Implementing and Adapting Your Financial Plans
The goals and expectations you set for your practice can change from year to year, or even month to month. No matter how they change, having a solid financial plan and utilizing resources to help you stick to it can ensure you’re always working towards success. This month, we spoke to the team at Peninsula Hearing about just how important it is to commit to a plan, and how they use CQ Partners to adapt when needs change.
“Keeping us accountable and following through on the ideas that we have is a big piece of the puzzle that usually leads to a financial boom. It’s a great help to the team to keep them focused on what we’re there for – to help the patients.”
Q&A with Megan Nightingale, Au.D., Chief Audiologist and Matt Clifton, Director of Operations of Peninsula Hearing
Practice: Peninsula Hearing
Locations: Poulsbo and Port Townsend, WA
Number of locations: 2
Website: peninsulahearing.com
1What are some changes you’ve implemented at your practice in the past year?
The previous year was basically our year to make a commitment and pay down debt that we had because that was a good year for everyone. We had a good team in place and we said, “this is what we’re going do” and we did it. We were disciplined enough to make sure that we made it happen. So financially, 2021 was a big opportunity to pay down debt and be in a much more solid position.
This year was a more tumultuous year because of providers leaving or going out on maternity leave around the same time as one another. It really punched a hole in our summer. We didn’t have much time to try to find a provider to replace the one that left in the spring. With the help of the recruiting team on CQ, we were able to find the people that we had interviewed a couple of years ago and we found someone who was really excited to join our team.
Coincidentally, we found someone who was up in our other area, which is very hard to recruit for, that wanted to come on as well. So, now we have a team which we weren’t necessarily financially planning for, but it’s a happy circumstance. Now we have a different situation where we went from no capacity whatsoever to much more capacity. We’ve had to change our mindset, and now the focus of what we’ve implemented this year has really been on a recruiting plan and strong onboarding and training.
This year was a more tumultuous year because of providers leaving or going out on maternity leave around the same time as one another. It really punched a hole in our summer. We didn’t have much time to try to find a provider to replace the one that left in the spring. With the help of the recruiting team on CQ, we were able to find the people that we had interviewed a couple of years ago and we found someone who was really excited to join our team.
Coincidentally, we found someone who was up in our other area, which is very hard to recruit for, that wanted to come on as well. So, now we have a team which we weren’t necessarily financially planning for, but it’s a happy circumstance. Now we have a different situation where we went from no capacity whatsoever to much more capacity. We’ve had to change our mindset, and now the focus of what we’ve implemented this year has really been on a recruiting plan and strong onboarding and training.
2How has CQ helped you grow your business?
Their partnership is just so organic with us that it’s a natural extension. CQ is like an extra arm. We utilize all of our resources and all the different people and the different departments. I think really the biggest thing for CQ, in my mind, is keeping us accountable and on track.
3What is the most important thing you’ve learned about financial planning as a business leader?
You’ve got to have a plan. It’s really hard to just go day-to-day and not have something to work towards. So, getting together and coming up with our plan for 2021 to pay things down and become more financially stable was helpful. It was great to have that in place. Otherwise, you’re kind of floundering and hoping everything works out.
Keeping us accountable and following through on the ideas that we have is a big piece of the puzzle that usually leads to a financial boom. It’s a great help to the team to keep them focused on what we’re there for – to help the patients.
Keeping us accountable and following through on the ideas that we have is a big piece of the puzzle that usually leads to a financial boom. It’s a great help to the team to keep them focused on what we’re there for – to help the patients.
4What would you tell other hearing care professionals who are overwhelmed by the idea of financial planning and don’t know where to start?
Start somewhere and get help. Ask for help from people who know this industry. For practices who did not have an ally like CQ, I don’t know how they got through the pandemic. They provided help with figuring out how to make things work, how to get employees on part-time, and how to apply for federal help. To be able to have a resource to go to quell some of the pandemonium was great.
5Is there anything you’ve learned about financial planning that has surprised you?
Well, when you put your mind to it and you’re disciplined, you actually can achieve your goal.
