Are You Focused on the Right Business Goals?

As we have discussed elsewhere, identifying your goals is the first crucial step in achieving them. Without a clear idea of your business goals, you cannot create a clear business strategy.

The best way to get started may be to work backwards. Begin with the end in mind. Maybe your goals for the business are to increase autonomy and profitability to give yourself an exit strategy. In that case, "making more money" and "working fewer hours" are worthwhile goals. At the beginning, business planning does not need to be any more complicated than that.

Assessing Your Strengths and Your Preferences

Next, you need to assess what can and should be delegated. As the owner of your own practice, you have likely taken on many roles that you either don't feel comfortable in or hate doing. That may be fine when the practice is just getting started. But over time, you need to focus on what you're good at and what you love doing and find ways to outsource the rest.

This approach is not just more enjoyable; it also makes sense from a business perspective. Consider these arguments:

  • If a particular task takes you an unusually long time because you are not trained for it or it falls outside of your skill set, it would be more cost-effective to delegate that responsibility to someone else.
  • There are certain tasks that only you can take care of as the owner of the practice. By taking on tasks that could be delegated, you'll have less time and energy to complete tasks that cannot be delegated.
  • Trying to take on everything ultimately leads to burnout.

Identifying Your Essential Functions

The caveat to the information above is that your preferred roles in the business are not always going to be the best use of your time. As a physician, you likely enjoy directly treating patients. But as the owner of the practice, this presents two problems.

The first is that it ties you to the practice in a way that could make it harder to retire or sell the business later on. You will need to know that the practice isn't dependent on clients directly working with you.

The second is that as the head of the practice, you often need to focus on the highest-level functions that will make the business sustainable and profitable. These include setting up systems for greater efficiency, creating intellectual property, developing the brand and focusing on personnel management.

Ideally, your day-to-day responsibilities should be a healthy blend of essential functions and tasks that are personally and professionally fulfilling. When strategizing with the business lawyers at our firm, finding this ideal balance will be one of the guiding principles.

Call Us Today to Discuss Your Goals and How We Can Help You Achieve Them

Ideal Business Partners, based in Nevada, helps healthcare professionals improve their practices and turn their passion into a profitable business. To find out what our attorneys can do for your business, call us in Las Vegas at 702-852-6799 or send us an e-mail.