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Your Business Team

This article appeared in the "Practice Management Corner" of the Pulse newsletter of the American Association for Bodywork Therapies of Asia, and the Meridian Times magazine of the Acupuncture Society of New York.

As discussed here in the last issue (“Your Professional Team”), one key to practice success is to realize that you don’t need to master every aspect of business to succeed. Draw to yourself those who have expertise in areas that you are weak in. Then learn from them and let them help in those areas. You’ll rest in knowing that things are being cared for well, so you can focus on helping people.

Accountant: This person is by far the most important one in this team. Your accountant makes sure you have the right legal setup, helps you set up and maintain your bookkeeping system (you can even pay them or their firm to do your bookkeeping), prepares your quarterly and annual tax returns, and is there to answer questions that inevitably arise in the course of doing business. Good accountants can advise you on retirement planning, ensure that you maximize your allowable tax deductions, and help your practice grow. Be sure to interview a few accountants before selecting one. Find one that has plenty of small business experience; a corporate or personal tax accountant may not have the small business experience you need. Many businesses pay their accountant a monthly fee that includes unlimited advice, regular review of the books and tax preparation.

Small Business Lawyer: Most businesses use an attorney to help them create a legal setup other than a sole proprietorship. The field of law is even more specialized than accounting, so make sure your lawyer has small business expertise. Many practitioners find that their accountant can access most of the legal advice and services they need through the accountant’s professional team.

Banker: This is the one person at your bank that you work with most closely. Often this is the branch manager or a loan officer. This person will help you set up your business checking and savings accounts, acquire business loans and credit cards, and guide you through other bank-related issues. Be sure to select someone you are comfortable with, and work with them exclusively as much as possible. It’s important to develop a long-term relationship with this person, especially if you need a business loan someday.

Business Consultant or Marketing Advisor: These people help health professionals create strong practices through effective office procedures, marketing and advertising plans, and staff development. They are most helpful when a practice is ready to grow to the next level, or when a good practitioner’s practice is faltering due to lack of clear vision or follow-through.

Financial Planner: Such a person is needed when one’s practice is very profitable, and guidance is needed for investments, portfolio building and retirement planning.

Mentor: This is a successful OM practitioner who can provide guidance in the business side of a bodywork practice. This need not be the same mentor from your professional team, who is there for consultation and referral. Your business mentor knows your business best of all, having “been there, done that” for years. They will help you avoid common mistakes, and give you invaluable advice on the infinite subtleties of running a strong acupuncture practice.

In-House Staff: These people work closest with you, day-to-day. Included here is your front desk person, bookkeeper, insurance billing person and other practitioners you may employ. (Check with your accountant, attorney or business mentor to find out how to legally employ other practitioners). The most important thing to remember is to hire first-rate office staff. They are often a patient’s first contact with your office, and they can make or break a practice. Learn to delegate, train them well, and work as a team to create a positive and peaceful office environment.

Your professional and business teams form the “immediate family” of your bodywork practice. If that core group is strong, then the extended family of your patients will grow and thrive. Remember that business is not about business; it’s about relationships. Cultivating and nourishing strong, positive relationships with people is the sure way to practice success.