“When I first opened, I was investing all of my resources into the business, but I was disheartened as nothing seemed to happen. We were only managing to see five patients each week with two providers on staff, and I was personally covering salaries and business expenses from my own funds,” said Eldridge. “Consequently, I realized I needed to discover a way to run my business more strategically and ensure it remained profitable.”
The first crucial step was to gain a clearer understanding of the business’s finances. Credle collaborated closely with Eldridge to set up QuickBooks, which significantly enhanced the financial tracking process, and together they created a comprehensive monthly budget to manage expenses effectively. Furthermore, he guided her in developing a detailed business plan that included financial projections, enabling her to pinpoint her goals clearly and identify a structured path to achieve them.
“We focused on enhancing our accounting reports, which involved setting up budgets that allowed us to monitor our financial status, assess our earnings, and ensure that we were consistently progressing in all our endeavors so that we could reap the rewards,” noted Eldridge. “It is essential for us to make informed decisions that benefit both our employees and our patients.”
To ensure profitability, Credle assisted Eldridge in creating an intricate Excel model to calculate the exact number of patients the doctor and physician’s assistant needed to see weekly. This data was instrumental in directing their subsequent efforts.
With clear patient goals established, Eldridge turned her attention to marketing strategies designed to accomplish them. Credle and Eldridge evaluated various marketing proposals from local media outlets, determining which plan would yield the best return on their investment.
Only a few weeks after launching the marketing campaign, the financial investment began to pay off handsomely, leading Eldridge to hire additional staff to accommodate the increasing patient volume.
Moreover, Eldridge fostered a valuable partnership with Morehouse School of Medicine, allowing for the integration of a physician’s assistant alongside medical school students to gain hands-on experience in her practice. She is also proactive in training medical assistants from Columbus Technical College, providing them an opportunity to learn the ropes while working within her practice.
“I enjoy collaborating with these educational programs because it enables us to impart the necessary skills to the trainees as they engage with our practice,” said Eldridge. “This approach gives us access to a promising pool of talent to consider for future hiring opportunities.”
Since the inception of her business in 2022, where she initially funded everything from her own resources, Eldridge’s practice has turned a profit, partly due to the invaluable partnership with UGA SBDC, leading to the addition of employees and service providers needed to manage the expanding patient load.
“Since we began our partnership, I have observed a marked increase in Mrs. Eldridge’s confidence regarding her business. Her aptitude for making informed decisions and analyzing the operational aspects of her company has improved significantly,” Credle remarked.
**Interview with Eldridge: The Importance of Financial Planning in Her Small Business**
**Editor:** Thank you for joining us today, Eldridge. You mentioned that when you first opened your practice, the financial situation was quite challenging. Could you elaborate on that experience?
**Eldridge:** Of course! When I first opened the doors, I was pouring all my resources into the business, hoping for it to take off. Unfortunately, we were only seeing five patients a week with two providers on staff. It was disheartening to see my hard work and personal funds barely keeping the business afloat.
**Editor:** That sounds incredibly tough. What prompted you to change your approach?
**Eldridge:** I realized I had to run the business more strategically if I wanted it to succeed. I needed to gain a clearer understanding of our finances and find ways to ensure profitability. That’s when I brought in Credle, who helped me take a closer look at our financial framework.
**Editor:** How did working with Credle help you improve your business?
**Eldridge:** Credle helped set up QuickBooks, which was a game changer for us. It allowed us to track our finances much more effectively. Together, we also established a comprehensive monthly budget, which was crucial for managing expenses. Additionally, we developed a detailed business plan that included financial projections—it became easier to pinpoint our goals and map out a path to achieve them.
**Editor:** It sounds like budgeting and strategic planning became key components of your business. Can you share more about those?
**Eldridge:** Absolutely. We focused on improving our accounting reports, setting budgets that enabled us to monitor our financial status closely. This meant we could assess our earnings and ensure we were making progress in all areas of the business. It’s essential for us to make informed decisions that benefit both our employees and our patients.
**Editor:** That’s a thoughtful approach. You also mentioned creating an Excel model with Credle. How did that contribute to your success?
**Eldridge:** Yes! We developed an Excel model that calculated the exact number of patients I and my physician’s assistant needed to see each week to stay profitable. Having those numbers helped us prioritize our efforts and make better decisions regarding our operations.
**Editor:** It sounds like you’ve made significant progress since those early days. What advice would you offer to other small business owners facing similar challenges?
**Eldridge:** My biggest piece of advice is to invest time in financial planning. Understand your numbers and set clear, achievable goals. Partnering with someone who can help you navigate this process, like I did with Credle, can make all the difference. It’s crucial to have a strategic approach to ensure long-term success.
**Editor:** Thank you for sharing your insights and experiences with us, Eldridge. Your journey shows the power of financial planning in transforming a struggling business into a successful one.
**Eldridge:** Thank you for having me! I hope my story inspires others to take charge of their financial planning.
