 has had its fair share of challenges and learnings, and many are happy to leave it behind. But have you looked ahead to 2021?
If you haven’t yet, now is the time to start establishing goals that will set you up for success as you navigate the next twelve months.
It may feel like your practice is having success (or not) but setting and measuring goals provides actual evidence of that success. The degree to which you are able to meet goals will help you make important business decisions moving forward. Goals are key in small business management in that they help you achieve positive business outcomes, plan financials and budgets, set a direction for employees, and ultimately, grow your practice year over year.
Developing effective goals requires an evaluation of your practice’s current state. To get started, use a SWOT analysis – a method for recognizing all factors involved in making a business decision. A SWOT analysis helps you identify strengths, weaknesses, opportunities, and threats.
Strengths and weaknesses are internal factors, like available resources and existing processes. Opportunities and threats are external factors, like industry trends and regulations. Involve other members of your practice in your analyses to get different perspectives.
Your final list will likely be a mix of quantitative and qualitative goals. Quantitative goals can include increasing patient acquisition, patient retention, hearing aid sales, and patient and/or physician referrals. Qualitative goals can include enhancing patient and employee satisfaction and expanding your online presence.