Strategy: Impact / Lift Matrix
Reading Time - 4 min
Why you should spend 4 minutes reading this:
Deciding to focus on the right things will result in +5-15% improvements to your bottom line
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What should we focus on and in what order...?
At its crux, strategy = prioritization
If you want to confidently say that your business is strategically sound, you'll need to develop strong systems to encourage effective prioritization.
There are many ways to do this, we have included one of them below.
First: Pick a timeframe:
Are you looking to improve your business over 1-year or 5-years? (you can have several time- frames, we'd recommend running the process for each one)
Then Ask:
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What is the bottom line benefit from this project? (impact)
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What is the cost to execute the project? (lift)
If you work through this exercise, you'll be able to plot your projects across the impact/lift matrix:
Once you have your different projects spread across this matrix, it will result in the best road-map for the success of your practice/clinic.
If you need help with this matrix or your strategic roadmap, we can help.
High-level actions you can take based on this article:
1. Develop the best prioritization framework for your team
2. Map all your projects onto your framework
3. During your next planning/strategy meeting begin focusing on what matters most
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Articles if:
I am a physician in a practice or clinic
I am looking grow my practice or clinic
I am looking to sell my practice or clinic
