Episode 145: 10 Worst Mistakes a Practice Owner Can Make

Welcome to 2021! In this episode, we start the year strong and honest by addressing the worst mistakes that Brian has both seen and made himself in private practice. Let’s get out of the way those mistakes that create the biggest barriers to running your physical therapy private practice. Let’s talk about what you can do to avoid them!  

Key Takeaways/Points 

Mistake #1: Not doing thorough planning 

• You need to have a contingency plan for all areas of your practice 
• Business Strategic Plan (BSP) for next 12-24 months 
• Annual Marketing Plan 
• Financial Plan 

Mistake #2: Lack of knowledge of money management 

• Do NOT think about spending & making money in your business the same way you do in your household 
• Disconnect your emotion to amassing money 

Mistake #3: Lack of appreciation for the value of expertise 

• The Do-It-Yourself attitude could end up costing you a lot of money 
• Outsource IT support, billing & credentialing and staff virtual training 

Mistake #4: Lack of ability to confront your staff 

• Don’t wait for personnel problems to get out of control 

Mistake #5: Ineffective communication 

• You can’t manage over disagreement 
• Survey your staff every 6 months 

Mistake #6: Lack of staff accountability 

• Manage by performance (stats & metrics) NOT personality 

Mistake #7: Going through business without a comprehensive, consistent recruiting & onboarding system  

• Make it virtual, especially now 

Mistake #8: Lack of structure (Often overlooked in the beginning, but becomes biggest downfall)  

• 5 Division Organization Chart is crucial for this 

Mistake #9: Failure to understand the effectiveness of good marketing & branding 

• Your good deeds need to be known to others 

Mistake #10: Lack of internal professional enhancement system 

• Learning Management System (LMS) 

Resources: 

• Explore our services at MEG Business Management