The Formula Private Practice Owners Need to Achieve Success

Usually, FYZICAL blog posts are focused on helping you with your daily challenges in private practice and offering insight into industry trends. Today, we’re taking a break to think a little more… big picture.

As a private practice owner, you likely have goals for yourself and your business. These goals can be big or small – either way, this formula will ensure you reach those goals. The formula for success is KPMWS: Knowledge + Plan + Management + Will = Success. This formula was created by FYZICAL Chairman and Co-Founder, Jim Abrams.

The formula is pretty straight forward – you need to have knowledge, a plan, management and will to achieve success. However, let’s dive into exactly what each one means and why it’s important to achieving success in all areas of life and business.

Knowledge

No matter what you want to accomplish, you have to be knowledgeable about it. You can gain knowledge any way that works best for you (reading, continued education, watching instructional videos, etc.), as long as you make yourself an expert on the topic.

For example, if you want to add a new specialty to your practice, you need to become an expert. Take courses, additional training, read books, watch videos, everything you can do to learn all you can about that specialty. Once you do that, you’ll be confident you’re an expert and ready to implement this specialty.

Plan

With any goal, you have to have a plan of how to get there. If you plan on implementing a new specialty, plan what you will do to educate yourself and/or your team, where you will take courses, how you will market the new specialty, when you will go live with the new service, and so on and so forth.

To really be successful, you should have a detailed plan from start to finish that includes something every day you can do to get one step closer to achieving your goal.

Management

To be successful, you must manage yourself and any others involved in the process of reaching your goals. You must be disciplined and dedicated to staying the course of your plan and holding all involved accountable for their piece of the puzzle.

Will

All of this means nothing… If you don’t have the will to work. You may be an expert and have a plan, but if you don’t have the will – or motivation, per say – to keep at it and put in the time and effort, you can’t expect success.

If you’re passionate about your goals in life and business, will comes easy. If you’re working towards something you’re not passionate about, it becomes much more challenging to stick with it.

Success

As long as you have everything listed above… success will come. If any piece of the formula is missing or not 100% complete, success will likely remain elusive.

As a private practice owner, you have to put on your leadership hat and think like a business person. Keep this formula in mind with everything you do, and you’ll be successful.

Ready to learn more about running your private practice like a business?