Knowing what is necessary to navigate and create a successful business seems innate for certain people. However, is it possible for people that do not have an innate ability for business establish business acumen?
Business Acumen will give your participants an advantage everyone wishes they had. Participants will increase their financial literacy and improve their business sense.
When too much focus is placed on one aspect of the practice, it is difficult to make decisions for the good of the business. In order to make effective decisions, it is necessary for you to examine the big picture.
Each practice will have a different set of KPIs, depending on individual business needs. Creating and managing KPIs will improve the success of your practice as well as your own business acumen.
Risk management involves different strategies. The purpose is to identify and assess risks and prioritize them in order to monitor and reduce threats to the company.
To be successful, you must always be learning. As you gather knowledge, you will find yourself learning from your mistakes and improving your decision making process. The ability to recognize learning events will benefit you as well as the practice.
Running a medical practice is a complex enterprise. In order to look at the big picture in your practice, you need to know the answers to some basic financial questions. It is not enough for your accountant to know this information.
In order to see the big picture, you have to understand every aspect of the medical practice’s finances. Fortunately, anyone can improve financial literacy with some basic instruction and practice.
Financial literacy requires office managers to read and understand different reports such as the income statement, balance sheet, and cash flow statement. These internal reports along with external information that you gather, will help you lead a financially stable practice.
Managing people is a complex process, but developing your management skills will help you become an effective manager who achieves significant results.
Business acumen requires that you do more than absorb information. You need to think critically to about information and make your decisions accordingly.
Identifying the levers is the first step to addressing them correctly. Once you understand these key levers, you will increase your business acumen.