power your advice

Advisors: Do You Want a Business or Practice?

Every owner must decide between managing a business or a practice . The lack of a decision will cause life-long struggles with growth, staffing, and goal attainment. And the lack of clarity usually causes people to hate their role as owner.To avoid hating and embrace ownership and success, take 1 minute to read my simple list of differences. Let your mind and gut decide what you want after dismissing your ego. Most of all, remember that neither choice is wrong . The lack of a decision is wrong as without decision, you will miss out on the success and fun of being an owner.

JEN's TOP TEN DIFFERENCES:

Wiki: Practice is performance of an activity or skill so as to acquire or maintain proficiency in it VS. Business is making one’s living by engaging in commerce.

A business has systems. A practice does not.A business treats staff and outside providers as one cohesive team. A practice does not.A business continuously invests in improvements to automate, eliminate, and delegate work. A practice does not and may even enjoy the busy work.A business continuously improves the client experience to attract more clients with less effort. A practice does not.A business sets goals and actively manages sales, gross revenue, net profits, and steps to attain the goals. A practice does not.A business owner can take a vacation and the business continues with no slow down. A practice’s owner can not take a vacation without slowing down business activity.A business has a higher valuation, providing owners with a higher, post-work stream of income. A practice has a lower or possibly no value at all.A business continually educates and recalibrates staff, which requires a full-time managing CEO at the helm. A practice does not.A business continually invests in systems, improvements, and people. A practice does not.Related: Growing Profitably and With Less Effort

DECIDE and GET CLARITY

Most businesses flounder because the owners haven't decided what they want. Ego, pride, and not understanding the impact of the final decision are the hurdles. Without a decision, there is no clarity. Without clarity, productivity and energy wanes and the slow decline to death occurs.So stop floundering. Accept opinions from those that give you a reality check. Answer this question below with conviction and celebrate the success that comes with this clarity.

What do YOU want – a business or practice?

Above all, be compassionate with yourself and this decision. The ego is strong and if you need to gut check it, read Find Your Why or Dare to Lead, allow yourself to be emotionally and lovely tossed around by Mel or Tony Robbins, or hire someone like me :-). Whatever it takes, just do it!