Today’s intended audience: Pracititioners in private practice.
Yesterday, in my Facebook group, I asked you a question, Do you own your business or does your business own you?
I asked you this question because I wanted you to reflect on the truth that is the answer. You see, so often regulated professionals who open their own businesses get caught up in a web. They feel so duty bound to deliver care to their patients, clients and customers, they totally ignore the importance of their own health and wellbeing.
To the best of my knowledge, there is no regulator that demands we talk to clients at unearthly hours of the day, tolerate unrealistic demands, nor prioritise ourselves last in any regard. And yet, that is what many professionals do.
Don’t get me wrong, I think it’s wonderful how much kindness practitioners show and how patient they can be, but let me show you something.
When first we open a practice, it feels shiny and new. We are excited, motivated and ready to fly, and there is an underlying sense of accomplishment that fills the air. We’ve spent years training to be in this moment and now a life of possibility lies before us.
At this stage, some practitioners are driven to join network groups and open social media accounts, but this is not natural for everyone. Fortunately, many practitioners are able to lean on their own social networks and begin attracting patients through word-of-mouth.
Because money is often a limiting factor in the early stages of practice formation, most practitioners do far more than treat patients. They are the receptionist, cleaner, manager, marketer and sales-person. Meaning that every waking hour gets assigned to a job.
Sadly though, something gets forgotten.
In between the shopping, treating, and cleaning, there is a person. A human who needs time, breathing space and exercise. A chance to let go of their professional commitments, if only for an hour.
And that is why I asked you the question: Do you own your practice, or does your practice own you?
This is all very well and good, you may be thinking, but I don’t have the money for someone doing all those other tasks. I’m new in practice and have bills to pay, so what should I do?
The answer is much more simple than you think. Start with the end in mind.
Solo practitioners often adopt a mindset that mirrors their solitary practice, perceiving every penny earned as entirely theirs to expend. This perspective can lead to a tendency to invest in their work without considering it as a separate entity; rather, they overlook the notion that their practice is a living organism that requires nurturing, time, and resources for sustained growth, much like any other facet of life. Let me elaborate.
Instead of opening the doors of a practice and thinking that every penny that comes in is yours (because you have earned it by seeing patients), you need to think of yourself as an Owner.
An owner sees the bigger picture, sets the diary in a way that ensures practitioners have proper breaks and finish on time. An owner determines what they can responsibly draw or pay themselves, aligned with the needs of the business, taking into consideration annual and monthly expenses. And importantly, an owner realises that a business has to grow.
Once we change our mentality to realise that we are the owner of a business, not a practitioner treating patients, we start to think differently. We plan strategically realising that it’s some stage our family may grow changing the time demands of life, and we may want to acquire an associate to buy us more time.
We start to think in terms of customer journeys and realise that (for example) we need a booking system or receptionist to welcome clients and manage workflows throughout the day. We acknowledge too, that a practitioner whose spent four years studying a degree should be utilising their time to treat patient not mop floors.
This shift in mindset radically improves the chance of growth and reduces the risk of burnout in early years. But…
I am desperately surprised at how many practitioners resist this approach. Mostly because they went into their profession to treat patients, not to become a businessperson. However, once they are shown that managing their practice properly from the start means developing a business that fits around their life, and not the other way around, they become more amenable.
The basis for this resistance is easy to explain.
Sally opens a new practice. She rents a clinic room and prepares it for launch. By month 12 she’s consistently seeing 20 patients a week. At £75 per patient, that’s £6000 gross per four-week month, 11 months of the year. Sally is over the moon. It never crossed her mind that she would be making £72,000 a year, and her excitement quickly moves her into a lifestyle that accommodates. Soon, Sally is partying with friends at weekends and buying new furniture for her flat. She feels like a million dollars.
When someone feels like this, they cannot see a need do anything different. They’re earning relatively good money. Living the life. And feeling accomplished.
But if we roll forward a year, things begin to look different. Assuming Sally continues to be successful in her practice, 20 patients will soon turn into 40. At 20 patients Sally had a lunch break. She had time to make phone calls in the middle of the day and a little time to tidy the practice at day end.
At 40 patients, Sally is seeing eight patients a day, five days a week. Knowing that each patient slot consists of reading and researching the patient’s case, assessing and treating the patient, tidying up, going to the bathroom. Not to mention writing notes, it’s fair to say that no matter how she manages her schedule, that’s a good eight-hour day. Add to this a lunch break, time to call new patients and book people in. Tidy the waiting area, clean the bathrooms and deal with any extraneous tasks she’s forgotten she needs to do, and soon she’s looking at a day that starts at 08:00 and finishes 10-12 hours later.
At this stage, Sally is tired and exhausted from a day on her feet. The last thing in the world she wants to do is go to the gym. She’s hungry because she skipped lunch grabbing an apple instead of the salad that’s still sitting in the fridge and her partner has texted her three times to ask when she’s coming home
Sally meets a friend for coffee who runs a business of her own. Seeing her so tired, she asks why she won’t bring in help—such as a virtual receptionist or part-time associate.
It seems like a good idea on face value until she realises that she used to spending every penny that comes into the practice. She has a car loan, a big mortgage and her social outings aligns with her financial status. How then can she split your income with a new associate?
Without going into any more detail, I’m sure you can see where this story is going. Sally is a typical solo practitioner. She’s got so used to working alone, she doesn’t know how to expand. It feels negative. Like someone is taking her privileges away, so she resists every step of the way, the idea of doing things differently.
If on the flipside, had she had begun with the end in mind, she may already have a part-time associate and a virtual receptionist and a cleaner. She could be paying others to do repeatable tasks. Instead of working 50-hour weeks, and being too tired to see her friends, she could be working four days in clinic, using one day for administration and growing her business for the long term. Knowing that in five years’ time, she would have a stable practice that she could take breaks from without it falling apart.
There is so much more that I could add to this story, but I know you have to go, so for today let this message land. If you’re at the start of your journey and this pattern resonates with you, think carefully before you continue along the same road.
It might be time to think differently about what you’re doing and time to get some help before you go too far.
Whether you are opening your first practice or beginning to realise that an established practice has become too dependent upon you, it is not too late to design it differently.
If you are based in the UK and looking to make informed choices right from the start or seeking guidance to establish a sustainable practice that evolves with your life stages, click the button below to schedule an initial consultation. During this 90-minute session, we will explore your current situation and your aspirations for both your life and business, enabling us to begin aligning your goals.
Alternatively, if you are outside the UK, feel free to drop us an email at contact@herdwickandgoose.com, and let us know how we can assist you and your practice.
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