Independent Practice Ownership: Don’t go it alone.

Owning a practice was a love/anxiety relationship for me. I loved having something that was mine and fulfilled my vision of a quality practice. I loved the relationships I had with clients, my team and community. I loved developing new skills and watching my team grow.

Despite all that I Ioved about practice ownership, I was also constantly anxious and stressed. I was anxious about difficult cases and difficult clients. I was anxious about not knowing if I was running the business right. I was anxious about the finances. I was anxious about my employees. I was anxious about all the projects I thought I had to do but could never get to. This list could go on and on.

 What I realize now is that a good part of my stress stemmed from a lack of skills, knowledge, and experience, especially in business management and leadership. But more than that, I was leading alone. It seemed perfectly normal at the time because I thought I should be able to run a business all by myself since lots of people seem to do it. I thought asking for help was a weakness. 

I also stayed isolated from peers because of insecurity about my abilities and the business, assuming I would be judged. After selling my practice and joining a corporation, I discovered it was a place where people work together to achieve goals as I worked in a position surrounded by peers, mentors, coaches, and experts. And while that corporate network came with its own set of challenges, I saw how unrealistic going it alone was. But, as independent owners, we tend to do just that, and instead of reaching out to build a community, we see each other as competitors - as if there aren’t enough patients for everyone - and missing opportunities to build not only more successful practices but a stronger profession.

There is an African proverb that states, “If you want to go fast, go alone. If you want to go far, go together.” It’s so very true.  I’ve conquered some difficult challenges because I had a team with me and have seen others do the same.

If you’re considering independent ownership or are already running a practice on your own, know that asking for help is the opposite of weakness - it’s brave, and it’s empowering, and will provide the support, strength, and stamina needed to go far. I like to think of it as not just asking for help but building a “board of advisors” who provides the best advice when you need it.

So, where do you start? There are four different types of advisors. At a minimum, have a peer (or peers) that you meet with regularly. These are often friends or close peers who understand what you do and want you to succeed. The second type is a mentor (or mentors) that you admire and have demonstrated success in your field. Meet with them on a regular basis as well to maintain the relationship. Usually monthly or quarterly, or more if needed. Their wisdom is invaluable.

The third type, a coach, doesn’t give advice but will ask questions to help you sort through the noise, identify what matters most, and make a plan to get there. To be effective and maintain momentum, every two to four weeks is ideal. The last type of advisor is the subject matter expert, who has deep technical knowledge and experience and can help you tackle a specific need, such as marketing, finance, technology, or human resources. While you can google the answer to many things, it’s never the same as having the expertise to cut through the noise, which is so much more efficient.

While having any of these will be helpful, you won’t always have all four at the same time, and sometimes you might need all of them. You’ll find you move in and out of these relationships as needed. What’s also nice is that it’s not unusual for each type to flex into the other roles if skilled to do so, and it works for you. While finding time to commit to your “board” and bringing new relationships into your life seems impossible with so many other priorities in the day-to-day, once you start, you’ll quickly discover the value and want more of it. These relationships will help you make more effective and efficient decisions, will keep you aligned with your strategies and plans, and will provide the support of peers and colleagues who want you to succeed. 

I had some of this in my early days of practice, but also know I missed out on the incredible value of building networks of peers and mentors that would have lightened my load and given me mental relief.  If you find yourself in this place, reach out, make a connection, and start the journey that will take you far.  You’ll be so glad you did. 

Read more about my ownership journey in the latest article in Today’s Veterinary Business.