Be a Doctor, Not an Accountant, Lawyer, and Banker

Your specialty is medicine, not business management.

You need a strong team to support your practice’s growth while allowing you to focus on that specialty.

You need 4 expert relationships to manage your practice efficiently.

In previous blogs, I explained the importance of the first 3 roles that you can revisit here: accountant, lawyer, and financial institution.

The 4th is a business consultant.

Your business consultant will bridge the gap in knowledge between you and the experts you work with.

Examples of ways your consultant will support you are:

  • Helping you negotiate loan terms with your financial institution.

  • Reviewing legal documents or contracts your lawyer has drafted.

  • Evaluating your P&L sheets with your accountant through a future-focused lens.

A way I work with accountants to facilitate future growth is with practice KPIs.

I partner with the accountant to implement metrics that track the profitability of certain areas of your practice and identify possible opportunities.

Improve profitability and grow your practice by implementing the 5 KPIs I list in my Guide to Practice KPIs.

 
Shirley Lockhart