Is this why your practice isn't a strong business?

It’s fair to say general practice is not an easy business, which is the reason why not every practice is a strong business. There may of course be other reasons but in my experience these are the most common ones. 

🔷 It’s not a business

It is. It’s a business owned by the partners, and it isn’t different to other businesses. You have one or more contracts that generate income. You employ people, have business costs and generate a profit.

🔷 We don’t understand business

Then delegate the responsibility of managing the business to someone who does. Ignoring that will only mean your profit and people will suffer.

🔷 We have a comfortable level of partner income

That shouldn’t be accepted as good enough. Is it allowing you to reward staff appropriately? Is it allowing you to reinvest in improving your business?

🔷 We can’t do anything to increase income

A strong business is not determined by the income alone. You can probably bring in income, and you certainly can increase efficiency, reduce workload, improve patient experience. They’re all part of a strong business.

🔷 We don’t have the time

That’s not completely true, you can find the tine if you choose to. We frequently make the wrong choices. Not everything deserves your time, and your time is too important to waste. Invest sone time in improving your business.

🔷 We think we have a strong business

Constant firefighting and challenge isn’t normal. If you’re not measuring what you do against the 7 key business foundations you can’t be sure if you have a strong business. 

The truth is there probably aren’t any good reasons for not making your practice the best business it can be. It’s just a matter of choice.