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Navigating the Year-End Surge: A 10-Step Micro-Business Checklist For Physicians

Dec 30, 2023

The Year End

I was meeting with a coaching client this past week. He had just started his micro-corporation this year and was using it in an employment lite agreement. He was filled with excitement about the future and recently made the decision to buy an airplane, which was driven by his passion for flying. He had been planning for this plane purchase for years, and it was a special moment for him to finally make it happen. He eagerly shared pictures of his plane with me, like a proud father. We had a discussion about how this asset would fit into her personal and micro-corporation life, including the payment plan. This led to a discussion about budgets and cash flow, which he admittedly had not formally worked on. We spoke about how he needed to do this, I gave him some resources to do it, and then set a time table up to accomplish it. The remainder of our time was dedicated to covering some of the micro-business concepts that were new to him.

This made me think about our SimpliMD community and how you may benefit from having a checklist to review at the end of your business year.

As the year draws to a close, it's crucial for physicians running micro-corporations to take stock of their professional ventures. The end of the year is not just a time for reflection but also an opportunity to ensure that your micro-business is on a solid foundation for the upcoming year.

In this post, I am giving you a comprehensive 10-step checklist tailored to physicians in the SimpliMD community. Let's delve into the key considerations to make your year-end micro-business review seamless and effective.

10 Step Micro-Business Check List For Doctors

  1. Financial Health Assessment: Begin by conducting a thorough financial health check for your micro-corporation. Review your revenue, expenses, and profits for the year. Identify areas of improvement and strategize on optimizing your financial performance in the coming year. Are there any side jobs and job stacking shifts that you expect this next year?

    If you have not taken the time to create a micro-business budget for the year, do that now. One of the things that micro-corporation owners are always tinkering with is the balance of determining their annual self-employment salary, distributions, tax advantaged household income and expenses, and tax deferred retirement plans. This can change each year, based upon the personal budget/spending needs that you have for your household. The ideal is making sure you are putting away 20-30% of your earnings into retirement.

  2. Tax Planning and Compliance: Stay ahead of tax obligations by ensuring that all necessary documentation is in order. Collaborate with a tax professional to review potential deductions and credits applicable to your micro-corporation. Stay compliant and avoid any last-minute tax-related stress. I strongly believe that you need a tax planner in your financial world, rather than an accounting professional who simply files your taxes annually. If you don’t have this in place, I highly recommend IncSight for helping you do this.

  3. Goal Review and Setting: Reflect on the goals you set for your micro-business at the beginning of the year. Celebrate your achievements and analyze any goals that were not met. Use these insights to refine and set realistic, achievable goals for the next year. For professional micro-business owners like you, this is often very inter-connected to your personal life. This is why I recommend you use my free Dare To Dream guide to help you with goal setting. If you are looking for some 1 on 1 help with goal setting, SimpliMD Coaching can be a great resource as well.

  4. Legal Compliance: Check that your micro-corporation is compliant with all relevant laws and regulations. This includes renewing licenses, filing your state business entity reports, updating contracts, and ensuring that your business practices align with the latest federal and state legal requirements in your field.

  5. Technology and Systems Audit: Evaluate the technology and systems you have in place to support your micro-business operations. Consider whether any upgrades or changes are necessary to enhance efficiency and productivity in the coming year. All business technology resources are a deductible business expense ranging from your cell phone all the way up to your computers, printers, scanners, and subscription software needs.

  6. Marketing and Branding Analysis: Assess the effectiveness of your current marketing strategies and branding efforts. Identify successful campaigns and areas for improvement. Develop a marketing plan for the upcoming year that aligns with your business objectives.

  7. Client and Patient Satisfaction Survey: Collect feedback from your clients or patients to gauge their satisfaction with your services. Use this information to identify areas for improvement and tailor your offerings to better meet their needs.

  8. Professional Development Planning: Invest in your professional growth by identifying areas for improvement and planning for continued education or training. Stay informed about industry trends and incorporate new knowledge and skills into your micro-business. One of the best ways you can enhance your professional development is through SimpliMD coaching. This business expense is a small dollar cost that can make a huge difference in your life.

  9. Team Evaluation and Development: If you have a team supporting your micro-corporation, evaluate their performance and provide feedback. Identify opportunities for professional development and foster a collaborative and supportive work environment. Most of you will have small teams which is why it is called a “micro-corporation”. In my case my team consists of my book-keeper wife, and then my integrated legal-accounting-business coaching-wealth management team. I believe every micro-corporation doctor needs a team to support them.

  10. Community Engagement: Engage with the SimpliMD community and share your insights and experiences. Network with fellow physicians, exchange ideas, and contribute to the growth and success of the community. You can do that easily through our SimpliMD site and resources, but to take it bit further I encourage you to also join our private social media group at Facebook called “Every Doctor Is A Business”. We’ll have more dialogue and co-learning from one another in this group.

We Are Here For You

As you embark on this year-end micro-business checklist, remember that continuous improvement is the key to sustained success. By dedicating time and effort to these essential steps, you'll position your micro-corporation for a prosperous and fulfilling year ahead.

SimpliMD is here to support you on this journey, providing resources, guidance, and a community of like-minded physicians. Cheers to a successful year-end review and an even brighter future for your micro-business!

If you have not taken the step to become a member of our growing community, I invite you do it now here. It’s a deductible business expense that will unlock $2500 in SimpliMD products for less than the cost of dinner out.

I also request your assistance in inviting any of your physician friends to join our community for free. Send them this link for a free e-book called a Guide For Doctors on Teachers, Mentors, & Coaches as an enticement. More than ever, doctors feel isolated, and becoming a part of virtual physician community like SimpliMD can help fill their need for connection.