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Building a business in healthcare IT is a little bit like building a house in an up-and-coming neighborhood. Both are in a competitive space that requires a strong foundation of a balanced budget, high-quality resources and a good reputation to stand the test of time. Unfortunately, the minimal resources of many start-up entrepreneurs or investors seeking to get their ventures off the ground can trigger cracks in the foundation. Everything from a lack of staff, to an unclear financial vision, to a decrease in reputation or awareness, work to hinder stability and growth.

In emerging IT companies, where the focus tends to be on The Big Idea, it’s easy to overlook or postpone the foundational operations of a properly run business. The battle for market share and notoriety is fierce, and the next industry-shaking earthquake of an idea will send the competition with the weaker foundations crumbling to the ground. A low-risk investment in operations will save your company valuable time and money while fostering an ideal environment for growth.

Financials

Financial transparency and strong cash management are the framework for a successful start-up. Then, there are the many business compliance and regulatory issues to be addressed before moving forward. But too many resource-strapped start-up companies overlook these issues in the early stages. Poor coordination and mismanagement of finances quickly lead to a decrease in value. A tailored support strategy can keep your financial posture strong and balanced.

“Financial transparency and strong cash management are the framework for a successful start-up.”

Human Resources

A business, like a home, is only as strong and resilient as its building blocks. Finding the highest quality Human Resources candidates to build your staff can be as challenging and consuming as hiring the others! This merry-go-round process can leave many with limited cash flow to compete for top talent. Differentiating yourself and doing the proper research across appropriate networks is key to recruiting and retaining quality staff members. Rushing to hire the wrong candidate just to fill a position is as detrimental to your growth as taking too long to pick and losing the perfect fit.

Marketing

Much like landscaping, furnishings and decorating turn your house into a home, marketing and branding your business establishes your reputation and is as important in early-stage development as it is in its maturity. Partnering with a marketing team that understands your work and your value show the industry what you stand for. In a market over-saturated with great ideas, a true reflection of self and personality is the key differentiator behind a start-up company.

IT and Security

Disasters can strike at any time and sometimes lightning does strike twice. Breaches are one of the leading causes for revenue loss. An IT security team with a healthcare focus on compliance, is like a security system for your home. Also, if you are in the industry of healthcare-driven mobile applications, a trustworthy integration team will be necessary to integrate with EHRs and other software.

“An IT security team with a healthcare focus on compliance, is like a security system for your home.”

Building on a good foundation prevents uneven settling and provides a better life for your business, your clients and your team members. At Growthwright, we provide the foundation for disciplined growth while you innovate and focus on your strategic vision.

Danielle Thienel is a Business Development Analyst for Growthwright. If you are a start-up looking for services in finance, HR, Marketing or IT, contact us here!

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