At the very start of November, the Melbourne Cup race was won by Almandin. Horses need to have blinkers on their heads to stop them from being distracted by what’s going on around them. Businesses do not. A horse should only be looking ahead, and hopefully toward the finish line. However, a medical centre needs to take stock of its current position and cannot only focus on the end goal.
IBISWorld data shows that there are 41,145 medical centre businesses in Australia, in an industry worth around $12 billion. If you’re trying to make your business profitable in such a busy market, then you need to be better than the rest. That’s where business advice from DBS Accountants can come in handy.
What do you need to consider when running a business?
There’s more to being a successful businessperson than never going bankrupt. If you have a set of your own blinkers on that forces you to only look at the finish line in your medical centre, then you’ll miss all of the important things. You’ll miss employees needing help with a task, or software that needs to be upgraded so your accountant can have real-time access to your data. You’ll fall behind, and a Smart Company article from November 2 points out that the problem is far deeper than just failing to turn a profit.
If you don’t focus on the present day, your team members could lose motivation.
If you don’t focus on the present day, your team members could lose motivation. They won’t be recognised for completing small, sometimes difficult tasks, because their boss will only be concerned with how it all affects profitability. They’ll burn themselves out by working too hard to impress that same boss or business owner, leading to them having to take time off work. If people start to notice that you’re only looking at making money, they could become cautious about their job security, because if they make one little mistake that might impact profitability, they’ll feel like you’re going to fire them.
That’s no way to run a business.
What can you do?
If you’ve been looking at the big picture, rather than focusing on smaller, important aspects one at a time, then you could already have fallen behind. Your employees might be discontented, and you’ll have to work on that. But what happens to your accounting during this time? It’ll still get sorted out, but only if you hand the reins over to an experienced and professional team, like the one at DBS Accountants.
For business advice about how to keep your medical centre business efficient and effective, make sure to get in touch today.