Your Business Team
Posted on April 16, 2008 - Filed Under Business
This article appeared in the “Practice Management Corner” of the
Pulse newsletter of the American Association for Bodywork
Therapies of Asia, and the Meridian Times magazine of the
Acupuncture Society of New York.
As discussed here in the last issue (”Your Professional Team”),
one key to practice success is to realize that you don’t need to
master every aspect of business to succeed. Draw to yourself
those who have expertise in areas that you are weak in. Then
learn from them and let them help in those areas. You’ll rest in
knowing that things are being cared for well, so you can focus on
helping people.
Accountant: This person is by far the most important one in this
team. Your accountant makes sure you have the right legal setup,
helps you set up and maintain your bookkeeping system (you can
even pay them or their firm to do your bookkeeping), prepares
your quarterly and annual tax returns, and is there to answer
questions that inevitably arise in the course of doing business.
Good accountants can advise you on retirement planning, ensure
that you maximize your allowable tax deductions, and help your
practice grow. Be sure to interview a few accountants before
selecting one. Find one that has plenty of small business
experience; a corporate or personal tax accountant may not have
the small business experience you need. Many businesses pay their
accountant a monthly fee that includes unlimited advice, regular
review of the books and tax preparation.
Small Business Lawyer: Most businesses use an attorney to help
them create a legal setup other than a sole proprietorship. The
field of law is even more specialized than accounting, so make
sure your lawyer has small business expertise. Many practitioners
find that their accountant can access most of the legal advice
and services they need through the accountant’s professional
team.
Banker: This is the one person at your bank that you work with
most closely. Often this is the branch manager or a loan officer.
This person will help you set up your business checking and
savings accounts, acquire business loans and credit cards, and
guide you through other bank-related issues. Be sure to select
someone you are comfortable with, and work with them exclusively
as much as possible. It’s important to develop a long-term
relationship with this person, especially if you need a business
loan someday.
Business Consultant or Marketing Advisor: These people help
health professionals create strong practices through effective
office procedures, marketing and advertising plans, and staff
development. They are most helpful when a practice is ready to
grow to the next level, or when a good practitioner’s practice is
faltering due to lack of clear vision or follow-through.
Financial Planner: Such a person is needed when one’s practice is
very profitable, and guidance is needed for investments,
portfolio building and retirement planning.
Mentor: This is a successful OM practitioner who can provide
guidance in the business side of a bodywork practice. This need
not be the same mentor from your professional team, who is there
for consultation and referral. Your business mentor knows your
business best of all, having “been there, done that” for years.
They will help you avoid common mistakes, and give you invaluable
advice on the infinite subtleties of running a strong acupuncture
practice.
In-House Staff: These people work closest with you, day-to-day.
Included here is your front desk person, bookkeeper, insurance
billing person and other practitioners you may employ. (Check
with your accountant, attorney or business mentor to find out how
to legally employ other practitioners). The most important thing
to remember is to hire first-rate office staff. They are often a
patient’s first contact with your office, and they can make or
break a practice. Learn to delegate, train them well, and work as
a team to create a positive and peaceful office environment.
Your professional and business teams form the “immediate family”
of your bodywork practice. If that core group is strong, then the
extended family of your patients will grow and thrive. Remember
that business is not about business; it’s about relationships.
Cultivating and nourishing strong, positive relationships with
people is the sure way to practice success.
Michael Gaeta holds licenses in acupuncture, nutrition and
massage therapy. Past ASNY President, he lectures nationally on
practice success, medical ethics and Chinese medicine. You can
visit his site at http://hands-onhealth.org
Tags: bodywork practice, health business, practice management
Related Posts
- How Do You Deal With Deadlines?
- Tips On Leading A Team
- Why To Hire Motivational Speaker?
- Free Youth Soccer Drills Can Transform Your Soccer Team
- How To Write A Business Plan - Questions You Need To Ask Yourself When You Write A Business Plan
Comments
Leave a Reply
