How Physicians Benefit from a SWOT Analysis and Strategic Business Goal Setting
What is a SWOT Analysis A SWOT analysis is a framework used to identify and understand your strengths, weaknesses, opportunities, and threats. These four factors play a critical role in assessing the overall health of your practice, and they can be used to strategically plan for the future of your business. Strengths and weaknesses are […]
Cloud Accounting Migration Support for Physicians and Medical Practitioners
Saving time, energy, and money is a result of making strategic decisions to improve efficiency and performance. One such decision is migrating your accounting systems and processes to the cloud. What is Cloud Migration and Accounting? Cloud migration is the process of moving your accounting systems and data from traditional on-premise and/or offline systems and […]
How Bookkeeping Can Help Physicians
Good bookkeeping is the foundation of your ability to make great business decisions that are based on reliable information. Up-to-date and accurate bookkeeping provides you with a record of historical financial information that can be analyzed to spot trends and make adjustments to achieve the growth, profit, and outcomes you desire. For many physicians, bookkeeping […]
Maximizing Success for Physicians: Strategic Insights and Ongoing Support
As a physician and business owner, your ultimate goal is likely to provide your patients with the best possible long-term care. To achieve that goal you need to have success and profitability in your business so that you can offer your services for as long as possible. That’s why SWOT analysis and strategic goal setting, […]
Profit Improvement Strategies for Physicians
As a physician, you have invested significant time, effort, and resources into your medical practice. However, with increasing competition and a changing healthcare landscape, it can be challenging to achieve the level of profitability you desire. Through integrated planning and ongoing support, you can improve your profit. Integrated Planning for the Future One of the […]
Time Savings for Physicians and Medical Practitioners | Simplify Your Accounting
Physicians are busy professionals who have to balance the demands of patient care with the needs of their business. One area that can often cause stress and headaches is accounting. Keeping track of expenses, managing payroll, and staying on top of tax obligations can be time-consuming and overwhelming. However, by implementing a few simple strategies, […]
Small Business Succession Planning | How to Plan for Successful Succession
According to the Canadian Federation of Independent Businesses (CFIB) report released in January 2023, 76% of small business owners plan to exit their businesses within the next 10 years. However, only 9% have a formal succession plan in place. Some common obstacles to succession planning include: Completing a business valuation Improving the value of your […]
How to Avoid Physician Burnout | Tools for Saving Time and Improving Efficiency
What is Physician Burnout? Physician burnout affects people in all specialties and practice settings. It’s a long-term stress reaction that often includes: Feelings of decreased personal achievement Depersonalization (a lack of compassion or empathy for patients) Emotional exhaustion What Causes Physician Burnout? Physician burnout is caused by many factors, but the burnout epidemic is often […]
Tax Planning Strategies for Business Owners | Pipeline Planning
How to Draw Money from Your Business There are several ways to draw money from your company, and they each have different consequences and advantages when it comes to tax planning and optimization. Drawing money from your company can be done through: Salary When you take a salary, the company manages your income tax deductions […]
Understanding and Increasing Your Personal Net Worth | Advice for Physicians
What is Personal Net Worth Your personal net worth is based on the value of all your assets minus the value of your liabilities. What would you have left after selling everything you own and then paying off your debts? That is your personal net worth, or PNW. Your assets may include cash and anything […]