As the world-famous management consultant Peter Drucker once said, “You can't manage what you can't measure.” Running a business becomes infinitely easier when you have key performance indicators and financial benchmarks to review because it takes a lot of the ‘guesswork’ out of your decision-making. Of course, data is only useful if you actually use it, so this blog post will show you some simple steps you can use to start analyzing your medical spa data in order to improve profitability.Do you have enough working capital?Likely, it’s going to cost you more money to pay your new provider than they’re going to make you. We recommend having 3-6 months of expenses in reserve. Assessing fair market compensation will give you a better idea of what candidates will be expecting, as well as evaluating the candidate's experience, skillset, and availability.How do you find the right person?A new provider can make or break your business, so making sure they are the right fit is paramount. To determine if they are a suitable candidate, assess their values, experience, and goals, and see if they align with your own. Share your expectations so they can see a clear vision of what their future and their contribution will look like. To further clarify, we recommend outlining your terms in a short offer letter, before sending a formal agreement, so they can see the clear expectations and present any necessary questions before signing their formal agreement.Are my current providers fully maxed out?You can’t operate on an empty tank! When considering hiring a new provider, the goal is to be maxed out with your current operations. You must have enough patients and enough work to support the new hire and keep them busy.If your practice schedule is fully booked weeks in advance, this is a strong indication that your providers are maxed out. If people are calling to use your services, they don’t want to wait three or four weeks. Ideally, you should be able to schedule new patients within one to two weeks, no longer.Onboarding and MoreWhen considering hiring a new provider, you must take the process of onboarding into account. This is going to take time and effort on your part to train and execute. We advise delegating onboarding tasks across team members to save you time, and to help them get better acquainted with the new hire.Some other questions to ask yourself: Does your office need expanding? Are you stocked up on supplies? The goal is to get them up and running as soon as possible, and that means making sure your team, your office, and your new hire are set up for success.If you’re wondering where to begin, Maven can help set you up for success. While you focus on onboarding your new provider, we can ensure your finances are prepared for this new growth. As experienced dental and aesthetic CFO providers, everyone at Maven has the tools to help you hit the ground running. Nothing makes us happier than seeing our clients grow their businesses!Originally posted by Maven Financial Partners