Business Development Needs Intention
Create time to grow the private practice of your dreams
Nothing is better for your personal, professional, and financial growth than feeling that you are exercising intention in your business. The key is to take time to focus on what you want your business to look like so you take strategic intention to build a practice in alignment with your needs.
You won’t grow a dream private practice by crossing your fingers and hoping for the best. Start by consciously documenting what you want for your business:
- Write down how much you want to work, who you want to see, what you want to earn, and how you want to feel. Set time aside to then back your way into a solution.
- Make a list of all operational tasks you complete. Look for redundancy, and in particular items that take a great deal of time but don’t support your highest and best use. (Examples of these tasks include using multiple devices or strategies to serve patients, scheduling, billing, managing files, handling credit cards, issuing statements, communicating with patients, handling cancellations and consultation, entering progress notes, tracking revenue and handling accounting).
- Create explicit time in your schedule each week for Business Operations and Business Development. Schedule this time just as you would patient appointments, and try to stick with it. Businesses that meet their goals are ones that have allocated time to work on change.
- Operational time should be used on administrative tasks: secure communication with patients, progress notes, and managing and tracking revenue. A practice management software is a great way to consolidate this process. *Remember clinicians that store a form of payment on file and utilize practice management increase revenue overnight. Mastering this will give you your time and freedom back!
- Business development time is allocated for business of practice education, advising or professional services, writing and updating an annual business plan, financial forecasting, marketing and advertising, working on brand development and outreach to optimal referral sources. Build this into your schedule weekly.
Bonus: Ask Yourself The Following Questions:
- How do you manage your time and energy?
- How much money and time is going toward practice administration?
- Have you allocated specific, dedicated time to look at and reorganize your practice management processes to create maximum efficiency, safety, and revenue?
- Have you created space and time for business development including business of practice education, advertising and marketing, cultivating referral sources, and clarifying your brand and offerings?
Visit TherapyPartner.com/Resources to receive information regarding upcoming educational opportunities through our Free Love Your Practice, business of education series, which includes our Podcast Series, Webinars, & Practice Building Strategies.