When was the last time you and your leadership team spent some time taking stock of your business and creating a strategy to meet your goals? Whether you are a huge corporation or a small business, taking the time for strategic management is essential.
ENVIVE Solutions is the second business I have founded or co-founded and I cannot imagine NOT thinking about strategy as a regular part of our business.
Strategic management is the framework for sustainability. Essentially it is the process of regularly assessing what your business can do better, what is going well, where it stands financially, and determining business needs. Then using this information to make a plan to reach your business goals.
Martin Luther King, Jr., said: “The difference between a dreamer and a visionary is that a dreamer has his eyes closed and a visionary has his eyes open.” Regardless of the original context, it fits well in the world of business. If you don’t have your eyes open to your business’ financials, if you aren’t paying attention to the trends in your business and industry, how can you effectively plan, avoid crises and stay sustainable?
Some best practices of strategic management include:
Referring to your business’s mission, vision, and values statements as guiding principles for strategic management (and strategic planning).
Creating a strategic plan every 1-3 years.
Review your strategic plan at least twice a year to evaluate progress and determine if changes are needed.
Conducting a monthly review of financial reports including an accounts receivable aging report, current billing, denial report (for medical and behavioral health providers), profit and loss statement, balance sheet, and bank statements.
Reviewing financial reports every quarter with a bookkeeper or certified public accountant (CPA).
Conducting an annual review of your business’ chart of accounts with CPA (or other financial staff as applicable).
Make getting regular input from the team part of routine business practices.
Analyzing the business’ strengths, weaknesses, opportunities and threats is another way to look at all aspects of the business. (SWOT Analysis)
So, are you a dreamer or a visionary?
If you want to know more about Strategic Management and are a New Mexico-based leader in the behavioral health field, please join us for our next workshop on April 20th.
In May, we dive into Strategic Planning. You can find out more information here.
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