In business, it pays to get the right advice.
Medical practices have needs, just like "big business". In many cases, these needs are even greater, so it becomes imperative to partner with a business advisor you can trust--an advisor with experience working with owners of small and mid-sized medical practitioners.
An advisor much like us at Gynesis Group.
My practice is growing, but cash is tight. How can I fix this?
There are times when the life cycle of any medical practice when cash is tight. How do you prepare for it? One way is to make sure you have adequate financial management systems working for you. For example, a financial ratio analysis can identify key drivers of cash. A cash flow statement will assist in planning for any cash shortfalls. Once the fundamentals are in place, we can help you implement achievable goals and monitor the ongoing performance of the business to ensure your financial goals are being achieved.
I seem to pay a lot in taxes. What can I do to minimize this?
Some practice owners never see a tax problem coming until it's too late. That's where we can help. We will conduct regular reviews of your practice to identify tax obligations and show you what you can do to minimize taxes through the effective use of superannuation and other tax-efficient investment options. You and your family will benefit from our extensive experience and specific taxation expertise.
I want to take more holidays and work fewer hours.
Instead of working ON your practice, are you always working IN it? Why can't your practice manage without you? If you don't know the answer to those questions, we can help you find out.
It may mean that others will have to take on more of your day-to-day operational responsibilities, or you might even have to change some of your processes. But whatever has to happen, we'll also put some of your goals in place that will free you up to enjoy a lot more of life outside of work.
And to make sure that your medical practice continues thrive and survive, we will develop key drivers and performance management measures. So, when you're not IN the practice, the practice can keep functioning as if you were.
When it's time to retire, who will buy my practice?
One of the most important decisions you will ever make is when you exit your practice. We have developed a clear process for owners to fully monetize their practice asset at the time of their choosing. We call it "Transition Planning". There are many elements that make up a transition plan, and it might take up to three years to get your practice ready for sale at the best possible price.
It is critical to get the practice in a position where it is attractive to buyers and where it can achieve a sale price that will fund your lifestyle needs in retirement.
What does it take to develop an effective team?
Team building can liberate you from the day-to-day operations of the business. We have the tools to measure employee morale and identify areas for improvement. Understanding what is expected of employees is often enough to motivate them to become part of a cohesive team.
Whether you need assistance in developing a team performance management system or staff development program, we can deliver it.
How can I generate enough profit to support my lifestyle needs?
Whether it involves a child's education, a mortgage, or that investment portfolio, it all takes money. Is your income enough to support your current lifestyle needs? We can work with you to determine the current return being guaranteed by your practice and work on ways to improve your income.
As part of the financial review, we can build a budget for the practice and implement key performance drivers that will improve profitability and performance. We can also conduct ongoing performance monitoring to endure that your goals are being met.
What can I do to reduce my financial reliance on my practice?
If your primary asset is your practice, you will need to create a plan for reducing your reliance on the practice income-- most likely by building assets outside of the practice. This usually means freeing up cash to fund those outside investments and managing that investment income to ensure that you get the best possible financial return.
Of course, there is tax to pay on most income producing investments, but we can advise you on the most tax-efficient ways to structure these investments.
How can my practice operate at a high level of performance?
Like any form of wealth creation, building a high-performance practice takes time, patience, and a lot of hard work. But all that gain can evaporate overnight if you aren't vigilant in monitoring the actual performance against the budgeted performance.
We can structure a practice plan with key performance indicators and ensure that all of your business processes, including strategy and financial management, are aligned to support your objectives.
In a highly competitive industry, how can I grow?
We believe a practice should be able to grow and generate profits into the future. But to achieve sustainable growth, you need a competitive strategy and a rock-solid business plan with clearly defined objectives. We have helped many businesses in a variety of industries achieve their growth objectives while at the same time ensuring they had a financial strategy in place to fund that growth.
Understanding your strengths and weaknesses in relation to your competition is only a starting point, but it is a very important part of any growth strategy.
I need help to identify my needs and goals.
We have found that an approach that starts out with a goal-setting meeting that sets the foundation for aligning the owner's personal objectives with the business's objectives. We develop an "action plan" that lays the groundwork for achieving these goals and meet with you regularly to ensure that everything is going to plan. And, if there is any slippage we can undertake remedial steps to get everything back on track.
Experience Counts. Results Matter.
Our firm has recognized experience working with SME clients. For your reference, we have provided a brief sample of some of the businesses and individuals who have achieved their business goals working with Gynesis Group.
AN INTERNATIONAL ORGANIZATION was experiencing high turnover. Gynesis Group performed a Business Diagnostic and Planning Session. After implementing our recommended changes, the organization was able to reduce staff turnover, increased efficiencies, and ease of operation in several key departments.
A CONTRACTOR FOR SEVERAL LOCAL SPORTS ARENAS had cost overruns. Gynesis Group performed a Business Diagnostic and Assessment. We recommended the company create training manuals and revamp its procedures and processes. The company was able to reduce seasonal staff working hours by 30 percent and reduced cost overruns by 45 percent.
A MANUFACTURER NEEDED ADDITIONAL FINANCING, but did not have audited financial statements. We cleaned up two years of their books. Gynesis Group led their inaugural financial audit. We worked closely with the CPA to complete a clean audit. The owner stated he was able to sleep at night knowing that Gynesis Group was working to help him attain financing.
AN ADVERTISING BUSINESS has a large outstanding accounts receivable which led to cash flow problems. Gynesis Group performed a Business Diagnostic and Assessment, which allowed us to formulate strategies to remedy many of the business's issues and challenges. We assisted the company with the implementation of the strategically planned best practices, and the company reduced the outstanding accounts receivable by more than half within 90 days of completing the Business Diagnostic and Assessment.
WE WORKED WITH A SUBSTANCE ABUSE FACILITY which wanted to increase their revenue and grow their client base. We performed a Diagnostic Business and Assessment. By implementing recommended strategies, the company increased their client base by 15 percent, reduced staff turnover, and increased revenue by more than 30 percent.