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Maybe it was idea of being your own boss. Or, maybe it was the idea of practicing the way you wanted that sparked your interest in going into physical therapy private practice. What followed was likely the desire to be better off financially, or to have more free time to spend with your family. Whatever empowered you to take the leap into private practice, you were likely not fully prepared for the challenges that awaited you.
This week, we’re talking about those challenges and how you can have financial freedom and more flexibility in your day to day life as a business owner.
Episode at a glance:
- Personnel is the number one challenge that every business owner has. The Society for Human Resource Management reports that on average, 36% of new hires fail within the first 18 months and 40% of senior managers hired externally, fail within the first 18 months of being hired.
- Similarly, Employee Benefit News reports that it costs employers 33% of a workers annual salary to hire a replacement. According to Work Institutes 2017 Retention Report, 75% of the causes of employee turnover are prevantable.
- In exit interviews, top reasons given for leaving jobs were career development (22%), life balance (12%), manager behavior (11%), and compensation and benefitsbenefits (9%).
- Establish in the first week of employment expectations, status sheet, performance planning, one on one meetings, and an understanding of the organizational board and where they fit in.
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Brian Gallagher, PT is the founder and CEO of MEG Business Management, LLC. He has more than 27 years of experience in the field of rehabilitation and 19 years in business and specializes in Physical Therapy practice management and executive coaching nationwide. As a licensed business management consultant, Brian has helped hundreds of business owners nationwide improve their business operations through proper restructuring to achieve improved systems of efficiency and productivity as well as marketing and sales with effective public relations which have proven results for double-digit growth year-over-year with businesses around the country.
