Where is your practice headed?

You must plan for the speed bumps, road blocks and detours you might encounter along the way

Whatever the goals for your practice, you must determine where you are today and what strategies you must put in place to get to where you want to be.

Along the way, you will have to slow down at speed bumps, stop at roadblocks, and even make detours on your course. But with diligent planning and a sense of purpose, you can overcome the obstacles in your path and get to your destination.

Often, you will have to pause to catch your breath and reenergize yourself to take your practice to the next level. You may also have to re-examine your strengths and weaknesses to develop new approaches to facing off against your competition.

The truth is that there is no scope to become complacent if you want to succeed. You must always be at the top of your game. Opportunities will not just fall in your lap. You will have to find ways to realize growth and be able to monitor your successes as well as your failures constantly.

Remember that if you do not know where you are going, you will not know when you will arrive at your destination.

That is why having a business plan like a roadmap to your destination is always prudent. But your plan need not be written in stone. It must be flexible enough to accommodate detours along the road to your destination and allow you to change course just in case your path is blocked or there is too much traffic.

Always be aware that your operating environment constantly evolves, fuelled primarily by technological innovation, regulatory changes, and new entrants. But fear not; the principles of running a successful practice are pretty much constant.

Therefore, you must have realistic goals and the determination, survival skills, and resources to swim with sharks in an increasingly competitive environment and yet survive. You must recognize that attaining your goals is a function of reality and expectations. If your experience exceeds your expectations, you would have achieved or surpassed what you originally intended to do.

You must recognize that the goal of all businesses is to be profitable unless you are providing pro bono services or running a charity. So, while growing your book of business is critical and is directly correlated to the size of your practice, your success will be eventually measured by how much money you make. Of course, the unquantifiable element of personal satisfaction derived from building your business is equally important.

There is no doubt that the success of your practice is in your hands, and only you and the team you put in place can make it happen. Remember, you will want to retire and sell your practice one day. And you will want to derive the most significant value for the many years of hard work you spent building it.