1. Develop an annual business plan and set goals. Reflect on your overall vision for your practice. Think about where you are now, where you want to be by the end of the year, and what it will take to get you there. Build a 2018 business plan outlining your goals and the tasks you must complete to stay on track to meet them. Set your annual budget and be sure to include line items for marketing, equipment, staffing, etc.
2. Consider real estate options. Your real estate costs amount to a huge chunk of money. There may be ways to optimize your current location to improve your bottom-line and help you meet your goals. If you own your building, consider possibilities for refinancing. If you are leasing your space, contemplate how it supports the vision of your practice. Is it too big…too small…out of date? Weigh all of your options. Based on your business plan, does it make sense to buy, renew your lease, relocate to a new space, add another office, or none of the above? Where are you in your lease term? If you are 12-18 months from lease expiration – it is time to take action!
3. Make time. Now that you have a plan, make time to actually implement it. Institute monthly checks to ensure you are driving towards the goals of your practice. Acknowledge each milestone you reach and take a moment to celebrate your accomplishments.
We know there is barely enough time in the day to see all your patients, much less think about real estate. Contact Crown Tenant Advisors today for a complimentary lease review and start 2018 off right!
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