Looking to Cook the Books šŸ²šŸ„„? Letā€™s Analize Your Medical Practice šŸ©ŗ &/or Business KPIā€™s & Benchmarking Instead šŸ¤©Monitor/Evaluate/Tweek/Repeat

Itā€™s still the beginning of the year and I feel this is still the best time to set your medical practice, law firm or business on the right track to have a successful AND less stressful 2025.Ā  Over the past few weeks I have discussed: creating or updating your business plan, listed out several important general best practices or business tips, averting a cash flow crisis, and utilizing input from your accounting professional to evaluate your business via review of Key performance indicators (KPIā€™s) and Benchmarking.Ā  For those blog posts, please click this link to the ā€œlatest newsā€ section of our website.

As itā€™s the beginning of our business year AND our tax season 2025 we too are ā€œworking onā€, evaluating and updating our processes too.Ā  Itā€™s not fun but can be so rewarding AND, working as a team with our advisors can be so helpful.Ā  Ā We love/hate our weekly huddles and reviewing and updating our 90-day action plan, but doing so helps keep each of us accountable and connected as most of us our firm members are working remotely.

Ramona and I have been working on the ā€œsocial media sideā€ of things, focusing more on tips for our business clients.Ā  FYI itā€™s also been so cold that I have not been spending as many mornings out on the beach, so hereā€™s a really nice shot from last week (I know many of you just click through for my photos)ā€¦

Monday Sunrise on Rockaway Beach, NY
Monday Sunrise on Rockaway Beach, NY

I tend to be a visual person as well as a #ā€™s cruncher, so I asked ChatGPT to help me create a visual of women professionals: medical practitioners working with their accounting professionals.Ā  Rather than ā€œcooking the booksā€ I was looking to illustrate how obtaining good actionable data (ingredients), then analyzing them would help us spot both growth and efficiency opportunities/process weaknesses to ā€œcookā€ up a pot of delicious profits.

AI is not perfect and the spelling is sometimes as awful as mine, but I wanted to share this visual ā€œin the worksā€ and remind everyone that their medical practice, law firm or business is fluid and a work in process.Ā  As long as you are working on your end goals and tweaking your processes, managing expectations, we can hope and expect a successful future.

 

Stir Up a Pot of Profits!
Stir Up a Pot of Profits!

Ā Final Thoughts/Recommendations:Ā 

Good data, a determined team and willingness to review and evaluate the current performance of your business can help you improve the performance and profitability of your business and the mood of your staff.Ā Ā Empower your business with help from a knowledgeable accounting firm, who is familiar with your industry.Ā Ā We at A. Parness Company love to work with our clients on planning and then help them set goals and keep them accountable.Ā  Check out this link on our website toĀ ā€œHOW WE WORKā€Ā for our three step process.

Ā Understanding and effectively utilizing key performance indicators and industry benchmarking data is a crucial aspect of successful business management. Whether youā€™re striving to optimize your financial performance, enhance customer relations, fine-tune marketing efforts, or boost employee productivity, the right KPIs can guide your decisions and drive growth.

Feel free to search or website for some of our complementary resources or get in touch:Ā Ā Contact usĀ if you have tax concerns, tax minimization questions or want to discuss the next steps for your business success and financial goals.Ā  Here is theĀ link to read our blog posts; use our search box for those posts specific to business growth.

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