| Finance
More elaborately known as financial management, finance is critical to practice success. Watching cash flow, profitability, and monitoring performance is essential in setting up a new business to enable you to make decisions for your practice. This is an area that is often overlooked, but paramount to any successful business.
There are 5 key steps to gaining ultimate financial control of your practice:
- Have a clear vision and set actionable goals for your practice.
- Set an annual budget - to guide the practice to achieve its targeted profit and goals.
- Identify and set non-financial targets - to guide the practice to achieve its targeted profit and goals.
- Religiously monitor actual performance against budget, on a monthly basis.
- Identify monthly what’s working well, and what’s not working well, and then take timely decisive action.
Be proactive with controlling your finances. Take some time each month to really get to grips with what your financial statements mean, understanding your profit and loss account, balance sheet and cash flow statement and reviewing these regularly to enable you to spot possible areas for concern before they become serious issues |
