The Blueprint for Financial Health: Integrating Holistic Strategies in Your Clinic
The Need for Holistic Financial Strategies
Welcome to the only blueprint you’ll ever need for the financial health of your clinic. It’s a new year, so why not start on the right footing with a financial strategy that’s actually going to work for you?
This blog is all about holistic financial planning strategies and their unique benefits for health clinics in Canada. Before we discuss the need for holistic financial strategies, it’s important to understand what they are.
While traditional financial strategies usually apply one template to every situation and target one specific financial area, holistic strategies are more comprehensive and better suited for clinic management.
They look at your business legacy goals, your personal goals, and individual financial status for personalized strategies that are tailored to your needs and fluctuating market trends.
Benefits of a Holistic Approach
Since clinic management styles vary from one health practitioner to the next, there is no doubt a holistic financial planning brings innumerable benefits to this niche. Not only does this approach help you achieve your goals and reduce stress, but it also answers questions like ‘Am I saving enough’ or ‘Will I be financially secure when I retire?’.
In a nutshell, it gives you confidence and clarity about your financial future, relying on planning rather than guesswork to get you to where you want to be.
Here are some of the benefits you can expect when integrating holistic strategies into your clinic finances:
Personalized
Adaptable
Builds confidence
Eliminates guesswork
Here’s What You’ll See in this Blog:
Key Components of Holistic Financial Strategy
How Professional Services Enhance Financial Management
Clinics Thriving with Holistic Strategies
Crafting Your Clinic's Financial Future
Before we dive in, want to know how you can kickstart holistic financial health for your clinic right now? Click below to get your FREE bookkeeping template designed by Tyagi Group Accounting specifically for health professionals.
Key Components of Holistic Financial Strategy
So, how does a talented health professional like you become as confident about your finances as you are with your patients? There’s no need to worry if you haven’t been managing your business finances holistically because there is always time to implement strategy essentials that will get you on the right path.
Below are five key financial components you should include in your holistic strategy.
5 Strategy Essentials to Put into Action for Holistic Financial Planning
1. In-depth Conversations
An effective strategy requires thinking deeply and carefully about your financial goals for your business and for yourself. Speak openly with your team, your business partner, your financial advisor and your accountant about your current challenges, as well as your fears and dreams for the future.
2. Extensive Research
The great thing about this approach is that it’s comprehensive. Instead of applying a textbook formula to your finances, research detailed methods for budgeting, investing, saving and more. Consult a professional to unlock powerful ways to maximize returns while aligning with your goals.
3. Setting Goals and Timeframes
By setting clear goals with deadlines assigned to each one, you can effectively avoid aimless spending. This is especially useful in the health industry, where there are fluctuating market trends and periods of high and low patient volumes. Create a clear timeline to accelerate your holistic financial success.
4. Ongoing Analysis
This is one of the financial components of holistic financial planning that makes it so adaptable. Compared to rigid traditional strategies, this method encourages you to review your business finances constantly. Review your financial performance and adjust your strategy to accommodate life changes and unexpected expenses.
5. Business Succession Planning
Many traditional approaches fail to prepare your business for the future. A holistic strategy takes into account that circumstances can change. A business succession plan determines what will happen to your health practice when you are not around, giving you, your patients and your partners peace of mind.
Here are some financial resources from Tyagi Group Accounting that can help you in your holistic financial planning process.
How Professional Services Enhance Financial Management
By now, you have probably heard time and again that professional services such as accounting and bookkeeping are essential for any business. Here’s a reality check: not all business owners take this advice, opting to do their books themselves or not at all! However, for health clinic owners, this can be particularly detrimental to their overall financial health.
When you consider that you are likely paying too much in taxes and may not have a big enough emergency fund, it’s probably best to stop procrastinating and start employing professional services.
Professional bookkeepers and accountants fit into the holistic approach too. They can ensure financial enhancement in all aspects of your business, from taxes to higher returns and financial sustainability. With these professional services, you will gain guidance, clarity about your profitability, and insight on how to save for taxes and get better investment returns. You’ll also be able to keep track of your income and spending to reach your goals faster.
By making use of professional services for financial enhancement, you will also experience the following unseen benefits:
Peace of mind
More time for what matters
Being financially organized
Tyagi Group Accounting not only offers professional services in accounting and bookkeeping, but we also offer a wide range of courses to empower Canadian health business owners in skills related to bookkeeping, budgeting, income tax, business registration, and more. Take a look here.
Clinics Thriving with Holistic Strategies
Success stories are a great way to see how holistic financial strategies for clinics can be put into action. Tyagi Group Accounting has helped numerous holistic health professionals increase their profitability and boost their financial health at their private practices by applying this comprehensive, customized approach to bookkeeping, financial advisory and financial planning.
Let’s consider, for example, a naturopathic clinic owner who just opened a private practice in Canada. They had a steady stream of clients and seemed to be managing their expenses, but they weren’t doing any bookkeeping. They realized they needed an accountant to help with taxes and hired the first accounting agency they found online. A few years later, their cash flow records are up to date and they pay taxes on time but still struggle to manage expenses, have no savings and constantly worry about where all their money goes.
In a different scenario, a personal trainer has been using a professional accounting firm that uses a holistic approach. They enjoy all of the holistic financial benefits, manage with low-income and high-expense months, use high-income months to invest in an emergency fund, and have already taken several vacations. Not only are their books in order, but they feel confident, knowing exactly what their financial status is, and can dedicate 100% of their efforts to patients without any money stress. They even have a long-term plan for what will happen to the practice when they’re no longer around.
The moral of the story? The difference between simply getting your books done and integrating holistic financial strategies in your clinic is the difference between barely surviving and thriving.
Here’s what one of our clients had to say after experiencing our holistic approach:
“I honestly can’t remember what life was like before Tyagi Group. I feel super confident when it comes to the financial/numbers side of my business, so now I can focus all of my energy into doing what I do best and delivering high-quality care to my patients.” - Trish. H. Chiropractor
If you dream of being the kind of independent health professional who feels financially free every day, can afford to take as many vacations as you need throughout the year, and still provide a high-quality service to your patients, it’s time to ditch the stiff upper lip approach to accounting and start seeing the bigger picture.
Crafting Your Clinic's Financial Future
Okay, now that we’ve laid out the blueprint for your financial health using holistic strategies, it’s time to get real and do some hard introspection. What kind of financial future do you see for yourself? If you are ready to say ‘yes’ to clinic growth, then you know what to do, and Tyagi Group Accounting is happy to walk you through holistic financial planning step by step.
If you’re still not sure what kind of approach will work best for the management of your clinic finances, remember that by integrating holistic strategies into your financial planning, bookkeeping and accounting, you will gain a host of far-reaching benefits that you will miss out on when adopting a purely traditional approach.
Let’s recap the importance of using holistic strategies to craft your clinic’s future:
Personalized, customized approach
Comprehensive and takes into account all aspects of your practice and goals
Gain confidence and clarity about your current profitability and your financial future
Don't’ just organize; enhance your finances with professional bookkeeping and accounting
Achieve peace of mind, reduce stress, and focus more on your patients
It’s worked for other Canadian health professionals and can definitely work for you!
Prioritize your clinic growth as if your survival depends on it because it really does! Start integrating holistic strategies in your clinic and see the results. Your future self and your patients will thank you. Book a free discovery call with our expert team at Tyagi Group Accounting and we’ll talk you through the ideal roadmap for your private practice success.
