Let all the dealers and providers who make up the DME/HME industry use the time available until the New Year comes to do a few vital things for the future. Reviewing the year will provide the tools to both stay in business and expand sales and profits. Here are a couple of action items to complete before you break for the holidays:
1. Meet with Your Accountant: Set up a brief meeting with your accountant and study where your dollars came from; which segments provided the best profits and which were losing money. You may be pleasantly surprised or greatly shocked, but either way you must use this knowledge as the starting place needed to make future plans. I have had the privilege of working with many DME/HME companies over the years, and I can tell you this is valuable information.
2. Work with your Staff: When you have the facts, then you can work with your staff. If some employees have specific responsibilities, together with them go over all of the information showing cost, profit, loss, and potential. When your employee understands what this means, you win! If the picture is brighter than you anticipated, a raise in salary solidifies your employee.
My experience is that when an employee is given a big responsibility, they will perform much more than you can imagine. This is truly “win-win.”
I worked as a consultant for a very active dealer in Rochester, upstate N.Y. This gentleman reviewed four employees. Each was responsible for their department, as well as doing other things necessary for the company. He met with them once a week. This type of communication made for very close co-operation,
You all can do something similar! When you take advantage of the free time each holiday brings, it is easy to prepare for the New Year.
Note: If you have not yet registered for Medtrade Spring, early rates are in effect through January 4th. Don't wait, register for Medtrade Spring now.