Here is the blog that will be open for 6 months for your class to use to share information. Just click on the comments as you did for class. I will check it every week to release any comments from the spam folder.
If you would like to be an author, please let know and I will add you to this blog. There can be up to 100 authors.
Also, please know that you if you need any assistance in regard to a future business plan or help in regard to a business related question or issue - feel free to contact me. Alexis
Tuesday, 8 February 2011
Friday, 28 January 2011
Planning 4 Practice Success
Class 111 - this is to be the last posting for the term. Thanks to everyone for all your hard work and positive attitude. Plans are due in hard copy on my desk no later than Feb 4, 2011 at 4pm CST. Please make sure your email and phone are on your resume in case I need to contact you for any questions.
The topics for this week are:
What did you like or get most out of this class?
What topics would you have liked to have covered but we did not? or more depth to a topic?
What advice can you share with your class mates?
Last, what successes are you currently having? I have heard from 5 in your class who have been approved for business loans. Great Job.
I will gladly keep this blog open for your class to continue to use as a communication tool for 6 mos. Thanks and best of luck...keep in touch. Alexis
The topics for this week are:
What did you like or get most out of this class?
What topics would you have liked to have covered but we did not? or more depth to a topic?
What advice can you share with your class mates?
Last, what successes are you currently having? I have heard from 5 in your class who have been approved for business loans. Great Job.
I will gladly keep this blog open for your class to continue to use as a communication tool for 6 mos. Thanks and best of luck...keep in touch. Alexis
Wednesday, 19 January 2011
Financial Analysis
Class 111 - Whew - the good news is I found all the lost comments! Google added a new feature with a "spam" folder. I am not sure why some go into that dark hole, but I have found it and have published the 89 comments found there. :) I will check it daily so as so keep the confusion level low!
Financial Analysis - We discussed the four catagories: liquidity, activity, leverage and profitability. When calculating these ratios you need to use data found on your balance sheet as well as your income statement. The ratios alone are not very meaningful except when compared to industry averages as well as comparision within time frames. Month to Month, Quarter to Quarter, Year to Year. These ratios help you determine the profitabilty and stability of your company. I encourage you to apply these ratios to your business plan after completion for a benchmark or starting point for future comparisons.
This week's comments are for "Odd"teams are due January 24th. I have emailed all teams with outstanding comments. Please check your emails. Please make delinquent posting as soon as possible.
Please discuss how you plan to incorporate the financial analysis in your business. Where might you find benchmarks to compare yourself to other chiropractic practices. What are your field docs doing in this regard?
Another topic in class was being an independent contractor. Please share what you know in regard to what makes a good offer.
Lastly, I would love to hear some success stories with getting approved for loans to open new and any of you who have secured associateships/independent contractor positions.
Have a great week. Alexis
Financial Analysis - We discussed the four catagories: liquidity, activity, leverage and profitability. When calculating these ratios you need to use data found on your balance sheet as well as your income statement. The ratios alone are not very meaningful except when compared to industry averages as well as comparision within time frames. Month to Month, Quarter to Quarter, Year to Year. These ratios help you determine the profitabilty and stability of your company. I encourage you to apply these ratios to your business plan after completion for a benchmark or starting point for future comparisons.
This week's comments are for "Odd"teams are due January 24th. I have emailed all teams with outstanding comments. Please check your emails. Please make delinquent posting as soon as possible.
Please discuss how you plan to incorporate the financial analysis in your business. Where might you find benchmarks to compare yourself to other chiropractic practices. What are your field docs doing in this regard?
Another topic in class was being an independent contractor. Please share what you know in regard to what makes a good offer.
Lastly, I would love to hear some success stories with getting approved for loans to open new and any of you who have secured associateships/independent contractor positions.
Have a great week. Alexis
Thursday, 13 January 2011
Financial Statements
Class 111 - This week we looked at the "Big Three" - The balance sheet, income & expense statement, and the cash flow statements. These reports are used for financial reporting different from the management reporting from last week. We compared how the three interrelated and how they work together to provide a picture of the health of a business.
The balance sheet is a snapshot in time. Assets = Liabilities + Owner's Equity
The income statement reflects revenues less expenses to show whether the company has made a profit or loss.
The cash flow statement takes out depreciation and other non-cash items and provides information as to the viability of your cash. It incorporates three catagories; operating, finance and investing.
Both the income statement and cash flow statement shows activity over a period of time; a quarter or year.
It came to my attention this week that very few students have any experience or understanding of financial statements. Therefore "even teams", the topic this week is to discuss specfically what other resources you will access to help you have a better understanding of preparing and interpreting financial statements.
Have a good week. Alexis
The balance sheet is a snapshot in time. Assets = Liabilities + Owner's Equity
The income statement reflects revenues less expenses to show whether the company has made a profit or loss.
The cash flow statement takes out depreciation and other non-cash items and provides information as to the viability of your cash. It incorporates three catagories; operating, finance and investing.
Both the income statement and cash flow statement shows activity over a period of time; a quarter or year.
It came to my attention this week that very few students have any experience or understanding of financial statements. Therefore "even teams", the topic this week is to discuss specfically what other resources you will access to help you have a better understanding of preparing and interpreting financial statements.
Have a good week. Alexis
Wednesday, 5 January 2011
Budgeting & Record Keeping
Class 111 -
Welcome back. Thanks to those who are loyal to the 7:30am class. I really appreciate your participation and committment.
I think the theme for this week is to "Keep the End in Mind" - which comes from the Covey - 7 Habits book. However, very key to tracking and maintaining budget records. You need to keep in mind the internal and external reports that you will be needing prepare so that you set up your systems to track this particular information. There is nothing more frustrating than picking apart numbers to complete forms...i.e. tax returns, financial statements, loan applications.
Keeping the end in mind is also relative to management reports. I have upload samples that I shared in class today. The three reports display very different information from the same data. You will want to familarize yourself with reading and understanding these types of management reports. Variances will alert you to positive or negative aspects of your financial picture. It is important to take advantage of these indicators and make adjustments as needed in a timely manner.
Our other topic this week was patient and financial software. I have links to websites posted.
This week's discussion is:
What software have you looked at and compared? What are your precept docs using? Pro's and Cons...be detailed. What is important to you in your search for software?
"Odd" teams are up!
Have a great week...your plans should be in their first draft and as the power point says, you should be revising, refining, and rejoicing! Reminder that they are due in hard copy on my desk (not in the mail)(not post marked)(not emailed) by 4pm CST Feb 4th!
Alexis
Welcome back. Thanks to those who are loyal to the 7:30am class. I really appreciate your participation and committment.
I think the theme for this week is to "Keep the End in Mind" - which comes from the Covey - 7 Habits book. However, very key to tracking and maintaining budget records. You need to keep in mind the internal and external reports that you will be needing prepare so that you set up your systems to track this particular information. There is nothing more frustrating than picking apart numbers to complete forms...i.e. tax returns, financial statements, loan applications.
Keeping the end in mind is also relative to management reports. I have upload samples that I shared in class today. The three reports display very different information from the same data. You will want to familarize yourself with reading and understanding these types of management reports. Variances will alert you to positive or negative aspects of your financial picture. It is important to take advantage of these indicators and make adjustments as needed in a timely manner.
Our other topic this week was patient and financial software. I have links to websites posted.
This week's discussion is:
What software have you looked at and compared? What are your precept docs using? Pro's and Cons...be detailed. What is important to you in your search for software?
"Odd" teams are up!
Have a great week...your plans should be in their first draft and as the power point says, you should be revising, refining, and rejoicing! Reminder that they are due in hard copy on my desk (not in the mail)(not post marked)(not emailed) by 4pm CST Feb 4th!
Alexis
Wednesday, 15 December 2010
Revenues and Accounts Receivables
Class 111 - This week we discusses the topic of revenue generation; price and compentative advantage and how that relates to ways your will market yourself and your business. We also discussed the importance of tracking your accounts receivables. Remember revenues are not cash and cash is king so it is vital that you know what your makes up your accounts receiveable aging.
Please comment on the following:
In regard to completing the revenue template...how you will determine:
how many new pts each month?
how much will you charge for each of your services?
how often will you see your patients?
how many patients do you need in your patient pool?
how will you determine your patent attrition rate?
The second topic to comment on will be:
What specific marketing and advertising plans will you do the first 3-6 months of practice to meet your goals stated above? Be specific to the process. If you plan to host a health talk...what specifically does this mean and how exactly will you do this...
Comments are by "even" teams and due January 3rd. Have a safe and happy holiday break!
Alexis
Please comment on the following:
In regard to completing the revenue template...how you will determine:
how many new pts each month?
how much will you charge for each of your services?
how often will you see your patients?
how many patients do you need in your patient pool?
how will you determine your patent attrition rate?
The second topic to comment on will be:
What specific marketing and advertising plans will you do the first 3-6 months of practice to meet your goals stated above? Be specific to the process. If you plan to host a health talk...what specifically does this mean and how exactly will you do this...
Comments are by "even" teams and due January 3rd. Have a safe and happy holiday break!
Alexis
Tuesday, 7 December 2010
Personnel Plan
Warning Even Teams - do not post to this blog - I have posted early due to having limited access to the internet...Even teams please refer to the Operating Plan posting to comment on which is the previous one. Odd Teams please blog after the Dec 8th class period. Thanks.
Class 111
Thank you Michelle Walker, Senior Director for Human Resources and Tom Tiemeier, CFO, on taking the time to share on the topics of hiring, firing, outside contractors, and other personnel issues.
This week we are thinking about the professional and hourly staff that we plan to have in our office. Don't forget to take into consideration any outside contractors you plan to use. You will want to keep in mind the hours and days of the week you plan to be open. The template - Page 8, has 3 employees listed but feel free to insert other columns. You will want to change the headings: Employee 1 to a position name - example: front desk am. You will want to have your narrative as well as your spreadsheet completed.
"Odd" Teams comment by December 13th.
Class 111
Thank you Michelle Walker, Senior Director for Human Resources and Tom Tiemeier, CFO, on taking the time to share on the topics of hiring, firing, outside contractors, and other personnel issues.
This week we are thinking about the professional and hourly staff that we plan to have in our office. Don't forget to take into consideration any outside contractors you plan to use. You will want to keep in mind the hours and days of the week you plan to be open. The template - Page 8, has 3 employees listed but feel free to insert other columns. You will want to change the headings: Employee 1 to a position name - example: front desk am. You will want to have your narrative as well as your spreadsheet completed.
"Odd" Teams comment by December 13th.
This week's topics to comment on are:
- what are three interview questions you would use when hiring a front desk person
- what type of services might use an outside contractor for and
- what are the pros and cons of using an outside contractor - be specific
- do you plan to accept insurance in your practice; why or why not
Have a great week. Alexis
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