Professional Practice Management
A deep recession can affect virtually any business. Even the well established practices of an Attorney, Doctor, Dentist, or Counselor etc., can and will struggle, if not managed more efficiently and smarter during lean times. The biggest mistake that I run across is professionals who have developed a practice over the years forget what made them successful in the first place. As in sports, remember the fundamentals.
Here are 20 tips for established professional practices from The Entrepreneur’s Advisor™:
- Remember the passion and have fun.
- Network, Network, Network.
- Eliminate the extras, reduce your variable costs – maybe no individual item is worth much, but together they may reduce your expenses by several hundred dollars per month. Translation – you need fewer clients to cover your expenses and may not have to cut headcount.
- Remember what differentiates you from your competitors.
- Be dissatisfied with the way things are, look for improvement.
- Do things differently, change is good.
- Figure what can go right and make it happen.
- Touch base with all customers, active and former.
- Ask for referrals.
- Try a new marketing tool, establish an online presence.
- Find new markets or market segments.
- If you have multiple office locations, understand the workflow and duplication of costs, consider centralizing some or all functions.
- Consider outsourcing some functions and tasks and revisiting or bringing in-house other functions currently being outsourced.
- Manage your business by the numbers – not by relationships.
- Don’t be afraid to ask for help.
- Stop spending money if it does not save you money down the road or bring customers to you.
- Turn off lights earlier, adjust your hours.
- Reduce magazine subscriptions, water cooler fees, office cleaning, and other maintenance items.
- Look at your fees. Customers still have a need but perhaps your fees can no longer be afforded. Rollback fees, have payment plan options etc.
- Ask your employees for suggestions. It is unlikely you know as much as you think.
The Entrepreneur’s Advisor™ assists existing and new business ventures alike. We can help you save money, be more efficient and most importantly – “We will implement the changes WITH you”. Put our years of experience in turning around and managing small businesses on your team. Contact us today to arrange your free initial consultation.
Share with us your experiences in starting a professional practice.