The Business of being in Business
By Daniel T. Drubin, DC, and Peter J. Drubin

While most doctors spend most of their careers involved in the daily practice of chiropractic, some practitioners wonder if they will ever be able to enjoy the benefits of ownership without going to their office each day.

If you want to make the transition from active practitioner to business owner, it is important that you understand the difference between a practice, a business and an organization:

The difference between a practice and business is simple. Practices are run by owner-doctors who generally treat all of the patients and are responsible for the everyday operation of the office.

Businesses are practices that are run by systems, without the need of the owner-doctor to be in the office. If you have to show up each day in order for your office to run, you are in practice. When you are in business, you create the vision and direction of the business while other people utilize your systems to carry out your mission.

When you expand your business and own and manage multiple practices, you transform your business into an organization. At that level your presence is virtually unnecessary and other executives direct the everyday operations of your business.

So, for those you who have spent years working as treating doctors and aspire to a different approach to the business side of being a chiropractor, here are some things to focus on and take under advisement before you make the leap from practitioner to business person.

1. Systematize. Businesses run on systems that are stronger than any individual’s personality or techniques. Your job is to take whatever you and your team does and systematize it so that it can be reproduced by anyone who becomes part of your organization. Dedicate yourself to creating the operating procedure manuals to support every aspect of your practice.

2. Plan by the quarter. While most practices are tracked by the day, week, hour, or in some occasions by the minute, you must take a much broader view of your business and run it in the same fashion that major corporations function — by the quarter. All statistical tracking, planning and marketing must be examined from a wider perspective. It is the only objective way to evaluate the condition of your business.

3. Hire and manage wisely. Businesses hire based on talent and pay based on productivity. Your primary responsibility as a business owner is to find talent, train intensely and make certain that your team understands the mission of the business. Then, give direction, hold your people accountable and get out of the way. Micromanaging your team is not the way to make your business grow.

4. Know your financials. Businesses live and die by statistics. Get in touch with every area of your practice and track your numbers. The more you know the financial side of your business, the easier it will be for you to observe what takes place in your absence. Pay special attention to your profit and loss statements, which you should be receiving at least every quarter.

5. Manage monetary risk. Business owners borrow money rarely, and when they do, they do so judiciously and with an eye for expansion. They take measured risk, plan their future carefully, keep close watch of the bottom line and invest in their vision at every opportunity. They are consistent savers and prudent investors and under-stand that eventually money is supposed to work for you, rather than you working for money.

6. Paint your vision. You will need a clear vision for the future of your business. When you can envision what your business will look like in the future, you are well on the way to creating a dynamic and lasting organization. Remember, businesses are built in your mind first and in your office second.

7. Nurture business agility. Learn how to be fast, focused and flexible when it comes to making changes in your business. In a world in which the standards of excellence are constantly being elevated, whatever is considered excellent today will be considered ordinary tomorrow. You must be prepared to reinvent yourself and your business regularly if you want to be strong in your market.

8. Stay focused on your desired outcome. Remember, your thoughts drive your behavior, and your behavior will ultimately determine your outcomes. So if you really want to shift your business and your life, you must learn how to master your thoughts and discipline your behaviors. Focus only on what you really want and do only those things that bring you closer to your desired outcome.

9. Think ‘exit.’ Every successful business owner understands that one of the main reasons to build a business is to eventually sell that business. You must create an exit strategy. The best way to do that is to partner with talented people and groom a successor. Knowing that your business can succeed you brings you mental, emotional and financial security.

Converting your practice to a business does not necessarily require you to stop treating patients. You can still enjoy the relationships you have nurtured and the satisfaction of seeing people respond to the wonders of chiropractic care. At the very moment that your practice transitions to a business, you will have the freedom to invest as much time as you want in your practice and more time to enjoy your family, friends and hobbies.

The most powerful possession you have is your ability to choose your destiny. When you decide to alter your life, you will have amazing opportunities. And, when you act on those opportunities, your dreams can come true.

Daniel T. Drubin, DC, 1967 graduate of New York Chiropractic College, is the president and founder of 4th Dimension Management Corp., a company specializing in personalized business management and consulting, corporate motivational speaking and business development.

Peter J. Drubin has a degree in business administration from Hofstra University And has worked at Merrill Lynch Financial Services, The Sharper Image and Preferred Mortgage Corp. The authors may be contacted by phone at 520-575-0207 or by e-mail at change@xmission.com.