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Core Purpose of a Business

Reading Time - 3 min

 

Why you should spend 3 minutes reading this:

Failing to understand what you're doing as a business owner or manager will result in your business struggling or going bankrupt 

 

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Every business faces the same challenge:

 

What can I provide to a customer, where the cost to provide that product/service is less than what they are willing to pay for it. 

 

In the end, a practice/clinic is a business. If your costs become greater than your revenues, your ability to provide care in the community ceases. 

 

There are countless approaches you can take to keep your doors open. You'll need to ask yourself:

  1. What type of patients do we want to serve? 

  2. What do these patients desire to have?

  3. What is the patients' ability to pay?

  4. Based on the services/products cost, does their ability to pay keep us in business?

 

Although simple, if you're ever wondering, "Does what we're doing make sense?" Ask yourself the four questions above. 

 

Here are follow-up articles to the question above: 

 

Note these are being built out - if you want us to expedite completing one of them, click on the link and fill out the form on the page.

 

What type of patients do we want to serve? 

  1. Patient Segmentation 

  2. Identifying your ideal patient "persona(s)"

 

What do these patients desire to have?

  1. Discovery of Premium Products/Services

  2. Developing Patient Feedback Loops

 

What ability to pay is exhibited by these patients?

  1. Different Forms of Payment Methods

  2. Creating/Testing Value Packages

 

Based on the services/products cost, does their ability to pay keep us in business?

  1. Understanding Direct and Indirect ROI (return on investment)

  2. Double Down on your Best Investments

 

High-level actions you can take based on this article:

1. Develop a long-term strategy to continually best answer the four key questions above 

2. Based on those answers, develop operational teams to execute the work

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