Things to Think About?
The 12 Key Elements for Building a Successful Investment Grade & Socially Responsible Practice
Objective – To leave a legacy and not a liability.
Why Best Practice Indicators?
As a practice owner your ultimate goal is to eat well and sleep well. If you own a practice you must be able to:
- Sell your practice for a fair value without golden hand cuffs
- Make it work for you and not the other way around
- Choose to come to work and not need to come to work
Your overall objective should be to leave a legacy and not a liability to the community you serve in.
How do we rank your practice?
In our Best Practice Series we rank and certify practices into 3 categories from highest to lowest. By achieving an investment grade status or higher you should be able to achieve the above goals. We use the matrix below called Health and Life’s Best Practice Index – 12 Key Factors for establishing a successful investment grade practice.
The 3 rankings are:
- Blue Chip = greater than 11 out of 12 items.
- Investment Grade = greater than 9 and less than 11 out of 12
- Investment Grade Potential = less than 9 out of 12
A practice restructure maybe required to achieve these results – it is a process and not an event. Normally it takes 2-3 years to see the final result although immediate benefits arise by embarking on this journey.
Where to from here?
If you are not prepared to reinvest in your practice it is time to think about your options. Alternatively decisions about whether to amalgamate, retire or corporatise are some other options worth considering. After all there is no point in throwing good money after bad.