Does your business ever feel held back by circumstances around you or the industry? You have a passion for what you do, you do it well, you might even have a faithful customer base. But, there is something in you that wants to share your talent on a broader scale. Get new patients in or open a new location. Perhaps you are like me, I’m introverted. Now when I sit down and talk with people they would not think that as I am confident and excited about what I do for a living and it makes me light up as I talk about it. However, I get anxiety prior to sitting down with people over coffee to talk business.
How do you grow and expand your practice when it is difficult to take those first steps? You need an team – an army of people/advisers who support your vision. You got this far…if your gut is telling you to serve more people thoughtfully consider it.
Small business don’t have and in-house attorney, a human resource director, or a CPA on staff. They look for trusted advisers to fill those roles, or they do it themselves. Let’s say you have a tax accountant – they might or might not have their CPA. You tell them (as most people do) you want to pay as little to the government as possible within the letter of the law of course). They prepare your return and show a loss over the last few years. Now that voice inside you says you want to expand with a location in the neighboring town…you go to your local bank naturally. They ask for your financial statements and/or tax returns. They take one look at your returns and say they can not present this to their underwriters because you would be considered “high risk” since you have not shown a profit.
Ask your lender how often that happens…I bet they will say it happens fairly often. Tax accountants KNOW TAX LAW very well. I honestly do not. I have someone prepare my tax returns or in the past have walked through Turbo Tax and many millions of people do. My company FinanSynergy adds value to independent and small group healthcare practices by developing a map to help guide the practitioner through growth so they are able to reach those goals they may have had in mind while still in school.
In healthcare I have learned how the payer system works – completely different than any other industry in the United States. I have done medical billing, contract negotiation, etc. The system is set up to benefit the big players – the hospital systems and large clinics. How does the independent practitioner or small group get a bigger piece of the pie – which includes not only money, but clients as well – being part of their network. You need an expert such as FinanSynergy (FinanSynergy.com) to come to bat for your. Your tax accountant won’t do this, your lawyer will review the contract and help negotiate…but you need someone who knows what you need in that contract – or what needs to be left out.
Do you as a small business owner have this team – consider it your leadership team – built? Leadership teams work together, collaborate, strategize, to meet the vision and the mission of your business in the most efficient way possible.
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