As we all know, entrepreneurship can be exceedingly challenging in many areas. Healthcare entrepreneurship is significantly more challenging because of the direct influence it has on people’s lives. There is no guarantee of success, regardless of your strategy or the value you bring to the market.
In all of my articles, I have maintained time and again that the hospital sector in Africa has become oversaturated with enterprises that operate in the same way with no value innovation. Having said that, it is still the easiest sort of business to relate and adapt to for doctors.
If you have to develop and operate a hospital, you must pay attention to a few key issues that may sound incredibly theoretical but have a significant practical influence. A hospital startup in Africa begins its journey by competing with larger and better-funded public and commercial hospitals that serve various levels of healthcare requirements and have a well-established customer base.
You will have a greater chance of success in your hospital business if you strongly consider the following before you begin:
First of all, Establish a clear vision and goal. According to Harvard Business Review, 95% of workers do not comprehend or are unaware of the business strategy. How can you expect to get the most out of your staff if your company’s vision is unclear? How would they assist you in getting there? These aren’t merely phrases you throw together to fulfill regulators’ needs or to mark a box on your to-do list. You must be very deliberate about what goes into your vision and goal.
Your vision and goals should not be developed in a secluded area of your house or business. These should be extensively discussed with anybody who is directly or indirectly involved in your company. Ideally, your workers should take an active role in developing these, resulting in a vision and goals that connect deeply with your employees.
A well-defined mission and vision serve as the foundation for communicating the value of your hospital. Make a demand strategy while you’re at it because it will be crucial in getting potential patients to learn about and discover you.
According to George Harrison’s song titled “Any road”, “If you don’t know where you’re going, any road will take you there.” The role of a clear mission and vision cannot be underestimated under any circumstance, especially for a service-based business like Hospitals.
Secondly, communicate your value proposition consistently. How does your hospital provide value to people’s lives? Do you provide a novel service, a game-changing product, or a fresh take on an old favorite? Determine your hospital’s unique selling point as soon as possible and express it clearly and consistently. Make your hospital stand out by offering a one-of-a-kind value to the market. Once you’ve identified your worth, be sure to connect each of them to a service delivery system to identify how you’ll continue to be helpful to everyone.
Thirdly, a thorough market research is essential. A constant search for new sources of profit in the external environment is required for long-term viability. Environmental impacts such as political, economic, social, and technical (PEST) factors should be thoroughly investigated. Pay attention to elements that are critical rather than just important. Understanding your consumers is the only way to provide value for them.
Always bear in mind that clients have alternatives; you may as well position yourself to be the best option among those possibilities. Identify your target audience. It is quite tempting to believe that it is simple to meet everyone’s myriad of wants. In the short run, this may put some money in your bank account, but if clients get weary of smelling the new paint in your new business, they will just move on to the next one. Your long-term objective will be to gain and retain patients. The only way to do so is to zero in on the exact demographic you want to serve.
You need to find out the following: Who are your customers? What are their wants and needs? How do they pick amongst rival services? Once you understand why clients pick one hospital over another, you can discover the aspects that contribute to a hospital’s success.
Fourthly, put together the best team possible. I cannot underscore this more. Management of a hospital company is a diverse endeavor that necessitates the use of personnel with both clinical and nonclinical talents to guarantee that your vision and purpose are carried out effectively. Don’t leave anything to chance or assumptions.
Hiring your core staff should be a deliberate process, which will entail precisely identifying what you desire in each unit of your hospital company and locating the individual who possesses the talent to fulfill that requirement. According to chron, the right team improves patient responsiveness as well as overall effectiveness and efficiency.
Lastly, do not take out loans/debt unless you fully understand how to manage debt. Debt is not a negative term or thing if you know how to use it properly. This is why financial intelligence is vital for you as a founder, as it will greatly enhance your decision-making process and make your healthcare business highly appealing to investors, who may be the fuel to drive or shift the course of your organization in a few years.
I don’t think I need to explain to you how critical planning is to the execution and seamless running of your firm. It is not about locating the most densely inhabited location or the most affluent neighborhood to serve; it is about having a clear strategy in place before you open your doors. If you convey these well, you will not only attract a larger percentage of your target audience, but you may also have a spillover effect on other target groups. Most importantly, because you planned for such occasions, you would be able to solve difficulties and make better judgments when faced with adversity. It is time to improve your chances of creating blue oceans.
What do you think? Please leave your thoughts in the comments section below.