Even healthy mid-phase or late phase practices are typically overly dependent on the primary doctor’s physical presence in the office and on the personality and energy of the doctor. This is certainly a critical piece of the puzzle, but over-reliance on the primary doctor is actually a weakness when it comes to creating value and creating smooth practice transitions. For healthy mid-phase or late phase practices, here are few key points to get in place or to improve if already in place. Standard Procedures If you ever find yourself repeating instructions or dictating the same procedure … [Read more...] about Creating Value in Your Practice 2
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Creating Value in Your Practice 1
This next series will address several key points in the overview of managing your practice to create value in the future. Many doctors do not consider these points until they are forced to leave practice, or simply desire to slow down and retire from practice. By that time, it’s too late to change many of the features that a potential buyer would find either objectionable or desirable. We’re got to think ahead! Practice life cycles Over a 30 year working lifetime, a typical doctor will see the practice go through 3 distinct phases: early, middle and late careers. 30 years is an arbitrary … [Read more...] about Creating Value in Your Practice 1
Selling Part 3
External Conditions Closing of any sale is dependent on effective communication with the buyer. If the buyer is left with confusion or conflicts after discussing the proposal, they will usually need more time to think about it and will not act. This is especially true in non-emergent situations or in discretionary spending. There are many names for this essential spoken communication, but the one in most common use is: The Pitch. This has some unpleasant connotations, but remember that we are taking an expanded view of the sales process, to include an exchange of anything of value, not just … [Read more...] about Selling Part 3
Selling Part 2
The last blogpost set an expanded framework for the concept of selling, as outlined by Daniel Pink in his latest book. The next section is concerned with how to be in order to get this into better shape. It’s an outline of your internal, subjective condition as it relates to moving others. Internal conditions Just like with any complex endeavor, your own mental and emotional preparations are critical for success. If you approach the idea of moving people as a new skill set to acquire, the preparation aspect becomes immediately obvious. You will also find that your skills and abilities with … [Read more...] about Selling Part 2