Back in October 2012 I took out $150K loan over 3 years and along with all of my savings bought a physiotherapy practice. My plan was to pay off the loan and be in a position to sell after 3 years. During this time I became obsessed with paying off my loan, this resulted in my loan being paid off one year early. So then I had some extra cash to invest in the business I decided to hire a business coach. I’m a pretty big sceptic, so after much deliberation I decided on a coach who had experience in health care.
After an initial visit to the practice my coach and I put a plan in place to increase patient numbers, whilst minimising my time at the clinic. We achieved this through redesign of paperwork and implementation of new systems. Three months later I had my business on the market and ready to sell. Client numbers had increased and I was seeing clients less and less. As I said I was very cautious about investing in a business coach, however with hindsight I feel I should have done it from the start. I would have paid off my loan faster and been in the position to sell my business sooner.
5 Things that happen when you invest
- You build a better business
- Your staff find it easier to work with better systems
- Your clients enjoy the new experience of your investment e.g. online booking
- You keep up with technology and changes in business practice
- Your business becomes more sellable
We’ve all invested time and money to get our education and skills to a certain point, but investing in your business by hiring an industry specific business coach/mentor is one of the best things you can do for yourself and your business. Having someone you can contact with experience and ask for advice is key to success. Don’t be afraid to invest in your business, you invest in your skills all the time with courses on a yearly basis to keep up to date with skills, why not up improve your business skills and systems. When you start investing in your company, it’s an investment in yourself because you will have a better work life balance. To find out how PracticeNav can help please email firstname.lastname@example.org or take our Free business audit. Also feel free to share your story of how investing helped your business.