Why some private Medical Practices fail – Part 5
This is the penultimate article on the reasons why some private medical practices fail. There will be one more in the series and we hope we will have covered at least some of the essential points by the end.
The statistics on the failure of new businesses are alarming and Medical Practices are subject to the same failures that any other businesses experience – and possibly a few more! This is not a series just about failure though and we hope we have given some solid advice on how to avoid the potential pitfalls that may lie ahead.
We cannot do a full re-cap on previous articles, but for those who may have missed them they can be found on our website. In essence we have covered the main reasons for failure when starting up, like not having a good business plan and solid short and long term goals, as well as not being well positioned, or knowing who your target market is – and most importantly practicing poor financial management – one of the biggest reasons why some private Medical Practices fail…
We have offered some solutions to prevent these failures and in this article we look at a few things that involve company best practice in relation to that all important goal setting.
We hope this series on why some private Medical Practices fail… has been enlightening to start-up practices and to those who simply may need to get back on track. Contact us to find out more about our excellent services and watch out for more advice in the next final article.