A few months ago, BlackBerry CEO John Chen wrote a LinkedIn post titled “The Keys to Executing a Turnaround the Right Way.” He discussed BlackBerry’s challenges as other technology platforms surpassed Blackberry’s once industry-leading ideas. After taking a look at their company’s history and deciding they were going to turn around their placement in the market, they started planning for their future and have been growing steadily ever since.
This was an extremely useful post, and I believe that Chen’s ideas can be adapted for private practice healthcare entrepreneurs who are finding that their practices could use a bit of a turnaround as well.
- Create a problem-solving culture. Does your practice celebrate collaboration and togetherness? When problems arise, two heads are truly better than one. Bounce ideas off of each other and be open to new ideas – this will help facilitate new growth.
- Maintain the sense of urgency. It’s very easy to become discouraged when things aren’t going well. Do everything you can to maintain a positive attitude and keep moving forward. Don’t lose your determination, or your patients—and staff!—will sense a lack of dedication.
- Take care of your company like it’s your home. As I’ve discussed in previous blog posts, private practice healthcare entrepreneurs have the incredible privilege to be independent and unique. Treat your practice like the fantastic opportunity that it is, and put value on the incredible business you started. You wouldn’t give up on your home and your family, so don’t give up on your practice!
- Know thyself. Sometimes a “rut” is the best time for self-reflection. Do you know how best you perform? What aspects of your profession are you best at? What are your weaknesses? The more you recognize these aspects of yourself, the better you will be able to plan for the future and use those strengths to move your practice in the right direction again.
- Empower employees to take risks. Allow your team to excel in areas where they perform best, but also encourage them to develop areas that aren’t as familiar to them. Sometimes the best ideas come from those that seem the most risky. After all, we are entrepreneurs!
- Everyone has a role. Plain and simple, recognize that your entire staff is important. No one on your team should feel left behind. A strong, seamless team that is comfortable with each other and knows each other’s strengths and weaknesses will be able to work together to turn around a struggling practice.
Remember, if your front porch was on fire, you wouldn’t stand there and calculate how long it would take to burn down; you would get out of the fire immediately! Use that same idea if your practice needs revitalizing – get out of the slump (or “fire”) as fast as possible and emerge stronger than ever!
Beginning in 2015, I’d like to expand on these ideas more and create a “New Year’s Resolution” series where I highlight examples and give more detail regarding how to revitalize your practice. Stay tuned for more valuable information for your private practice!
Have a very Merry Christmas, and I’ll post again after the Holidays!