Five Things I Would Be Doing If I Owned Your Practice
Oct 11, 2024
If I owned your practice, I'd be laser-focused on making the next few months transformative. Running a successful practice requires vision, collaboration, and action. Whether you're a solo practitioner or leading a larger team, here are five essential actions I'd take to ensure your practice reaches its full potential by the end of the year.
1. Set Clear Year-End Objectives
First things first: I'd nail down exactly what I wanted to achieve before the end of the year. Every practice is unique, but every practice must have clear objectives. It's just healthy, and without those goals, practices become stagnant, and the team’s drive can fade. Objectives provide direction, and there's no point in the life cycle of a practice where it shouldn't be working toward at least five core goals. It could be keeping the schedule consistently full, increasing profit by 10%, growing a specific procedure, or expanding new patient acquisition. Whatever it is, a practice without goals isn't moving forward—it's just surviving. And survival is never the goal; growth is.
2. Leverage Your Team to Achieve Objectives
The second thing I’d focus on is leveraging the strength of the team by communicating and training them on how they will help achieve those objectives. If your team doesn't know where you're headed, they can't help you get there. Effective communication is key—it's how you multiply your efforts and create exponential impact. I'd make sure every member of the team knows their role in reaching those goals and feels empowered with the right training and resources to succeed. This is where your practice turns into more than just a collection of individuals—it becomes a high-functioning, goal-driven machine.
3. Maximize Production Daily, Weekly, and Monthly
Maximizing production is another non-negotiable for a thriving practice. Every day counts. I'd ensure that the schedule is full and full of productive procedures. Whether it's focusing on high-value treatments, minimizing downtime, or optimizing the mix of services, the focus would always be on maximizing productivity. Production is the clearest measure of how well a practice is running. Is your schedule packed with meaningful work, or are there gaps that need to be filled? I’d be focused on ensuring that the work being done is not only filling the calendar but driving the practice forward, one week at a time.
4. Provide Consistent Feedback to Your Team
I'd be providing the team with consistent feedback and/or reviews. Far too many practices neglect this area. I’ve seen situations where practices haven’t provided real feedback for years. And even when reviews are done, they often leave team members with no clear sense of how to improve. This is a missed opportunity. Effective feedback is your chance to communicate with each employee, highlighting their strengths and identifying areas for growth. Everyone wants a raise—and they should earn it by improving their skill set and outcomes, not simply because of tenure or pressure. High-quality feedback creates accountability, growth, and motivation within your team.
5. Year-End Planning with Your Accountant
Lastly, I'd be planning for the year-end with my accountant. This is the time to forecast, plan, and make smart decisions that minimize tax consequences and prevent any unwanted surprises. Too often, practice owners delay these conversations, resulting in avoidable headaches when tax season hits. The right strategy at year-end could mean the difference between scrambling to make sense of it all or stepping into the new year with confidence. I'd ensure that the practice is positioned to take full advantage of any opportunities to optimize the financial picture, including strategic investments, expenses, and more.
