Secrets To Bringing An Entrepreneurial Edge To Your Practice
- Volume 24 - Issue 2 - February 2011
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I have always felt that physicians needed a simple business model to manage their practices. After reading almost every business book on the planet, I was fortunate to read a book called Traction: Get a Grip On Your Business by Gino Wickman three years ago and was fascinated by the business process.1 I saw an immediate application in the Village Podiatry model. As a result, our group has grown 35 to 40 percent per year over the last three years using many of the tools outlined in the book.
The system in Wickman’s book is called the Entrepreneurial Operating System® (EOS, EOS Worldwide) and has now been implemented in over 200 very successful entrepreneurial companies worldwide. I have decided to customize the model for physicians and partner with EOS Worldwide to teach this amazing system to the physician community all over the United States. If you follow the system and successfully implement it into your practice, it will harmoniously orchestrate all of the moving parts of your practice, help you run your practice better and get more out of your practice as a business. My goal is to publish a series of articles that will educate physicians on the system and provide access to some tools that will have an immediate impact on your practice whether it is small, medium or large.
The EOS model stems from a discovery that as leaders, managers, entrepreneurs and physicians, we tend to wrestle with 136 issues simultaneously. To the degree you can focus and strengthen the Six Key Components™ of your practice, the 136 things just kind of fall into place because they are actually symptoms of the root cause.
Identifying And Addressing Six Key Components For Your Practice
Vision. The first key component is the vision component. Strengthening the vision component is simply crystallizing your vision, getting everyone in your practice 100 percent on the same page with the vision of the practice. Elsewhere in this article, I am going to show you how to use a tool and discipline to strengthen this component.
People. The second key component is what we call the people component. You cannot achieve a great vision or make your vision a reality without great people. Cut through all of the wonderful terms out there (A-players, superstars, top quartile, etc.) and really get to the heart of what makes for great people.
Data. The third key component is the data component. We strengthen this component by cutting through all of the subjective comments, personalities, opinions and egos, and boil your entire practice down to good, hard, solid data because the data never lies. Managing your practice with data gives you an absolute pulse on your practice and helps you predict more accurately.
At this point, when the vision, people and data components are strong — if you can get a sense for what that looks like — you create a lucid, open, honest and transparent practice where any obstacles, barriers, and impurities in the practice stand out. We call those issues and that brings us to the next component.
Issues. We call the fourth key component the issues component. The issues component is about solving and removing any obstacles, barriers and problems standing in the way of achieving your vision because success in any business is in direct relation to your ability to solve your issues. Successful people are just very good at solving their problems as they surface. We use two very simple tools and disciplines to strengthen this component.
Process. The fifth key component is the process component. Process is about creating consistency in your practice, helping you to systemize the practice so it becomes more efficient, more effective, more manageable and ultimately more profitable.