The healthcare sector has been booming in the UK, with spectacular growth rates fuelled by an influx of game-changing companies. Right now, if you can stand out from the crowd, then the opportunity is there for the taking.
At Berley, we know a thing or two about seizing the opportunity when it comes around. That’s why our business growth team can provide you with ten tips for growing your business in this industry.
1. Look to AI
Artificial intelligence is transforming the healthcare sector, and it would be foolish not to consider the benefits. AI technology can assist with everything, from analysing scans, to diagnosing patients, and even speeding up the administration following a diagnosis.
2. Involve all your staff
If you want to get anywhere, then your team needs to be on the same page. Share your business growth goal with them and make sure everyone is working together to achieve it.
3. Consider digital solutions
Similar to AI, digital solutions can involve anything from moving data to online storage to using conference calls with staff to save travelling costs. For example, managing your financial data with Xero’s cloud accounting software can protect your business data, understand your real-time cash position and much more.
4. Manage your online presence
Marketing is the key to any business, and nowadays, the internet is the platform to use to reach your target audience. Having a solid online marketing strategy that includes a professional website and actively posting on social media will boost your reputation and attract new customers.
5. Find new allies
Keep an eye on those around you, as not everything needs to be a competition. In an industry that has such a large influx of new companies, the opportunity of finding a beneficial partnership is high.
6. Be patient-centric
It seems clichéd, but it’s said often for a reason – excellent customer service is the cornerstone of a successful healthcare business. You should focus your business around creating the best experience possible for your customers, as doing so will naturally grow your reputation, and by extension, your business.
7. Exploit a new angle
It’s no secret that the recent growth in the healthcare industry is partly a result of startups looking to revolutionise the space. You need to evaluate what makes you stand out from others (identify your USP), find the angle you’re pitching and work it so that you are a unique presence in the market space.
8. Keep your paperwork in order
Any business growth comes with an increase in the amount of paperwork too, and for the unprepared, it can be overwhelming. Consider looking to our specialist financial services to deal with the financial side of expanding your operations.
9. Consider telehealth
Telehealth is the remote exchange of patient data to better facilitate diagnosis and treatment, often via apps. Telehealth isn’t something you can afford to ignore as it brings the healthcare industry into the 21st century and makes medical advice, diagnoses and treatment more accessible. Research and consider whether you should be implementing it into your business or not.
10. Think SMART with your goals
Whether it’s to drive traffic to your website or to boost sales, it’s best to have a goal in mind when growing your business. For an increased chance of successful business growth, create a goal with the SMART system. SMART goals should be Specific, Measurable, Attainable, Relevant/Realistic and have a Time-frame. They will help you know exactly what you want to achieve and allow you to create a solid plan to reach that goal.
How can Berley help?
As chartered accountants for healthcare companies in London, we can provide financial advice specific to your healthcare business. From maximising your GP income to making your surgery tax-efficient, we work with healthcare companies across London to provide them with sound financial, accountancy, and tax planning advice.
If you have a growing healthcare business, call us on 020 7788 8261 to discuss your business growth strategies with our specialist healthcare accountants in London.
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