Demystifying Private Practice: Consideration 3. Relationships
When it comes to starting a business, having a ‘village’ is key to success. What I mean by that is you will need the help of others. Actively seek out the wisdom of others. Recognize that you can’t and shouldn’t try to be an expert in everything.
Seek out the advice of other specialists and peers who are in private practice, senior consultants in private practice, and senior consultants who work in both public and private. Find out what worked for them and what didn’t work. As well as avoiding common pitfalls it is natural that networking will result in other opportunities such as referrals and partnerships. By building connections you will expand your knowledge, which will allow you to see things from another perspective. Starting out can be tough and the relationships your build can be pivotal to fast-tracking your success.
As well as clinical relationships, make sure you have at least one independent trusted advisor. This will be paramount to building a successful business. When starting up in private practice you don’t want to guess at the costs and the financial impact of the start-up period. Getting solid independent financial advice early is critical. Be aware that less than 1% of financial advisors are independent, so do your research before engaging a professional.
Identify the best use of your time. Focus on the critical pathways for your business and those that will get you to your goal sooner. Identify whether it is you or someone else who can get the best results and allocate your time where you will have the most impact.
Ensure that professional relationships such as partnerships or contracts are properly documented. Understand what each party brings to the relationship and clearly define the responsibilities of each. Make sure there is always a way to exit the relationship if the relationship does not benefit both parties.