Efficiently running a physical therapy practice is no easy task that requires you to wear a number of different hats. Some hats may fit with ease and prove to be something you are comfortable with, while other hats are ill-fitting and end up draining you of your original inspiration to start your own practice.
As a business owner myself, one of the most valuable lessons that I learned and embraced is the simple fact that although there are many hats to be worn, I simply cannot be an “expert” at everything. Years ago, I came across a great quote by Bill Gates that sheds a lot of light on this valuable lesson.
“An Important Principle Is That Companies Should Focus On Their Core Competencies And Outsource Everything Else.” - Bill Gates
How many companies do you know of that do every component of their business in-house? If they do everything in-house, are they experts at every component?
This was my “a-ha” moment in which I realized that I am not an expert at every component of my business. Instead, I applied this valuable lesson by surrounding my company with people who are experts in the areas in which I needed assistance. By having a team of experts that I view as an extension of my company concentrate on specific competencies, I am able to focus on the core competencies of my business.
The same can be said about your physical therapy business in order to achieve success. Concentrate on your core competencies and outsource the components of your business where you do not consider yourself to be an expert in.
When it comes to the daily business operations necessary to run your practice, do you feel like you are wearing too many “hats” without having the time and or expertise?