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PT Marketing 101

Feeling overwhelmed by the marketing world? Unsure how to translate those textbook strategies into real, paying clients? PT Marketing 101 is here to deliver the essential marketing knowledge you need, presented in a clear, concise way that resonates with busy physiotherapists like you. And if you want to truly kick it up a notch, we have outstanding packages with no contracts — that is how confident we are about your success. Call us!

Branding, services, promotions, products, pricing, prints, blogs, advertising, research and social media — all of this is marketing. With all the marketing options out there, it can be difficult for small businesses to know what to do. Marketing is a concentrated effort to do push your brand across a variety of platforms and hope that enough makes it through to your customer. Customers need to hear your message several times, so brand, brand, brand! Here are some simple steps to help you market your small business:

1. Get organized. Getting an organized plan is the first step in any marketing effort. Make one. Start with brainstorming, create themes and transfer action items to a calendar or to-do list. Start small, and try to get a good ROI for everything you do. Create an elevator pitch: What can you tell people about your business, products and services in 30 seconds or less that keeps them interested and wanting more? Get customer input early — if you are opening a storefront or restaurant, try hosting a soft opening or invitation-only event to get your kinks worked out and your mishaps and mistakes out of the way. Whatever you do, make a good first impression.

2. Get a website. In today’s technology-based world, the first thing a potential customer or employee does is Google your business. You need a website to show you’re real and to offer information about your business to potential customers. Make sure your website is mobile-friendly and be sure to ask for search engine optimization. Use Google Analytics to track the traffic to your website, but be leery of people who promise you top positions on search engines. While there are lots of things that can be done to increase your ranking on various search engines, unless the developer works for Google, I would be leery of a promise to get you to the top. Remember that you get what you pay for. There are a ton of do it yourself website services, but depending on the features you need on your site, some things are better left to the experts.

3. Leverage social media. Let’s face it, everyone is on social media these days, and the majority of traffic still occurs on Facebook. If you are not using Facebook for your business, create a page today. You are leaving an opportunity on the table if you don’t. There has been a shift the past few years with more and more retirees joining the social media world. I guess they realize that if they want to keep up with their kids, grandkids, friends and neighbors, they better get with the program. In fact, retirees are often my best brand ambassadors and help promote our events.

4. Set up and claim your business online. Whether you get on board or not, information about your business is and will be on the internet. Wouldn’t you rather proactively control what people read or see about your business when they Google it? Do a search on different browsers to see what information you see about your company and then claim or create a listing for your business.

5. Use Google AdWords. Try utilizing Google AdWords to specifically target the types of products or services you offer. Remember to focus on the quality of a few keywords instead of choosing too many. AdWords are great for targeting specific geographic locations and give you the ability to control your budget with flexible pricing options.

6. Create local awareness and establish a network. Join chambers, business associations, community groups, etc. Find ways to get involved. Networking is a great way to capture business leads as long as you don’t come on too strong. It allows you to meet new contacts and create more brand awareness and new referrals. Sponsor sporting events, nonprofit events or anything that is for a good cause. Get your name out there while also being a good community steward. Give away SWAG (promotional items with your business name, logo and contact info on them). T-shirts are a great example of free walking advertisements for your business.

7. Offer coupons or free products/services. Create loyalty early on. A happy customer will come back and will tell their friends about you. Create a buzz with brand ambassadors. These can be family and friends who help promote your products or services.

8. Advertise. If you build it, they still may not come. You must get out there and tell people who you are, why your product or service is different from the competition and how to find you. Advertising is not a one-size fits all solution. Find what works for you, but whatever you do, you must advertise.

More than anything, focus on consistent, repetitive branding. Many marketing professionals believe in the “rule of seven,” which means people need to hear or see your message at least seven times before taking any action. In today’s world of constant connectivity, you must make sure you’re seen and heard. The most common reason that people do not buy your product is that they do not know about it yet.

Don’t just learn, get results! Let our PT marketing experts analyze your unique needs and craft a personalized plan to reach your goals. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions.


Reference: [https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2018/01/23/small-business-marketing-101/?sh=1b1b6df245ff]


How to Fuel Your Business Through Tough Times

During a volatile economic landscape, even the most adept businesses can find themselves facing unexpected turbulence. Market fluctuations, shifting consumer behaviors, and unforeseen challenges can threaten established operations and cast a shadow of uncertainty on future trajectories. Here, you will find practical strategies to equip you to preserve momentum during economic downturns.

Simple Ways to Keep Your Business Going in Hard Times

These general tips apply to all

Keeping a small business afloat in difficult economic times is challenging. Unfortunately, there is no set playbook to follow to ride out the storm and right the ship. Every small business is different, and each carries its own risks and rewards.

These differences make copying another company’s turnaround strategy to the letter unrealistic. Still, there are some general strategies business owners can follow to help them stop taking on water and start bailing themselves out.

Let our PT marketing experts analyze your unique needs and craft a personalized plan to reach your goals. We’re here to help you with proven techniques and ongoing support to navigate any marketing challenge. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions.


Reference: [https://www.investopedia.com/articles/pf/09/keep-small-business-afloat.asp]


Essential Steps for Selling Your Practice

Selling your PT business is a significant decision that requires careful planning and strategic execution. Here, we explain this intricate process, offering valuable insights and practical tips for entrepreneurs navigating this critical juncture in their business journey. We’ve done this more than just a few times, so if you would like guidance and support, Perform Practice Solutions is here. You can book a consultation with Kevin Rausch at any time do discuss your challenges and brainstorm! 

7 Steps to Selling Your Small Business

Selling a small business is a complex venture that involves several considerations. It can require that you enlist a broker, accountant, and/or an attorney as you proceed. Whether you profit will depend on the reason for the sale, the timing of the sale, the strength of the business’s operation, and its structure.

The business sale will also require much of your time and, once the business is sold, you’ll need to determine some smart ways to handle the profit. Reviewing these seven considerations can help you build a solid plan and make negotiations a success.

KEY TAKEAWAYS

  • Identify why you want to sell your business and make sure it’s ready to be sold.
  • Take the time you need to prepare your business for sale, determine the value of your business, and consider hiring a business appraiser.
  • Decide whether you want to hire a broker or negotiate the deal yourself.
  • Once you find a good buyer, there are a series of financial screenings and other steps that need to be taken to keep the process moving.
  • Take the time to work with a financial professional and determine how you want to invest or otherwise use the money you make from the sale of your business.

1. Identifying the Reasons for the Sale

You’ve decided to sell your business. Why? That’s one of the first questions a potential buyer will ask.

Owners commonly sell their businesses for any of the following reasons:

  • Retirement
  • Partnership disputes
  • Illness or death
  • Becoming overworked
  • Boredom

    Some owners consider selling the business when it is not profitable, but this can make it harder to attract buyers. Consider the business’s ability to sell, its readiness, and your timing.

    There are many attributes that can make your business appear more attractive, including:

    • Increasing profits
    • Consistent income figures
    • A strong customer base
    • A major contract that spans several years

    2. Deciding the Timing of the Sale

    Timing is everything. And that includes the time it takes to get everything ready to sell off your business.

    Prepare for the sale as early as possible, preferably a year or two ahead of time. The preparation will help you to improve your financial records, business structure, and customer base to make the business more profitable.

    These improvements will also ease the transition for the buyer and keep the business running smoothly.

    Selling a business involves negotiations, discussions, and a lot of leg work. If it’s not possible for all this to occur in person, then certainly using services like Zoom or Skype to hold business meetings with potential buyers digitally is possible.

    3. Getting a Business Valuation

    Determine the value of your business to make sure you don’t price it too high or too low. You can do this by finding and hiring a business appraiser to get a valuation.

    Once you hire an appraiser, they will draw up a detailed explanation of the business’s worth. The document will bring credibility to the asking price and can serve as a gauge for your listing price.

    You can also determine the overall value of your business using some key metrics. Consider evaluating your company by determining the market capitalization, looking at earnings multipliers, book value, or other metrics.1

    4. Hiring a Broker

    Selling the business yourself allows you to save money and avoid paying a broker’s commission. It’s also the best route when the sale is to a trusted family member or current employee.

    In other circumstances, a broker can help free up time for you to keep the business up and running, or keep the sale quiet and get the highest price. That’s because the broker will want to maximize their commission. Discuss expectations and advertisements with the broker and maintain constant communication.2

    Even if you decide to sell your business to a close family member or employee, rushing through the sales process is not advised. However, if a relatively quick turnaround is needed, hire a business broker to speed up the proceedings.

    5. Preparing Documents

    Gather your financial statements and tax returns dating back three to four years and review them with an accountant. In addition, develop a list of equipment that’s being sold with the business. Create a list of contacts related to sales transactions and supplies, and dig up any relevant paperwork such as your current lease. Make copies of these documents to distribute to financially qualified potential buyers.

    Your information packet should also provide a summary describing how the business is conducted and/or an up-to-date operating manual. You’ll also want to make sure the business is presentable. Any areas of the business or equipment that are broken or run down should be fixed or replaced prior to the sale.

    6. Finding a Buyer

    A business sale may take anywhere from a few months to years. This includes the time you take to prepare all the way to the end of the sale, according to SCORE, a nonprofit association for entrepreneurs and partners of the Small Business Administration (SBA).3

    Finding the right buyer can be a challenge. Try not to limit your advertising, and you’ll attract more potential buyers. Once you have prospective buyers, here’s how to keep the process moving along:

    • Get two to three potential buyers just in case the initial deal falters.
    • Stay in contact with potential buyers.
    • Find out whether the potential buyer pre-qualifies for financing before giving out information about your business.
    • If you plan to finance the sale, work out the details with an accountant or lawyer so you can reach an agreement with the buyer.
    • Allow some room to negotiate, but stand firm on a price that is reasonable and considers the company’s future worth.
    • Put any agreements in writing. The potential buyers should sign a nondisclosure/confidentiality agreement to protect your information.
    • Try to get the signed purchase agreement into escrow.

      You may encounter the following documents after the sale:

      • The bill of sale, which transfers the business assets to the buyer
      • An assignment of a lease
      • A security agreement, which has a seller retain a lien on the business

        In addition, the buyer may have you sign a non-compete agreement, in which you would agree to not start a new, competing business and woo away customers.4

        A business broker often charges an average of 10% for businesses under $1 million; while that may seem steep, the broker may also be able to negotiate a deal that is better for you than the one you would have arranged by yourself.

        7. Handling the Profits

        Now that you’ve sold off your business, it’s time to figure out what to do with the profit that you’ve made. The first instinct may be to go on a spending spree, but that probably isn’t the most wise decision.

        Here are a few things you may want to consider:

        • Take some time—at least a few months—before spending the profits from the sale.
        • Create a plan outlining your financial goals, and learn about any tax consequences associated with the sudden wealth.
        • Speak with a financial professional to determine how you want to invest the money and focus on long-term benefits, such as getting out of debt and saving for retirement.

          How Do You Sell a Franchise Business?

          You’ll need to work in conjunction with your franchiser, as they will need to determine if the new buyer is appropriate. Plus, that new buyer will need to sign a franchise agreement with the franchiser.5

          There are a variety of fees and rules associated with owning or selling a franchise that can be found in the FTC’s compliance guide.6

          How Do You Sell a Business Idea?

          It’s possible to approach a company with a business idea, but first, you need to do your research, prepare a presentation, and research and approach potential targets. While some business plans are best protected with a patent, others can be secured by getting a potential company you want to work with to agree to a non-disclosure agreement.

          How Do You Sell a Small Business Without a Broker?

          While many people would like to avoid the 10% a business broker may charge, the risks of selling on your own may outweigh the loss of money. But if you’re going to go it alone, prioritize selling to a buyer you know, make use of the advice of experienced, retired owners and executives, and use all the internet resources available, such as the Small Business Administration, or the National Federation of Independent Business (NFIB).

          How Do You Sell Your Share of a Business?

          Selling your share of a business to your partner(s) is a common ownership transfer method, particularly for small businesses. Having an agreement in place with your partners ahead of the sale will help smooth the transition, increasing the likelihood that both the staying and exiting partners benefit.7

          How Much Does It Cost to Sell a Business?

          If you go through a business broker and your business is under $1 million, the broker’s commission is likely 10% to 12%. Other fees that can crop up include attorney fees, marketing fees, and the costs of making any cosmetic or more substantial upgrades to your business so as to make it more sellable. There are also fees that may come up if you are transferring a lease to the new owner of your business.1

          The Bottom Line

          Selling a business is time-consuming and for many people, it’s an emotional venture. A good reason to sell or the existence of a hot market can ease the burden, as can the help of professionals.

          It may also be possible to receive free counseling from organizations such as SCORE, and your local chamber of commerce may offer relevant seminars and workshops. When all is said and done, the large sum of money in your bank account and your newfound free time will make the grueling process seem worthwhile.


          Strategies to Make Money and Thrive in Your Business

          Now is the time for entrepreneurs to contemplate ways to make the most of the upcoming year. If you’re looking to infuse your business with renewed financial vigor, our guide is here to help. Learn from our strategies to optimize your business and boost your bottom line for 2024. Questions? We are here — and you can always book a complimentary consultation with Kevin Rausch to walk through your challenges, and plan your 2024. 

          https://calendly.com/kevinrausch

          Starting a business requires more than just a great idea

          To build a successful business, you need more than a good—or even great—idea. You have to be well organized, flexible, and creative, and develop a knack for paying close attention to the details while never losing sight of the big picture. You should also be prepared to make some personal sacrifices. Whatever type of business you have in mind, these nine basic tips, with links to additional advice, can help you get it started and keep it growing.

          KEY TAKEAWAYS

          • Starting and growing a business requires good organizational skills, creativity, and constant focus, among other essentials.
          • It’s important to be aware of your competition, particularly the things it is doing that you might want to adopt or improve upon.
          • You’ll almost certainly end up working harder for yourself than you would for someone else, so be prepared to make some sacrifices in your personal life.

          Ready to turn the page and embrace a financially rewarding chapter for your practice? Perform Physical Therapy team specializes in helping entrepreneurs achieve their financial goals. Let’s collaborate to design a tailored strategy that aligns with your PT practice. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions


          Reference : [https://www.investopedia.com/articles/pf/08/make-money-in-business.asp]


          Benefits of Cycle Billing

          Cycle billing is a financial strategy that can provide both individuals and businesses with greater control and flexibility when managing their monthly expenses. This billing method, while not as commonly known as traditional billing cycles, offers unique advantages that can help you streamline your finances, avoid payment bottlenecks, and reduce the stress associated with managing bills. Here, we explain how it works, its potential benefits, and how you can make the most of this approach to financial management. Questions on billing? We are experts — and have solutions that will save you money — and make you some too!

          What Is Cycle Billing?

          Cycle billing is the practice of invoicing different customers based on a schedule rather than billing all accounts at once on a single date. Statements are prepared and sent out at varying intervals, spreading out the company’s workload and making it easier for it to keep track of who has been billed.

          KEY TAKEAWAYS

          • Cycle billing is a style of account management that enables companies to bill customers on different days of the month, rather than all on the same day.
          • The practice allows the company to prepare and distribute statements on different days, versus having a glut of invoices that must be sent at the same time.
          • Cycle billing enables companies to create a customized schedule that allows for easier tracking as to which customers have been billed, have paid, or have not paid.
          • Strategies include invoicing for the largest amounts owed first, then the next biggest, and so forth; billing alphabetically; or billing based on the day of the month the customer’s account was opened, or the customer chose to be billed.
          • The lengths of billing cycles can vary customer to customer, based on what cash flow the company needs and the creditworthiness of a customer.

          How Cycle Billing Works

          Cycle billing is an invoicing strategy that involves billing a designated percentage of customers each day, as opposed to billing them all together, perhaps at the end of the month.

          Companies that apply this technique may do so in a number of different ways. Methods include sending out invoices for the largest amounts outstanding on the first of each month, followed by the smaller billing amount on the second of every month or later. Customers may also be billed based on alphabetical order, the day of the month the account was opened, or the date the customer chose to be billed when establishing an account.

          The date at which the cycle begins may depend on the type of service being offered and the customer’s needs. For example, a cable TV provider could opt to set a customer’s billing cycle to align with when that customer began service.

          Cycle billing varies from the common practice of issuing all invoices on the same date. Single-date billing is typically used by businesses that have a common due date for services or rent. For example, an apartment complex may send a bill for rent on the first of every month, regardless of when tenants signed their individual leases.

          With cycle billing, a company may bill on several days or every day of the month or over a longer period.

          Advantages and Disadvantages of Cycle Billing

          Benefits of Cycle Billing

          Cycle billing enables the supplier to flatten the volume of billing work to be completed on any given day, develop a customized schedule, and more easily track which customers have and have not yet been billed. Adopting this particular model may result in decreased selling, general, and administrative expense (SG&A) costs since tracking the number of outgoing invoices becomes simplified and less prone to error.

          On the flip side, the cycle billing technique may have a negative impact on cash flows as some invoices might be delayed several days from when they would normally be issued. In addition, a smaller vendor that struggles to keep track of invoices and money owed may find itself overwhelmed by having to keep up with different statements corresponding to different days.

          Special Considerations

          Businesses using cycle billing may establish different lengths of billing cycles. Vendors might shorten or lengthen the period of time between billings to manage cash flows or to adjust to a change in the creditworthiness of a customer.

          For example, a wholesaler to a supermarket chain may need to accelerate receipt of cash flows because the company it leases delivery trucks from has tightened its billing cycle. Another example is a situation where a consumer electronic goods wholesaler has a late-paying retail chain customer. Because this account is riskier, the wholesaler could decide to reduce the billing cycle from four weeks to three weeks.

          A billing cycle can also extend past a month, such as with a large corporate customer requesting a 45-day billing cycle for certain services. If the creditworthiness of this customer is sound, the vendor may agree to the longer cycle.

          Simplify your billing process and improve your financial management with Perform Practice Solutions. We are dedicated to selling efficient physical therapy billing solutions and helping clinic owners achieve their goals. Give us a call at (833) 764-0178 and visit our IG @performpracticesolutions.


          Reference: [https://www.investopedia.com/terms/c/cycle-billing.asp]


          Effective Risk Management in Small Businesses

          In this era of fast-paced transformation, risk management isn’t a luxury — it’s a necessity. For smaller companies, such as your practice, embracing a robust risk management strategy can mean the difference between stagnation and sustainable growth. PT practices don’t often think in this way, but pushing the ways in which you view your practice can be very useful. It’s about proactively identifying potential pitfalls, seizing opportunities, and ultimately steering the ship toward success. Learn how your smaller practice can harness the power of risk management to unlock its full potential.

          There’s an unfortunate stereotype that risk management is boring. Risk managers are pessimistic clerks. Compliance officers are scaremongers. Too many managers think this way. As a result, risk management is an unloved and misunderstood discipline. Until disaster strikes, risk management is, for most, a painstaking and costly chore.

          In an increasingly volatile world, however, risk management has never been so important. Nonetheless, risk managers struggle to make their voice heard in the face of more immediate and commercial pressures. This is especially true in small- and medium-sized companies — organizations with entrepreneurial cultures, fewer regulatory demands, and more resource constraints. These businesses tend to view risk management as an expensive luxury — and they may be more exposed to risks as a result.

          This article presents a more enlightened approach to risk management based on two decades of applying, researching, and teaching risk management to academic and professional audiences. It will help managers — including those at SMEs — to better understand risks and apply effective, positive risk management techniques. It’s a framework that relies on three actions: designing controls proportionate to the risks at stake, analyzing the lessons from success (not only from failures), and using risk management to boost and protect business performance.

          Positive risk management is proportionate

          Proportionality means that small risks require small fuss; big risks demand big focus. Daily risks are acceptable, such as: forgetting an email attachment, double paying a modest invoice, missing a deadline on an internal report. Errors and slips like these simply show how busy we are. They are understandable oversights in fast-moving enterprises, especially SMEs where teams are lean and resources scarce.

          The New Age of Operations

          Improving efficiency and increasing resilience.

          Conversely, extreme risks deserve greater care: a phishing link starting a cyber-attack, the loss of key intellectual property in an innovative start-up, a bacterial infection in the water supply of a care home. Neglecting real dangers costs millions, heartaches, and lives — and that’s when we regret not being more vigilant, more careful, more boring.

          Yet, organizations often miscalculate risks. Smaller incidents are the most frequent; they raise attention but do not matter. From a sample of 500,000 operational losses in banks over the years, data show that incidents from the smallest size category are the most frequent (61%) but the least damaging overall (6% of the total loss severity). The real damage comes from largest, rarest incidents: each year, the top 0.3% of incidents cause on average 63% of the total losses. Despite this imbalance, risk managers and businesses dedicate more time and attention to the small issues, rather than preventing serious damage.

          Risk management is costly when over-applied. For example, excessive cyber protections slow down computers and logins, and double checks of every single payment and transactions wastes time that could be better used for creative activities. Credibility comes from restraint. Risk managers are respected when they show pragmatism in their calls for prudence. Competent risk managers prepare for severe and plausible scenarios while tolerating limited mishaps.

          Proportionate risk management reduces the inefficiencies arising from either too much control or too little control. Being too cautious leads to slowness, rigidities, and opportunity costs. Carelessness causes accidents, instability, and remediation costs. Non-financial risks have a risk-return trade-off like their financial equivalents. Saving costs by lifting some operational controls to increase productivity is a reward for operational risks. Effective risk managers and astute business leaders have a clear view of how much risk they are prepared to accept, and for which benefits. The concept is widely referred to as risk appetite.

          Positive risk management celebrates success

          Effective Risk Management in Small Businesses

          It is a good risk management practice to dissect the root causes of accidents, especially those with the largest potential damage. However, when focusing on past losses and future mistakes only, risk managers fail to recognize and reinforce the causes of success. Looking back to the causes of failures is valuable, but it can create resistance through implied criticism.

          For example, a senior risk officer of a clearing house in London stormed out of a workshop when some of the causes of the loss discussed were identified as a consequence of his management style. He vetoed further exercises and was let go six months later, for other reasons. The firm in question has now closed.

          Reflecting on success stories is inspiring. “Why did we win?” creates more enthusiasm for analysis than “Why did we lose?” Dissecting past achievements is encouraging and insightful. Successes are there, but often overlooked: on Monday morning, no one notices the IT migration that ran smoothly over the weekend, nor praises the absence of customer complaints, thanks to the efficient performance of staff. The negativity bias of the human brain means that negative experiences imprint on our memory more quickly and last longer than positive ones. Deliberate reflection on past victories is a welcome counterbalance to the common risk management focus on what went wrong.

          There are accepted rules for effective risk management: vigilance is key, and rapid intervention reduces impact. “If you see something, say something” is the New York City Subway’s motto to prevent terrorist attacks. “See it, say it, sorted” is the equivalent for the London Underground.

          For SMEs, discipline and vigilance are also essential for success. Start-ups need more than great ideas to thrive; they depend on the relentless attention of their founders, who must continually monitor performance and be alert on what could go wrong. The international expansion of a nascent brand requires rigorous planning, market knowledge, thorough due diligence, and competent managers who can fix a myriad of potential issues before they turn into disasters. Such as in personal life, the early detection of a theft, a fire, or an illness can make all the difference between a fright and a tragedy.

          Praising good risk management practices reinforces winning behaviors and avoids undue criticism, and positive risk managers become mentors, not doomsayers. Welcome and accepted, risk management becomes an ingredient of achievement.

          Positive risk management protects performance

          Managing risks is inseparable from managing performance. Positive risk management aims to capture the upside of uncertainty, and to prevent the downside as much as possible.

          Dream big, risk big: taking risks is necessary, even desirable. But it takes method. Stunt actors are great risk managers, otherwise they would not survive their first movie. Entrepreneurs must balance dare with caution, or they are destined to fail. Firms and governments must watch and respond to threats, or they will create havoc for themselves and others, as we have witnessed too many times. When risk management fails, organizations go down. The Great Financial Crisis, Covid-19, or the recent collapse of Silicon Valley Bank all find their source in the failure of risk management.

          Risk management is a condition for ambition: the more ambitious the objective, the more important risk management is to achieve it. Hotels and resorts require flawless processes for a satisfactory customer experience; fintech banks must be first-class cybersecurity experts to operate; healthcare providers need impeccable patient safety procedures to survive.

          Particularly for smaller firms, growth comes with risks, and fast-growing start-ups generate operational risks faster than revenues, as complexity increases more rapidly than size. Only those with sound risk management systems will become the Google, Amazon, Disney, or McDonald’s of tomorrow.

          With the growing focus on climate change, financial regulators and investors such a BlackRock expect organizations to understand, assess and communicate their exposure to climate-related risks. However, what is now required for climate-related risks is valid for all types of business exposures: to protect its business model and performance, managers need to oversee all the relevant changes to their operating environment. For instance, blockchain innovations and cryptocurrencies are most relevant to payment platform providers, while the mining conditions of cobalt and the availability of rare earth elements are essential to monitor for lithium-ion battery producers. Generative AI scares many, but used wisely (with proper risk management), this tool can be a fantastic productivity booster to be embraced rather than fought.

          Are you ready to empower your smaller company for success? Take the first step towards securing your business’s future and ensuring its growth with Perform Practice Solutions. We are dedicated to selling efficient physical therapy solutions and helping clinic owners achieve their goals. Give us a call at (833) 764-0178 and visit our IG @performpracticesolutions.


          Reference: [https://hbr.org/2023/09/smaller-companies-must-embrace-risk-management]


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          Perform Practice Solutions helps clinic owners nationwide adjust to the changing and challenging reality of practice ownership. With its innovative coaching platform, transparent billing platforms, and marketing services, Perform Practice Solutions provides frustrated and hard-working owners with an alternative way forward. It's not easy, but it is possible.

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