I just read Lessons Learned As a Result of Running a Business on Pediatric Inc, written by Brandon Betancourt, who runs his wife’s pediatrics practice. This is obviously a practice manager who knows business. And can write.
Too bad, for their sakes, that more doctors, lawyers and accountants don’t treat their practices as businesses. As the saying goes, “Ain’t no shame in it.”
1. Give the benefit of the doubt.
He makes it about trust. Not giving someone the benefit of the doubt is the same as not trusting him or her.
2. Communication matters.
These past years I’ve realized that, more than ever, how I communicate, when I communicate, to whom I communicate, matters. I realize now that the outcome of each of my communications hinges upon on how I convey messages. So I try not to take communication lightly.
3. Be your own boss is a lie.
Amen to that one. It’s the biggest myth in entrepreneurship and small business. Your customer is your boss. Your loyalty to your business, and to the outcomes, is your boss. Business owners are the hardest bosses there are.
4. Experts don’t really know.
So true. Everything is really a matter of case-by-case judgment, and experts are constantly asked (maybe I should say forced) to make generalizations. The real world is full of paradox, and expert advice isn’t.
Brandon eloquently says:
In our experience, experts bring a lot of data, analysis, tables, graphs and anecdotes of what other practices have done; but when analyzing our business, they often lack deep perception of the situation and judgment.
Now, I’m not suggesting experts are not valuable. In fact, many have helped us. But what I am suggesting is that, at the end of the day, you know your business better than anybody else. So don’t rely solely on experts, because they really, truly, don’t know.
I’m supposedly an expert. I’ve made a living as an expert for most of my adult life. And what he wrote here is absolutely right. In my opinion.
5. Challenges are a necessity of growth.
No explanation needed, but still, this is well put:
I have a love and hate relationships with challenges. Being tested is annoying, not gonna lie. But at the same time, I understand that these trials I am faced with enable me to be better prepared for future challenges.
6. Trust your gut.
Yeah, of course. One last quote:
Sure, there are data, statistics, analysis, reports, input from others, etc., that will help one steer toward the right direction; but very rarely will things be clear-cut or simply black and white. More often than not, one will have to trust yourself to do what is right without having 100 percent certainty of the outcome.
So what can I say? The only thing I don’t like about this list is that I didn’t think of it first.