Winning in the Recession – 10 Essentials for Professional Practices
Winning in the Recession – 10 Essentials for Professional Practices
The question is, which ones?
What distinguishes these Architects, Engineers, Interior Designers, Dentists, Veterinarians, Optometrists, Naturopaths, Chiropractors, Accountants, Lawyers and other professional practices from their peers?
Candid insight, nimble attitude and creative vision that enables successful adaptation to a changed and ever-changing marketplace.
This select group of professionals will have a profound understanding of the behaviours, skill sets and systems necessary to navigate their new reality. They will win in the recession because they will have honed in the following abilities.
10 Essentials to Win in the Recession:
1. Run a professional practice like a business. The good news about watching cash flow and profit during a recession is that after the recession you will know how to watch cash flow and profit. You will have experienced the benefits of ensuring your time and money are spent where they generate a return and will be motivated to continue to do so.
2. Employ new structures to replace the partnership model when it doesn't work. When structure doesn't work it can cause debilitating strife, which supersedes any other opportunities or issues that face a professional practice. Professionals are considering newer models, including looser association arrangements.
3. Focus on creating and delivering value for others. Adding value involves introspection about service gaps that may be lurking under the surface, along with the courage and creativity to overcome them.
4. Establish a unified, authentic identity that resonates emotionally. It is no longer viable for a group of professionals to come together under one roof and share a business name without a concerted effort at defining a common and powerful voice. To do otherwise, would simply be to splinter the practice's potential to deliver consistent, meaningful and emotional resonance with their audience.
5. Evaluate and learn to work with a marketing professional. The opportunity to develop a winning practice will depend on understanding the difference between just putting up a website and developing a compelling communication strategy poised to deliver impact with the desired audience. To do so, presumes the ability to identify and assess the qualifications of a marketing professional.
6. Maximize the return on investment of a marketing budget. Professional associations in the building, healthcare and financial sectors have recently begun to place an emphasis on offering business planning and marketing courses and tools to their members. These resources give professionals the foundation to navigate appropriate, traditional and non-traditional marketing opportunities while also optimizing their marketing budgets.
7. Use market research. Contrary to popular belief, market research is not just for large corporations. It is highly relevant to the ongoing success of a small to mid-sized professional practice and critical to minimize the risk of a start-up practice.
8. Leverage technology and build reliable systems. The right technology can often make all the difference for a small to mid-sized practice trying to do it all. Professionals that are able to identify and leverage technology to streamline processes as well as to bolster resources and infrastructure will have a critical advantage over their peers.
9. Nurture creativity and vision. The ability to identify, recruit and foster creativity and vision in business will become a powerful differentiator in our time. Enterprising businesses are paying attention to this opportunity. The point of unharnessing creativity in business is not to send all your employees to art class but rather to gain insight as to how we can invite right brain thinking into a left brain world.
10. Employ new leadership models that nurture talent, not seniority. The professionals that will thrive after this recession will balance an ability to lead with an ability to listen, to employees, clients, advisors and vendors. They will study and apply new leadership models that invite collective, transformative, creative and ethical leadership styles, building trust and strength throughout their organizations.
Attitude matters. Those who get swallowed up in pessimism, doubt and worry will find it difficult to focus on solutions.
A very astute Doctor, when speaking to a patient with a distressing diagnosis, made the point better than I can. He sat down on the floor of the waiting room, made eye contact with his patient and told her to start making plans for when she would be well: 'Plan a vacation, think about tomorrow and fill your life again'.
Winning professional practices, too, will think about the opportunity to prosper tomorrow.
What are your plans for your professional practice after the recession?
Why not begin the work to position your practice to emerge as a winner in the recession, starting now?
Winning in the Recession 10 Essentials for Professional Practices - To learn more about this author, visit Sandra Bekhor's Website.
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Nobody knows exactly how long it will endure, but one thing is for certain, a number of professional practices will emerge as winners in the recession.
The question is, which ones?
What distinguishes these Architects, Engineers, Interior Designers, Dentists, Veterinarians, Optometrists, Naturopaths, Chiropractors, Accountants, Lawyers and other professional practices from their peers?
Candid insight, nimble attitude and creative vision that enables successful adaptation to a changed and ever-changing marketplace.
This select group of professionals will have a profound understanding of the behaviours, skill sets and systems necessary to navigate their new reality. They will win in the recession because they will have honed in the following abilities.
10 Essentials to Win in the Recession:
1. Run a professional practice like a business. The good news about watching cash flow and profit during a recession is that after the recession you will know how to watch cash flow and profit. You will have experienced the benefits of ensuring your time and money are spent where they generate a return and will be motivated to continue to do so.
2. Employ new structures to replace the partnership model when it doesn't work. When structure doesn't work it can cause debilitating strife, which supersedes any other opportunities or issues that face a professional practice. Professionals are considering newer models, including looser association arrangements.
3. Focus on creating and delivering value for others. Adding value involves introspection about service gaps that may be lurking under the surface, along with the courage and creativity to overcome them.
4. Establish a unified, authentic identity that resonates emotionally. It is no longer viable for a group of professionals to come together under one roof and share a business name without a concerted effort at defining a common and powerful voice. To do otherwise, would simply be to splinter the practice's potential to deliver consistent, meaningful and emotional resonance with their audience.
5. Evaluate and learn to work with a marketing professional. The opportunity to develop a winning practice will depend on understanding the difference between just putting up a website and developing a compelling communication strategy poised to deliver impact with the desired audience. To do so, presumes the ability to identify and assess the qualifications of a marketing professional.
6. Maximize the return on investment of a marketing budget. Professional associations in the building, healthcare and financial sectors have recently begun to place an emphasis on offering business planning and marketing courses and tools to their members. These resources give professionals the foundation to navigate appropriate, traditional and non-traditional marketing opportunities while also optimizing their marketing budgets.
7. Use market research. Contrary to popular belief, market research is not just for large corporations. It is highly relevant to the ongoing success of a small to mid-sized professional practice and critical to minimize the risk of a start-up practice.
8. Leverage technology and build reliable systems. The right technology can often make all the difference for a small to mid-sized practice trying to do it all. Professionals that are able to identify and leverage technology to streamline processes as well as to bolster resources and infrastructure will have a critical advantage over their peers.
9. Nurture creativity and vision. The ability to identify, recruit and foster creativity and vision in business will become a powerful differentiator in our time. Enterprising businesses are paying attention to this opportunity. The point of unharnessing creativity in business is not to send all your employees to art class but rather to gain insight as to how we can invite right brain thinking into a left brain world.
10. Employ new leadership models that nurture talent, not seniority. The professionals that will thrive after this recession will balance an ability to lead with an ability to listen, to employees, clients, advisors and vendors. They will study and apply new leadership models that invite collective, transformative, creative and ethical leadership styles, building trust and strength throughout their organizations.
Attitude matters. Those who get swallowed up in pessimism, doubt and worry will find it difficult to focus on solutions.
A very astute Doctor, when speaking to a patient with a distressing diagnosis, made the point better than I can. He sat down on the floor of the waiting room, made eye contact with his patient and told her to start making plans for when she would be well: 'Plan a vacation, think about tomorrow and fill your life again'.
Winning professional practices, too, will think about the opportunity to prosper tomorrow.
What are your plans for your professional practice after the recession?
Why not begin the work to position your practice to emerge as a winner in the recession, starting now?
Winning in the Recession 10 Essentials for Professional Practices - To learn more about this author, visit Sandra Bekhor's Website.
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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