Time for a mid-year check-in to make sure you are on track
The health care industry has faced significant challenges in recent years, including financial uncertainties, rising costs, growing cyber security threats and talent shortages. As we approach the midway point of the year, it is important for health care organizations to reassess their strategies, prioritize employee support, explore market expansion opportunities, nurture existing client relationships, and evaluate financial performance. This article provides key recommendations for health care business owners to help them achieve their goals, adapt to changing dynamics, and foster growth in a volatile economic landscape.
1) Refocus on long-term strategic planning
Amid market uncertainties, it is important for health care business owners to ensure their liquidity and short-term finances are stable. This allows them to shift their focus towards long-term strategic planning. Reviewing and adjusting business plans for 2023, as well as three- and five-year plans, is essential. Consider how recent macroeconomic trends, volatility, and inflation have influenced your company's perspective and spend some time identifying new challenges and opportunities. Prioritize initiatives that drive growth and enhance the company's valuation, while reflecting on progress made in response to the pandemic and supply chain disruptions. Demonstrating strength and growth in today's environment is crucial for attracting a premium valuation.
2) Prioritize employee support and engagement
In a competitive talent market, health care organizations must go the extra mile to support and engage their employees. Establish a personal connection by showing care and concern, emphasizing your availability for career development support. Midyear is an excellent time to clearly communicate the benefits offered to employees, which may be overlooked. These actions can help reduce the burden of employee turnover and foster a loyal and motivated workforce.
3) Pursue market expansion opportunities
In times of economic uncertainty, proactive marketing campaigns can position your health care business for growth. If the survival and maintenance of your business are under control, investing in expanding your brand through social media platforms can help yield significant returns. These cost-effective strategies can bring you closer to your target audience, bolster brand recognition, and attract new customers.
4) Nurture existing client relationships
While efforts to attract new customers are important, health care business owners must not neglect their existing client base. Continually engaging with clients, offering support, and demonstrating optimism are essential for building trust and loyalty. Maintain regular communication through conference calls, webinars, educational content, promotions, or even simple check-ins. Staying visible and engaged fosters strong relationships and can lead to long-term growth.
5) Evaluate financial performance
Midyear is a good time to take a comprehensive look at your health care company's financial situation from a macro level. Assess profit progress against goals, considering the recent rise in interest rates and its impact on your financing needs. If your earnings are not on track, reassess your goals and develop a new game plan for the remainder of the year. Identify areas that require increased effort and consider canceling initiatives that are not yielding desired results. Transparent reporting and metrics can provide insights and help steer your business in the right direction.
As the health care industry faces ongoing challenges, business owners must navigate the complex economic landscape by prioritizing long-term strategic planning, supporting employees, pursuing market expansion, nurturing client relationships, and evaluating financial performance. By implementing these recommendations, health care organizations can position themselves for growth, adapt to changing circumstances, and thrive in the face of uncertainty. Collaborating with financial advisors throughout the year can provide valuable expertise and guidance for seizing growth opportunities.
Brett Hina is a Financial Advisor with UBS Financial Services Inc. a subsidiary of UBS Group AG. If you would like to learn more about what your business should be looking to do as it hits the midway point of the year, Brett can be reached at firstname.lastname@example.org.