How To Grow In Changing Times: 5 Practical Strategies
Whether you are preparing for the end of the year or a more strategic positioning, these are changing times in the healthcare marketplace. Elections always influence the markets, but we are also in the midst of a dramatic evolution whether in long-term care, pharmacy/infusion, or Medicare home care/hospice.
While you may not be able to predict with accuracy how your specific market will be changing, there are some time-tested strategies that you should consider:
- Look at what innovators are doing and how it may be impacting you in the next 12–24 months. This is not necessarily about being an early adopter, but it may help you project necessary expenses and new revenue sources in the next year.
- Review your revenue projections for the next year and reevaluate the assumptions on which they are based. They may be true, but most of us continue to use assumptions with an affection for the past, not the realism required for the future.
- Spend thoughtful time with your customers and probe their true needs, including services or products that you don’t presently provide. Whether you offer them or simply help your customers connect with someone who does, you can strengthen the relationship.
- Assess your organizational structure with a lean eye. Is there any part of your structure not aligned with your strategic direction?
- Consider the potential trade associations and alliances that you can belong to, as well as those you don’t. When there is a market transition these are good information sources to help you evaluate your future options.
When times are changing some business principals tend to retreat and rely on their internal reality. This is not one of those times.