Business resolutions for health care business owners

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The New Year is a critical time for many business owners to 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 resolutions to make in the new year?

According to McKinsey & Company, the United States is projected to face a shortage of over 200,000 registered nurses and over 50,000 physicians over the next three years.[1] Provider growth and margins have already been squeezed by this dynamic, and the impact could be even worse. They said COVID-19 testing, vaccination and treatment, and the associated increased burden of behavioral health and other chronic diseases, could add an additional $220 billion in annual costs over the next five years. I am predicting.[2]

Given this information, it’s imperative that business owners take a step back and assess what they want to achieve in 2023. The New Year is a great time to solidify your company’s resolutions. Here are some resolutions to consider as you start the new year.

1) Review/update your financial plan. Regardless of whether 2022 was positive for your business or not, it’s imperative that you continually review your financial health. Where do you see yourself and your business in 5, 10 years? Are you on the right track to reach these goals? All of us were able to reassess our business needs and our own desires. Review your 2022 spending and use it as a base to create your next year’s budget.

To actually achieve these goals, it is important to continually review and update our financial position as necessary.

It’s also important to realize that there are financial professionals who can assist you through this process and create financial plans that enable you to implement financial strategies today that will help you reach your goals for the future. Don’t hesitate to schedule quarterly meetings with these experts.

2) People Care: Employees will actively advocate for what is right and support business decisions and initiatives when they know the company cares about them.

One way to show extra care is by reviewing workplace benefits. Workplace benefits are constantly changing, and the pace of change is accelerating. If you haven’t surveyed your employees in the last two years, consider doing so now. Find out what they need and where you can help.

3) Remember that culture is understood, not taught. Business leaders must articulate their purpose and goals and back them up with action. Words can rally people around a cause. But it is imperative to practice what you preach to your employees.

4) More collaboration and building trust: Work even more closely with your stakeholders (customers, suppliers, etc.) this year. Spending more time with stakeholders reveals opportunities for your business to grow, make more impact, and create more wealth.

5) Commit to creating long-term, multi-generational value: Regardless of industry or business type. Remember that your business should be part of society’s solution, not its problem.

Lynn Fryckberg and Lulu Zappy are financial advisors to UBS Wealth Management USA. For more business tips for 2023, please visit: [email protected] When [email protected].


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