The ways we measure the success of a business are often vague and oversimplified. In the medical field, a practice’s true success can’t be measured by overall profit alone. You must take into account different facets of your practice in order to gauge success, as well as keep improving over time.
Let’s look at how you can more accurately quantify how your practice is doing, as well as strategies for setting up short- and long-term goals.
What Does Success Mean to You?
Before you can determine your practice’s key indicators of success, you must define the goals you have for your business. What would it take for you to look back at the end of the year and feel great about your business? Of course, profitability is a factor, but what makes a thriving medical practice is different for everyone.
Big Goals, Broken Down
Once you’ve reflected on what your unique goals are, it’s time to break them down into actionable steps. As a leader, it’s your job to keep an eye on the big picture, but others on your team can’t effectively help you achieve your goals without understanding their role in the process.
Breaking down success indicators at every level of your business, from lofty annual goals to departmental and individual successes makes the strategic growth process more manageable and attainable at every level. Now, that sounds like a recipe for success!
We own multiple practices, and each year we set collective goals for all of them as one. We also set big goals for each individual practice. When deciding the year’s goals, we specify what different levels of success look like (i.e. minimum, good, great). Each member of our staff is aware of our sweeping goals and keeps a goal card with them. This makes it easier for everyone to keep their eye on the prize.
Departmental Success Indicators
Big goals can only be achieved when the different parts of your practice carry their weight. What does each department need to achieve to contribute to company-wide success?
Now for the most important question﹘ how can you back that up with data? By using quantifiable factors to gauge success, you eliminate opportunities for vagueness. Collecting data identifies the obstacle and finds a solution quickly, getting your business back on track without muddling through what could possibly be going on. Think about what you could measure within each department to better understand how they’re currently performing.
Individual Success Indicators
While it’s important for team members to understand company goals, it’s even more important for them to know what role they play in the process. The daily actions and decisions of each of your staff members are ultimately the threads that make up the tapestry of success.
Creating actionable steps to achieve bigger goals gives staff a clearer path to progress than unquantifiable ideas of success. By giving employees ambitious yet manageable individual objectives, you will increase overall productivity and keep everyone aiming for the same target.