In this month’s edition of Stay Connected, our Head of Accountancy has taken the work out of the Government’s mini budget and gives you the salient details of how it will affect you and your practice.
When was the last time you analysed your patient journey or even how your business functions in general? This month we look at how you can best do this to ensure your practice thrives!
We have examined how you can streamline and improve your patient journey to make onboarding new patients easier and ensure that they return to your practice long-term, helping boost patient retention and increase profits.
Our specialists have examined how strategic reviews can benefit your practice, helping you identify your strengths and weaknesses. Conducting a well-rounded evaluation across all elements of your business can help you adapt and grow and remove any issues before they become detrimental.
And finally, we know that NHS wait times are encouraging people to turn to private medical care. We have looked at 5 things private practices should consider to meet the needs of self-pay patients to help grow your practice and ensure their needs can be met.
Hello and welcome to the July edition of our newsletter.
he sun is shining and everyone’s getting ready for the first Summer of restriction-free travel, more importantly, business seems to be booming for many of you, which is great to see!
For the last few months, one of the top news stories each day has been related to the increasing cost of living in the UK. In this issue, we are taking a more in-depth look at the cost-of-living crisis and what this means for employers.
Our Managing Director, Jane Braithwaite has also been busy answering Independent Practitioners’ FAQs on how to take advantage of the self-pay boom to increase your profitability and grow your business.
We would like to round up the issue by introducing you to our management team who head up our specialist teams across the business.
We are here to help provide professional services and advice for your business’, if you have any questions please don’t hesitate to contact our friendly team.
Hello and welcome to the March edition of our newsletter.
e have a lot to cover this month so we’ll jump right in! Our HR and Recruitment Manager has written an insightful article this month on diversity and inclusion. We shine a light on recruitment tools, resources and techniques to help meet your diversity goals.
We take advice from experts at XERO on how to manage cash flow and income, particularly in these inflating and politically turbulent times.
At Designated we are delighted to introduce our newest member to the leadership team. Our new Head of Medical PA Services, Jo Mitchelson. I’m sure she will be in touch with you all shortly. In the meantime, please don’t hesitate to get in contact with her at firstname.lastname@example.org
Finally a few admin notes, we have updated the company terms and conditions and these are available on our websites should you wish to review them.
Going forward we will be distributing our newsletters on a quarterly basis, this helps us to ensure we are serving up the most valuable content and information within every communication.
Content from this article was originally posted by XERO.
While there are many advantages of being your own boss and running your own small business it isn’t always easy and it can come with hurdles you didn’t even know existed. Then throw in 12 months of restrictions, lockdowns and uncertainty. The scale of the impact felt by the self-employed is abundantly clear in research by simply business. They found Covid-19 will cost SMEs an estimated £126.6 billion – double what owners predicted it would cost them. With six million SMEs in the UK – accounting for over 99% of all businesses, 33% of employment and 21% of all turnover – this £126.6 billion hole in the books of small businesses is a huge blow to the economy.
It’s been a lean time for small businesses, and especially the families supporting them.
Xero’s small business trends report shows that 60% of small business owners are worried about their household finances running low. So while 2022 will hopefully be a year of rebounding sales and revenue, owners really need that to carry through to the business’s bottom line.
What the experts say
“Businesses must analyse margins and focus on the products and services that generate actual profits as they try to restore cash to the business,” says Ya Wen How, an accountant at AccountServe, who participated in the report.
While there will be a temptation to withdraw any spare cash from the business as ‘owner’s drawings’, experts say it’s important to be mindful of upcoming and potentially unknown expenses.
“Owners often overlook upcoming business expenses when taking drawings, which creates cash flow issues later,” says David Stephens, an accountant at Stephens Financial Services. These cash flow issues create further disruption to the household budget because money has to be put back into the business.
“Rather than clearing out the business bank account, owners are better off paying themselves a modest amount at regular intervals,” Stephens advises.
Takeaways for small businesses
There are a few things small businesses can do to help support their recovery according to Xero’s small business trends report:
Analyse your business margins and focus on products that generate the most profit
Create a ‘rainy day fund’ within the business so you’re not constantly loaning it money from your personal savings
Schedule regular, sustainable drawings to ease home budgeting
Keep your regular drawings modest, as you can always give yourself a bonus payment at the end of a good year
Hello and welcome to the February edition of our newsletter.
Where has the year gone already?! We do hope you have gotten off to a good start though, and business is going well. In this months newsletter, we’re talking HR, Recruitment and Accountancy. In a new series for The Independent Practitioner Today, our Managing Director, Jane Braithwaite answers reader questions relating to running and staffing a private practice. This month looks at the responsibilities around hiring a personal assistant from an employers perspective. This ties quite nicely to our next article on how the recruitment process of a new team member isn’t over once the contract is signed, induction is still a major part of the process and how the first few months are highly important for both parties. Finally, we look at some of the recent HMRC announcements and what this means for private practitioners.