High Performance Practice Traffic Light Reporting Lifecycle

May – Here we go again because death and taxes are inevitable.

Back to Step 1 - Cycle recommences; annual financial statements and tax return information submitted to Health and Life after 30th JuneX1. If you are undergoing a restructure or setting up a new practice, the process takes 18 months so you may be experiencing higher than average bills. This is normal and we would have budgeted for this assuming all things have gone to plan.

Implementation Timetable
1. High Performance Pathway - Practice Traffic Light Reporting Cycle

Tick Item No.	When	What Next?	Frequency	Who*	Solutions Hyperlink
1.	February/ April	Personal Financial Planning	Annually	You	Read on... How Much Do I Need to Retire?
			This process will assist in personal cash flow and tax planning by providing 5 year & 12 month business and personal financial projections		Read on... High Performance Practice Traffic Light Reporting Lifecycle
2.	May	Tax Planning	Annually	Health and Life	Read on... Budget Planner May – Business and Tax planning for the following financial year
3.	September/ October	Financial Statements & Management Accounting Letter	Annually	Health and Life	October - Responding to management accounting letter.
4.	September/ October	Tax Returns	Annually	Health and Life	.September/October - Submitting responses to the annual tax return checklist for each entity.
5.	October/ November	The Good Bad & Ugly Report	Annually or Bi Annually	Health and Life	Read on... The Good, Bad and Ugly report A free practice coaching session
		Includes benchmarking	Stipulates best practice benchmarks and 12 to 18 month strategy recommendations
6.	October/ November	Business Coaching	Semi-Annually	Health and Life – No Charge	Read on …The Good, Bad and Ugly report
			Only if The Good Bad & Ugly Report completed. 12 month strategy discussed with the Board**.		Read on... High Performance Management Planning
7.	October/ November	12 Month Operating Plan	Annually	Your Practice	Read on... Operating Plan
			Board agrees to key strategic recommendations		Read on... High Performance Management Planning
8.	November	12 Month Operating Budget (based on Operating Plan)	Annually	Your Practice	Read on... Operating Plan
			Based on agreed strategic objectives. Important if profitability and cash problems or significant change exist.		Read on... High Performance Management Planning
9.	January	The 3 year Strategic Plan	Tri-Annually or when significant change is required	Your Practice	Read on... Strategic Plan Read on... High Performance Management Planning
10.	October to February	Management Accounting Letter Report	Annually	Health and Life	May – Here we go again because death and taxes are inevitable.
			Deadline to respond to accounting systems report. The earlier completed will reduce accounting fees.

Statutory Compliance Mandatory
*Health & Life can assist in the initial set up
** Board means a meeting of practice owners. No Board exists for a single owner operator.

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