The new year is a big time when many business owners hit the refresh button and look for opportunities to change and improve their company. If you own a healthcare business, have you ever wondered what decisions you’ll be making in the new year?
According to McKinsey & Company, the US is expected to face a shortage of more than 200,000 registered nurses and more than 50,000 physicians over the next three years.[1] Supplier growth and margins are already strained because of this dynamic, and the impact could worsen. They predict that testing, vaccination, and treatment for COVID-19, and the associated increased burden of behavioral health and other chronic conditions, could add an additional $220 billion in annual costs over the next five years.[2]
Given this information, business owners must take a step back and assess what they hope to accomplish in 2023. The new year is a great time to make resolutions for your company. Here are some resolutions to consider as we start the new year:
1) Review/update your financial plan: Regardless of whether 2022 is good for your business or not, it is imperative to keep reviewing your financial situation. How do you see yourself and your business five or ten years from now? Are you on the right path to achieve these goals? Over the past few years, all of us have reassessed our business needs versus our needs when it comes to budgeting. See what you’ve spent through 2022 and use that as a basis for planning your budget for the coming year.
Constantly reviewing your financial situation, and updating it where you see fit, is critical to actually achieving these goals.
It’s also important to realize that there are financial professionals who can help you in this process and can develop a financial plan that will enable you to implement a financial strategy today that will help you achieve your goals in the future. Don’t hesitate to schedule a quarterly meeting with these professionals!
2) People who care about you: When your employees know that the company cares about them, they will be more than willing to speak up for what’s right and support business decisions and initiatives.
One way to show extra care is to check out your workplace benefits. Workplace benefits are changing, and the pace of change is accelerating. If you haven’t surveyed your employees in the past two years, consider doing so now. Find out what they need and how you can help.
3) Remind yourself that culture is captured, not taught: Business leaders need to clearly communicate their purpose and goals, and back it all up with actions. Words can unite people around a cause. But it’s important that you practice what you preach to your employees.
4) Enhance collaboration and build trust: Work more closely with your stakeholders (eg, customers and suppliers) this year. Spending more time with stakeholders will lead to more opportunities for your business to grow, make further impact and create more wealth.
5) Long-term commitment to creating value for generations: Regardless of industry, regardless of industry. Remember, your business should be part of society’s solution, not the problem.
Lynn Fryckberg and Lulu Zappy are financial advisors to UBS Wealth Management. If you want more tips for doing business in 2023, you can reach them at lynn.fryckberg@ubs.com and lulu.zappy@ubs.com.
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