Not to Go Unpublished- FIVE P’s of PRIVATE PRACTICE
Practice owners come in all varieties; those that have a dream to go big, those that want to stay small with a practice that’s easily managed, and some see this private practice thing as a means to something else… like a Big Idea! Whatever your intention, looking at your business through a lens of “automation” can help you get where you want to be, with less stress, less work and less time!
I talk a lot about the 5 P’s and how they helped me to scale my business so that it basically runs itself. Now let’s be clear, this doesn’t mean that I’m not involved but I try to think of it as if I’m only involved when I want to be or when I feel it’s absolutely necessary. Let’s check out these 5 P’s and see if we can help you develop a systems and process mindset to implement into your business!
PURPOSE- I chose purpose first because it’s the foundation for everything you created your business on. Whatever your purpose is, don’t shy away from it, don’t hide from it, just own it. Did you want to own a group practice because you wanted to connect with and contribute to your community? If so, tell the world about it! Were you looking to create a place where people could have quality services because your area is lacking? Let’s talk about how awesome your clinicians are! No matter what your purpose, we all must have one. Being honest with yourself and use that purpose as the foundation for all that you do and it will have lasting blessings on your business!
If you’re looking for recommendations and resources with your PURPOSE check these out:
Our Content Creators are a great way to showcase your purpose.
Consider having a clear and purposeful brand. We love Hello Brand Collective. Tell them we sent you!
Check out our Facebook community, The Hive Collective for help defining your purpose!
PLAN- You can’t have a business without a plan, right? This is your opportunity to set yourself up for success. Go into your journey with the right research, know those numbers, understanding what you’re up against and have a plan for it! I personally believe that all markets are viable when you know your barriers and you have a creative strategy to combat your pain points!
If you’re looking for recommendations and resources with your PLAN check these out:
Live Plan- online business plan program that walks you through the entire process.
PROCESS- You must have a solid infrastructure if you’re looking to scale your practice. Even if you’re not looking to scale, you still need systems and processes. This is the part of your practice that allows you to feel in control of although you’re not the one doing any of the work. These are the measures you can take to assess the health of your business quickly, make changes that are necessary to increase efficiency, and run your business like clockwork. If you’re not sure where to start, write down the three things your business does the most. List out each step that it takes to complete that “thing”. Then work from there. Have another employee work through the process and see what hangups they run into. Count your steps and try to cut them down as much as possible. The goal should be for your process to have the least amount of steps, with the most amount of effectiveness and efficiency.
If you’re looking for recommendations and resources with your PROCESS check these out:
Systems & Processes VAs can help organize materials, retype manuals, record training videos, etc.
Check out Practikat for useful resources that will help streamline your processes!
PROFIT- Here’s everyone’s favorite! In Mike Michalowicz’s book, Profit First, he says don’t wait to find your profit in your process. What I think he means by this is, don’t think that “eventually” if you do things right, you’ll begin to see a profit.” You need to create a profit Today! Profit doesn’t just come in your Process, you have to be deliberate about and ensure that you have one from the start. We all know that old adage, “you have spend money to make money”. Yea, that may be true in some instances, but it’s also important that you don’t fall into the trap of waiting for your profit. Profit First is a great way to systematize your cash flow. If you’re not using any form of structure or framework to allocate your funds, I would strongly consider reading Profit First. It changed my life!
If you’re looking for recommendations and resources with your PROFIT check these out:
We use and love Quickbooks to ensure that our financials are on point.
PEOPLE- This is likely the most important P of all, and ironically enough, where I made the most mistakes early on in my business. Again, many of us fall into a trap when we’re first starting a practice or when we’re trying to amp up the practice that we already have. We are desperate and often question our own judgement just because we need another clinician, we need someone who can do office work, or something similar and along those same lines. If we bring on people that don’t fit with our brand promise and our company’s culture, none of the other 5 P’s are ever going to work in harmony. For me, the other things seemed to be going okay but we still had problems. There were still issues that I kept scratching my head thinking, “Why does this keep happening? What am I missing?” If you find yourself ever in that same frame of mind, you could also have a People problem. The true answer for me came when I no longer had certain individuals working for me in my practice, thenI knew my assumptions were correct and my people problem had been solved. Looking back, I wish I would have stayed true to myself and not compromised on any of my hiring choices. I try not to have regrets, so I will go so far as to say that I’m thankful for all of the experiences because now I know how to help others avoid the same mistakes!
If you’re looking for recommendations and resources with your PEOPLE check these out:
A Human Resources VA can help you create targeted job ads and descriptions, post on Indeed.com, screen and/or interview your candidates as well as help to improve the culture of your company.
I challenge you to think about how those 5 P’s apply to your business and how you could revamp or even reconsider some of your current tactics so that your practice can be more efficient and sustainable! Need more help on implementing these P’s we have Systems and Process Virtual Assistants ready to help. Packages are $350 for 14 hours and it’s amazing what can get accomplished in that amount of time! Check out the Virtual Assistants page today!