Going for broke

There is a business growth strategy that has gained popularity in recent years. It’s been most prevalent in technology businesses, but that doesn’t mean that healthcare businesses are exempt. Going for Broke, while perhaps initially feeling less dramatic than other strategies for business, is still dangerous.

In this strategy, business owners are so focused on accelerating their growth through their services or products that their businesses often fail as a result of their own momentum. There’s often a little too much reliance on ‘it’ll all work out’ and, ‘we’ll cross that bridge when we come to it’. 

But reliance on luck and chance usually doesn’t pan out long term. These businesses thrive on trends but lack the foresight to be long-lasting. That means that eventually when a more well thought out business arises - things dissolve into chaos pretty quickly. There is always competition, and while it may feel like there’s a rush to get your doors open and patients coming in, it needs to be tempered with strategy. 

These businesses are focused on service, or products too much. They haven’t established enough of the business functionings to having staying power. These businesses serve to remind us that it’s important to ask questions about the operations of your business. 

• What system will you use to keep track of bills? Who will manage this? The monotony of business may seem annoying, but it’s vital. Organisational systems will actually save your business money and time in the long run. 
• What is your plan for adapting to new challenges? Who is looking ahead and visioning for the businesses future. It cannot be assumed that people will always want the same things. Businesses need to be ready to adapt to meet the needs of their clients. For you, this may mean continuing to remain apprised of new heath treatments or technologies to reduce wait times. 

People with a business ‘Going for Broke’ often seem to claim that the closure of the business is just a result of doing business in their field. They’re passionate and excited, but don’t realise that many of the pitfalls may have been avoided. Longer-term business strategies look at ways to be more sustainable and therefore are more financially viable over time. 

Are you going for broke with your business?