Making rational decisions about new services

  • Dickson Lewis Independent Consultant, Long Lake, MN 55356
Keywords: management financials, revenue streams, value proposition, affinity diagramming, partial budget, new services, breakeven

Abstract

This presentation offers a methodology and tools to evaluate the profitability and potential financial impact of possible new products and services to your practice. We discuss how to set up your current financial statements to facilitate understanding the impact and three important criteria when considering pos­sible new services. You will be exposed to developing manage­ment financials and profitability of your current and potential revenue streams as well as developing a value proposition with the input of your various constituencies, your own practical ex­perience, and any research you might have. Additionally, you will learn about the use of partial budgets to evaluate the mar­ginal benefit of potential new services, to analyze sensitivities and set reasonable expectations for new products or services, to integrate and track progress into your planning.

Published
2021-10-09
Section
Practice Management Sessions