Blog
Why! Read on
If you are in ‘the Business’, and Healthcare is no different, it is easy to overlook your own condition. Monitoring performance and functioning abilities is neglected! Too busy, no time, no resources.
Sound familiar!
Your time is spent responding to market disruptions, price pressures and adapting to new business models. These are all challenges in an environment with cost management, a key objective of all agencies. It can be stressful and exhausting but it's critical you regularly check your Business health status to detect any signs of disease or problems.
Raises the question, ‘How is the pulse and heartbeat of your Business?'.
If X-rayed what will it show?’ How strong is the skeleton framework!
- Strategic Tax Planning – is this in good shape
- Structure – are the parts arranged to best support your operations
- Financial check – do your finances have a healthy heartbeat
- Benchmarking & Management reporting – are these monitored for performance
Tax Planning provides the opportunity to assess business and operational tax obligations before the end of financial year. Considerations such as, PAYG instalments, forecasting estimates and assisting with cash flowing for any pending residual tax liability or possible variations.
Take a closer look at your Super contributions. Are you using these effectively, to maximise deductions and facilitate future earnings.
Business/Wealth Strategy, at a personal level checking your own and family strategy goals and aspirations is a timely exercise. Are you achieving the best results and outcomes.
Structure: Is your business structured for optimal performance and efficiency and suited to your needs. Importantly, be prepared to undertake a Business Health Check to determine if it commercially best serves your Business.
Avoid setting and forgetting, the Healthcare industry is rapidly changing, and it is critical you stay up to date. Technology, funding and client demands impact your operations. Consider staffing performance, patient fees pricing structure and suppliers' costs.
Financial Health check: Finance, the heartbeat of your Business, it's a vital organ that needs nurturing supported with sound accounting practices, systems and processes. Keeping your paperwork, files, records and billing in good health is vital to survival, along with careful cashflow management to keep the pulse of your Business beating.
That’s where Blackburn Accounting your family Business specialist can help. Business Management, Taxation and Business structures are our field of expertise.
Benchmarking & Management: Ask yourself, how does the financial health of your Business compare to Industry standards. Do you know what they are? Is your practice performing well when assessing these factors;
- Have you reviewed patient’s fees
- Are you getting value with your suppliers
- Does your practice size fit your premises (rent)
- Is space fully utilized
- Is staff mix and wage costs appropriate
What to do with your results! If you are small Business you can get caught up in running the Business and true analysis can be put aside. Spending time in the Business is common, instead of time spent on the Business.
If that’s you, let us help ease the pressure. The Blackburn Team can provide the answers you need to run a successful Business that’s running at peak performance.
You may be a specialist, Cardiologist, Surgeon, Medical or General Practitioner, or one of the many Health Service Providers in the various fields, Pathology or Radiology, Pharmaceutical, Dentistry or an allied health professional.
This is where a professional accounting service can help reduce the pain. Just as you are Practitioners, experts in health, Blackburn Accounting is your family Business specialists. Our dedicated Team provides essential accounting services, adopting best practices and systems to support the health and wellbeing of your Business.
- Are you planning your next Conference or Finance Workshop?
- And are you looking for a ‘Professional someone’ to lead it?
- Need, want, an experienced, Presenter, Facilitator or Keynote Speaker?
Yes?
Who to contact?
Let me introduce you to Tim Blackburn, Accountant.
Tim is experienced in all these areas and skilled in public speaking and well equipped to present, facilitate or deliver a keynote speech.
And Tim is ready and available to make your next event the success you want it to be!
Profile:
- Director and founder of Blackburn Accounting
- CPA qualified accountant
- acknowledged public speaker
- active Member Toastmasters International
- Past Director Toastmasters WA.
- Past President WA Div of CPA Australia
Workshop Services:
Tims style
- develops the Workshop Program tailored to suit your requirements.
- prepares the materials and delivers content designed to meet the desired outcomes.
- focus on meaningful connection and interaction with audiences
How is your Business heartbeat! Is it pumping steadily?
Is your Business flourishing, functioning at full capacity or coughing and spluttering along.
Not well!
Don't put it off, seek help!
- Just as we are encouraged to look after our own health with an annual check-up, it makes good sense to undertake a health check of your Business.
- We all know the importance of having our body's major systems running smoothly and effectively to let us enjoy our activities, work, leisure and play. Our check-ups are the means to assess functioning ability and detect any problems. No different to your Business, a Health Check-up will assess components, measure performance, and identify deficiencies, and ailments. It will also reveal what is working well.
- In essence, a full diagnosis provides a current and comprehensive review of the Business financial stability, compliance risk, structure and key operational functions and processes. It allows you to see the ‘results’ and know the actual health of your Business! Importantly, if any ‘signs of disease’ determine what treatment is needed if any.
The benefits of undertaking a Business Health Check-up are many!
Let’s start with the top 7 areas to examine:
- Goal Setting
- Financial Status
- Mental Health & Wellbeing
- Workplace Safety
- Policies, Processes & Procedures
- Marketing
- Seek expert help if needed
1. Goal Setting: Provides a solid framework or skeleton, supporting your Vision and Mission statements that are both inspirational and motivational forces. Having well defined goals with a set of criteria helps you take control of your Business direction, provides guidance and the opportunity to monitor targets and outcomes. Following the SMART goal setting method is an option.
2. Financial Status: Debt, earnings and equity! Finances, the heart of every Business. Know your bottom line! A complete examination looks at stability, profitability, cashflow, and balance sheet. We all need a healthy heart beating!
With the start of a new financial year, it’s the perfect time to revisit your vision, aspirations and goals.
It starts with shaping and creating your year to achieve the best you can be in Business and in life.
Fulfilling your hopes and goals, can be challenging, particularly in the current economic environment and cost of living pressures. It’s a ‘testing’ time and you are not alone if you are finding yourself feeling a little deflated or sometimes almost defeated.
What to do! It’s more than just keeping going, it’s how to bounce back!
There are steps you can take!
6 Steps to Building a Better, BEST ever year!
- Believe it's possible!
Self-belief, and belief in others are the foundations of success, achieving your dreams. This isn’t about wearing rose coloured glasses or burying your head in the sand. It’s about facing the facts, building resilience and having the courage to believe.
To quote from Alice in Wonderland; ‘Alice laughed: ‘There's no use trying,’ she said; ‘one can't believe impossible things.’ ‘I daresay you haven't had much practice,’ said the Queen. ‘When I was younger, I always did it for half an hour a day. Why, sometimes I've believed as many as six impossible things before breakfast.’
For most of us, life isn’t a fairy-tale!
BUT the power of belief in the ‘possible’ shouldn’t be dismissed or underestimated.
- Know, Find your Why.
What makes you happy, fulfilled. Know the why, and what success means and looks like! Personal interests, career and more, whatever your endeavours know the measure of your happiness and fulfilment. Monetary reward can be included but it’s that deep feeling of satisfaction, along with energy and excitement that are true indicators of fulfilment.
- Attitude is everything.
For Business, Small Business it’s critical to have some understanding of the impact, the benefits and pitfalls of new technologies.
Yes, AI it’s here, it’s everywhere, we can’t ignore it!
If you are a small Business owner, it’s worth asking questions if or how AI functions may help your Business, or not.
There may be some applications, for example, robotics process automation (RPA) area. This allows you to automate repetitive, time-consuming tasks that take valuable human resources that could be doing higher level tasks. Sounds good, makes good Business sense.
And there’s more on this topic, watch for updates!