Every private practice can benefit from scaling.
Whether you’re just starting out with a small staff and a single location, handling most (or all) of the treating yourself, or you’re an established practice looking to improve and expand, scaling your business is critical.
Developing a business that is scaled will make you more profitable in the short term.
And scaling is the key to building value over the long-term life of your business.
As an independent practice owner, your business is likely your most valuable asset. Whether you’re counting on leveraging its value to help pay for college tuitions, or fund your retirement—or both—building a practice with maximum value is essential to your long-term financial planning and security.
If you’re working hard, feeling tired and stressed, and not seeing the forward motion you want for your practice—stronger referrals, more patients, more money in the bank—it’s time to pay attention to scale.
But what does it mean to scale your business?
To scale a business is to implement organization, systems, and practices that allow you to respond to increasing demand (and substantially increase revenue) and WITHOUT substantially increasing expenses.
For practice owners, that means building a business that runs on processes, rather than people—in both the clinical and administrative spheres. It means building a business that is not dependent on you, the owner, for successful day-to-day operations. When you scale your practice, you’ll need to work less, even as your practice does more.
Scale is not the same as growth. In fact, it’s the work you do to scale the business that enables you to replicate growth month after month, year after year. And it’s that steady growth that delivers you more profit now, and much greater value when you decide it’s time to sell.
At Practice Freedom U, we help practice owners just like you to scale their business.
Your ability to scale your business doesn’t depend on your size. Small or large, or somewhere in between, there are always opportunities to scale. Scaling doesn’t require large, upfront capital investments. Practice owners at every stage of their business journey will benefit from working to scale their organizations.
What does this work look like? Because every practice is unique in both its strengths and challenges, the specific roadmap is different for every practice owner. But scaling a PT business means all of these things:
- Getting clear on your mission and your audience—the right-fit clients for you
- Learning to attract, train, and retain top-performing talent (we call them A-Players), and creating processes for delegation and accountability
- Adopting standardized systems for financial management, collections and billing, scheduling, and other key areas of your business
- Identifying—and cultivating—managers and leaders within your team
- Building strong relationships with a diversified group of referral partners
- Being open to learning, and deepening your understanding of what it means to be a PT entrepreneur