I am going to start off today’s article with a question.
What is it that Richard Branson (Virgin), Steve Jobs (Apple), Mark Zuckerberg (Facebook), Bill Gates (Microsoft) have in common? Not sure?
Ok, lets add on a few more. How about Tony Robbins (empowered 50 million people worldwide), Warren Buffet (investor with net worth 121Bn), Ray Dalio (largest hedge fund manager) and Oprah Winfrey (TV personality)?
Still not sure?
Ok I will help you out a bit. They all had business mentors or business advisors.
So, when I get told by medical professionals (often) that they as a practice owner or contractor do not need business advisory, I often just shake my head.
I am a business advisor. And yet I have several people I turn to when I need advice. You would think that if I know this stuff, I can do it on my own. You would think the same when it comes to Tony Robbins, Richard Branson, and Warren Buffet. After all these are masters in their field and yet they don’t do it on their own.
As we all know, medical professionals are not natural business owners or operators.
Often, medical professionals think they know their medical businesses better than anyone else because they are undertaking the medical aspect of the business. We often don’t know their medical business. But I also think that they don’t achieve what they want because they know too much. Confused? You shouldn’t be.
That is because all business owners are programmed in a certain way. We accept customs, believe the medical industry is different or just accept that a medical business can only operate in a certain way.
Advisors who at times have no idea how your business operates just make you think and look at things in a different way. And those breakthroughs are the ones that accelerate businesses to a new level.
I know nothing about running a medical practice. Okay that is not strictly true. I do know a bit. But I don’t really know how to run one on a day-to-day basis.
Yet, every month I have meetings with practice owners to discuss their business and how to make it better. And those that do this consistently and religiously are the ones that benefit.
And, speaking honestly the only thing I did was meet for about an hour a month and sit at board table talking. The hard work is still done by the medical business (manager) and the practice owner.
Recently I was told by a practice owner that they wanted more income but wanted to work less. Most medical practice owners think there is only a certain way to make money which usually revolves around spending time in front of patients which in turn gives them income.
But just because this is the norm does not mean it should not be questioned.
That is because it is like working out how to bake a cake when you know the ingredients but not in which order they are to be used or the time required for baking. By trial and error, you can get there but will waste a lot of ingredients, time and not to mention the frustration.
Or you can pay someone for a recipe. Your cake may still not be ideal but at least you have 90% of what you need to be successful.
If I have learnt anything in my 30 years as an advisor, it is this.
Life is too short for trial and error. If you know someone who can show you a better way, even if it is only 70% you should consider taking it. Yes, business advisory costs money and there are never any guarantees. It is the main reason practice owners will not engage business advisors. But money will come, and money will go. Time only goes and never comes back.
And this is what I will tell you about practice owners who did not take advice. When they retire or they are sitting on their rocking chair contemplating their life most would tell you they wished they took the advice if it saved them a few years of trial and error. And that is because they could have diverted those precious few years from working out how to bake a cake to actually eating it with the ones they love.
Running an efficient lean machine is step 3 of our 9 step process to reduce your working hours, generate daily money freedom and long term wealth. If you would like more information on our 9 steps please contact Hitesh at hitesh@medisuccess.com.au or call 1800 281 038.
