14 Jun Operating a successful practice – It’s all in the details
One thing practice’s all have in common is the ability to be successful. Whether legal, medical, or dental, success is possible, but it doesn’t happen overnight. Your practice needs to grow one step at a time. Year after year. However, there is one thing you can do to make your business run easier, make growth less painful, and ultimately be more successful. Details. It’s all in the details.
Get comfortable with details
We will call these the intricacies of your practice. When are bills due? When do things need to be purchased? When do you need to file your taxes? What is the proper way to invoice a client? What is the appropriate way to input your expenses? And so much more! If you don’t know all the little financial details of your practice, you are going to slip up somewhere along the way. It could mean that this slip up will take you away from client work. It could mean that the slip up will have you undergo an audit. It could mean that your business is no longer, and that is not an outcome anyone wants to entertain.
Get comfortable with processes & procedures
Whoever said rules were meant to be broken wasn’t a business owner. Rules, procedures, and systems are put in place to make your practice run smoothly. To make sure there is less possibility for error. There are several financial processes you need to be comfortable with. Your billing process, your invoicing process, your expensing process, and your purchasing process. Processes from an HR standpoint also keep employee standards in line. They let employees know what is expected of them and how they should act. Employees are also happier. You can read more about that in our other post here. The processes in your practice may not be the fun part of your business, but they are crucial to operating a successful practice.
Get absolutely cozy with your numbers
It still blows my mind. How can practice owners think their business is doing well when they have no idea what the numbers are for their business? Even if they know how much they are bringing in, they often have no concept of what’s going out. You need to know how much you are bringing in, how much you are spending, what your projected revenue will be, what your financial goals are for each quarter. And knowing all those numbers, how you can make that happen? The business side of your business can’t be ignored, and that’s why we absolutely love what we do at Rochon & Associates. We can take care of all those things that our clients don’t want to be up in the middle of the night worrying about.
If you are not a detailed person, and maybe you see the big picture but have trouble with the day to day, get in touch with us today! Success is all in the details, and that’s what we do best.