Episode 59: 4 Factors to Consider When Expanding Your Practice

A private practice’s success begins with the owner knowing what they need to do and when they need to do it. There is no time in business where your actions as an owner are more critical than when you open your first office or expanding into your next location. MEG Academy was built with 14 comprehensive programs to enable owners to operate in every area of private practice with complete certainty. This begins with our “startup accelerator program” and the “expansion program” specifically designed to ensure one’s success with growth. In this week’s podcast, I cover the four most important factors to consider when successfully expanding into your next location. Maintaining viability while experiencing steady growth is what makes for a successful practice and less stressed owner.

Episode at a glance: 

• What condition is your current office in? If your current office is not in screaming affluence, or a power condition then you may still have work to do in your existing location before you want to consider expanding. 
• The key members should be professionally enhanced and their performance tracked based on their key statistics each week. 
• When it comes to opening your second office, you’ll want to do that with your “A team.”   
• Promotions may need to be considered during this process, but that does not necessarily mean a pay raise. 
• Consider your market and practice environment so that you are setting yourself up for success. 
• As the owner and CEO of your practice, the CEO’s senior responsibilities include planning, programming, targeting, and training.