Where is your practice headed?

Whatever the goals for your practice you must determine where you are today and what strategies you must put in place to get to where you want to be.

Along the way you will have to slow down at speed bumps and stop at roadblocks and may even have to make detours on your course. But with diligent planning and a sense of purpose you can overcome the obstacles in your path and get to your destination.

Often, you will have to pause to catch your breath and reenergize yourself to take your practice to the next level. Or re-examine your strengths and weaknesses in order to develop new approaches to face off against your competition.

The truth is: there is no scope to become complacent if you want to succeed. You always have to be at the top of your game. Opportunities will not just fall in your lap. You will have to find ways to realize growth and be able to constantly monitor your successes as well as your failures.

Keep in mind that if you do not know where you are going, you would not know when you would have arrived at your destination.

That is why it is always prudent to have a business plan which is like a roadmap to your destination. But your plan must not be written in stone. It must be flexible enough to accommodate detours along the road to your destination and allow you to change course just in case your path is blocked or if there is too much traffic.

Always be aware that the environment in which you operate is constantly evolving, fuelled primarily by technological innovation, regulatory changes and new entrants. But fear not, the principles of running a successful practice are pretty much constant.

It is therefore imperative that you have realistic goals and the determination, survival skills and resources to be able to swim with sharks in an increasingly competitive environment, and yet survive.  You must recognize that attaining your goals is a function of reality and expectations. If your experience exceeds your expectations then you would have attained or surpassed what you originally set out to do.

You must recognize that the ultimate goal of all businesses is to be profitable, unless you are providing pro bono services or running a charity. So, while growing your book of business is critical, and is directly correlated to the size of your practice, your success will be eventually measured by how much money you make. Of course, the unquantifiable element of personal satisfaction derived from building your business is of equal importance.

There is no doubt that the success of your practice is in your hands and only you and the team you put in place can make it happen. Remember, one day, you will want to retire and sell your practice. And you will want to derive the greatest value for the many years of hard work you spent building it.