The Pros
- Solve huge gaps. A good business consultant can tell you where you can solve gaps in financial opportunities and in acquiring your resources.
- Help expose blind spots. Blind spots in your practice are areas you may not be aware of that can be greatly improved to better your practice.
- Help solve financial issues. This one goes hand in hand with solving huge gaps in your business. A good business consultant can help you to find areas where your financial stipulations can be improved and help you cut costs.
The Cons
- They’re expensive. This is an obvious one, but should not be overlooked. Make sure you’re making the correct decisions for your medical practice, including whether that means you even hire a business consultant.
- It can cause bad morale. Having a good rapport with your employees is important in your business, and sometimes a pushy business consultant can disrupt the peace. Be aware and be careful.
- Just sitting and watching. A bad business consultant will tell you how to fix your business, but won’t provide you any guidance or help. They’ll simply tell you how high to jump while sitting and watching.
Choosing a Business Consultant
Choosing a business consultant can be done in three easy steps:
First, hold each potential business consultant up to objective standards. This means you should measure their successes by measuring objective performance metrics like ROI, revenue, patient acquisition, and cost-cutting. By choosing objective metrics, it’ll make it easy for you to focus on the pros and weed out those cons.
Next, interview them based on their past experiences and successes. You want to make sure your business consultant actually has experience building businesses in your field, whether that be plastic surgery or dentistry. Experience is a huge indicator of whether they’ll be right for your practice.
Finally, engage with them for at least six months. This engagement will help you to scope out whether they’re the right fit for your company and give you some insight as to if they were being truthful about their experience.
Following these steps can help you ensure you choose the right business consultant for your practice.
