What it takes for small businesses to succeed in healthcare

Health tech startups, healthcare

It is interesting to see mindsets around launching a business; in fact, it seems a lot of people are scared to take the leap into what they think is an abyss of despair. There are many learnings that come with starting a business and succeeding in the healthcare industry. In Australia, the possibilities are endless for small businesses in the healthcare sector, particularly when bolstered with knowledge of the abundance of government funding available.

In Australia, there is over $200 billion in funding available for small businesses; this support is often the difference between companies who are struggling and those who are excelling towards becoming medium-sized businesses. It’s this knowledge of funds available that allowed HCPA to propel on the trajectory it has, now a multi-million dollar business we have turned our sights to supporting emerging healthcare businesses. Once funding is secured and growth is enabled, stability is founded on clear communication, sound experience and stellar culture, and receptiveness to change.

Communication is key

In order to succeed in the healthcare sector, it is important to acknowledge potential communication barriers between healthcare businesses and their potential clients. Lack of clear communication when explaining products, services or situations can lead to confusion, frustration or giving up. Clear, concise communication, expressed in layman’s terms means potential clients will feel comfortable in the provider’s care and trust in their knowledge and experience.

In order to support and nurture those on their learning journey in this space, HCPA ensures all communication prioritises ensuring our clients understand concepts, breaking them down using analogies that are relatable. We recommend our clients do the same in speaking to their potential clients, always.

Experience and culture is invaluable

A key challenge of starting a business in the healthcare industry is overcoming staffing expenses. These costs can be daunting, however, the benefits of having educated, experienced and well-trained employees are invaluable, especially for an industry where the health of individuals is on the line. This is where government funding becomes significantly important, empowering and aiding businesses in building a strong staff force who will support the business through growth and add immeasurable value to clients.

Something that has always left me looking for answers is why businesses seem to prioritise such micro-management and strenuous KPIs over culture. We pride ourselves on a stellar culture and I have seen first-hand how this has contributed to substantially increased productivity.

Small businesses and start-ups are only going to be as good as their staff. It’s so important to create a long term vision that your staff feel inspired to be a part of, especially where staff are required to be educated on something as specialised as healthcare. Providing more flexibility and encouraging bonding activities has seen my staff pushing themselves to self-educate and grow with the business.

Be receptive to change

Importantly, whilst growth is often the goal for small businesses, rapid growth can be deadly unless businesses can actively adapt to change. In the face of rapid growth and success, it is imperative that businesses do not lose vision of the customers’ overall outcome. Culture is key and the benefits are felt at each touchpoint, through to the end-user.

The possibilities in Australia’s healthcare sector are endless, and the opportunity to make a true impact on vulnerable communities is vast. If I could go back to HCPA’s pre-launch period, I would tell myself to push harder and to leap into the abyss head-first. Trusting yourself and your raw talent is what will take you places, and the knowledge of available funding and relevant resources is key to growth and ultimately, success.