Why Self-Employed Doctors Need Annual Strategic Planning Getaways

Member Question

Recently, I received an email from a fellow doctor in our SimpliMD community who had read my blog post Is that Deductible? Embracing Act 2: Our Annual Planning Retreat in Maui. The doctor wrote:

"Tod, I do have a question. Can you expand upon your meetings where you travel (i.e., Hawaii, etc.) for non-conference travel?"

This thoughtful inquiry inspired me to delve deeper into the concept of strategic planning getaways for self-employed doctors running micro-corporations. In this post, I will explain why these retreats are crucial, how to organize them, and which topics to cover to make them as effective as possible.

My brief answer to him included:

• As a business owner, you need to have a business plan in place—even a basic one. I recommend that you conduct an annual personal goal-setting/budget retreat. In "Dare To Dream," I also suggest doing the same for your micro-business. I call this an annual strategic planning business meeting.

• This process can include various elements (will cover these later in the post). I personally like to develop strategic initiatives for my micro-corporation for the upcoming year, finding that the intentionally writing them down enhances my likelihood of achieving those goals.

• The ideal setting for this meeting is away from your normal routine, in an undistracted, relaxing, and comfortable space (e.g., a vacation-like spot). You should have an agenda and business notes that correlate with the dates and location of the meeting. Over the years, we have done everything from short 24-48 hour weekend trips to Chicago to week-long stays in Hawaii. We have even combined business and personal trips to certain locations (you only expense the days spent on business).

• As long as your company can afford the business expense, the location and duration are up to you. My favorite approach is to rent from one of my own real estate assets. For example, in Maui, we use our Marriott deeded property and rent it at market price from ourselves.

Now I want to go into greater detail with why you should consider doing this if you are micro-business owner.

The Benefits of an Annual Strategic Planning Getaway

1. Uninterrupted Focus: Stepping away from your daily routine and distractions allows for a sharper focus on your business. In an undistracted location, you can think more clearly and creatively about the future of your practice.

2. Rest and Renewal: Combining business planning with a relaxing environment can rejuvenate you. The change of scenery and the opportunity to rest can lead to renewed energy and motivation.

3. Enhanced Strategic Thinking: Being in a different setting can inspire new ideas and perspectives. This can lead to innovative solutions and strategies that you might not consider in your usual work environment.

4. Improved Work-Life Balance: Planning your business and personal goals together ensures that they align. This holistic approach can lead to a more balanced and fulfilling life.

5. Tax Benefits: When planned correctly, the expenses for your strategic planning retreat can be deducted as a business expense, making it a financially savvy decision.

Structuring Your Strategic Planning Getaway

To make the most of your strategic planning retreat, follow these guidelines:

1. Choose the Right Location: Select a location that is comfortable, relaxing, and free from your usual distractions. It could be a hotel in a nearby city, a vacation rental, or even a property you own, such as a short-term rental (STR).

2. Set a Clear Agenda: Outline the topics and activities for each day. Having a structured plan ensures that you cover all important aspects of your business.

3. Document Your Discussions: Keep detailed notes of your discussions and decisions. This documentation will be invaluable when implementing your strategies and tracking your progress. These notes are also important for substantiating your business purposes for your strategic planning meeting.

4. Mix Business with Leisure: Allocate time for relaxation and leisure activities. This balance will keep you refreshed and motivated throughout the retreat.

Suggested Topics to Cover

Your strategic planning meeting should address both the big-picture vision and the practical aspects of running your micro-corporation. Here are some key topics to consider:

1. Review of the Past Year:

   • Assess financial performance, including revenue, expenses, and profitability.

   • Analyze patient satisfaction and feedback.

   • Identify successes and areas for improvement.

2. Goal Setting for the Upcoming Year:

   • Define specific, measurable, achievable, relevant, and time-bound (SMART) goals.

   • Set targets for patient volume, revenue, and other key performance indicators (KPIs).

3. Budgeting and Financial Planning:

   • Create a detailed budget for the coming year.

   • Plan for major expenses, such as equipment upgrades or marketing campaigns.

   • Discuss tax strategies and savings opportunities.

   • Reflect on ways to grow or diversify the revenue from your professional services.

4. Marketing and Business Development:

   • Develop a marketing plan to attract new patients and retain existing ones.

   • Explore opportunities for expanding your services or entering new markets.

   • Consider partnerships or collaborations with other healthcare providers.

5. Operational Efficiency:

   • Review and optimize your practice management systems and processes.

   • Discuss ways to improve patient flow and reduce wait times.

   • Explore technology solutions to streamline operations.

6. Professional Development and Team Building:

   • Plan for continuing education and professional growth.

   • Consider hiring a personal business coach to help you thrive personally and professionally.

   • Discuss strategies for maintaining a positive work environment.

   • Set goals for employee or staff training and development.

7. Personal Goals and Work-Life Balance:

   • Align your personal goals with your professional aspirations.

   • Plan for vacations, family time, and self-care.

   • Set boundaries to ensure a healthy work-life balance.

   • Dream together with your spouse, and consider creating a household spending plan or budget.

Conclusion

Scheduling an annual micro-corporation strategic planning getaway is a vital practice for self-employed doctors. It provides an opportunity to step back, reflect, and plan for the future in a focused and undistracted environment. By combining strategic business planning with relaxation and renewal, you can ensure that your micro-corporation thrives while also maintaining your well-being. Embrace this practice as an essential part of your business strategy, and you will reap the benefits in both your professional and personal life.

To take your strategic planning to the next level, enroll in our new evergreen course, "Creating a Practice Without Walls", and learn how to build a thriving, flexible medical practice. Sign up today!

Additionally, join the SimpliMD community as a member today and save over $2500 on our extensive list of self-employment micro-business products designed specifically for doctors. Become a member and start maximizing your potential today!