In my years of being in, around, running, managing and owning my business never a truer word was spoken to me than when I was asked the question
What stage is your business in?
……….. I really wanted to provide a sophisticated answer, one that sounded like it came from a Harvard Business school lecture –but all that stumbled out of my mouth was
Ummmm the super busy, I’m not earning enough income stage?
And these days I would say “the consolidation stage” aka – “I’m still trying to get projects finished and at times spiral into a sense of feeling totally out of control” stage.
Knowing what stage your business is in is kinda foundational to knowing how you will get from A to B. All too often I’m consulting with private practitioners who want to go from earning $2,000 per month to $1MM in the next financial year. Yeah…. ummm not likely. I’m not saying impossible, I’m saying not likely – you see what it takes to be a $2K per month private practice owner is terribly different to what is takes to generate $83.33K per month to be a $1MM business owner. A whole LOT of different!
Knowing what stage your business is in will also help you to know what your priorities should and need to be to help you achieve your goals.
I do not subscribe to there being 1 right way to describe the various stages of your business. I think for private practitioners who want to stay excellent clinicians we have layers of delivery that are not considered in more traditional business descriptions and models. I’ve done a LOT of reading on this – and have taken learnings from Michael Gerber of E-Myth Fame; from Kendall Summerhawk and from other’s like Matt Church. All these models have been helpful for me to understand where I am at, and what to focus on in my business at any one time (now knowing what to focus on and actually focusing on it are two different things 🙂 )
So I’ve developed my own “stages” just for private practitioners just like us! So here we go:
Now this doesn’t mean you have to have a Multi therapist practice to use these stages of development. They can be applied to any style of income generating business. Adding a new revenue stream is simple another way of adding value to your business.
The important thing to see here is where are you at in your business? What stage do you think your business it at, and what do you think you need to do at the stage you are currently in?
I know for me, at my stage its all about management and marketing!
Would you like some help to understand the stage you are at in your private practice? Need some insight into what you need to focus on, but also HOW to focus on driving your results to the next level? Then please make sure you scheduled in a FREE 30 minute consult with me: click here
And don’t forget to leave your comments on this Blog post – lets share the love on how to grow a successful, sustainable and profitable private practice!
Here’s to your success
PS – Save the date Thursday 5 Nov 2015 (Australian Eastern Time). BIG announcement coming soon – you won’t want to miss out on this. It’s gonna be awesome.