Assessing your own resilience, before it becomes an issue

Practice Management

Assessing your own resilience, before it becomes an issue

Understand how you and your team will adapt to changing conditions within the industry and your practice.

Just like paddling a canoe upriver, if your practice isn’t moving forward, the current of technological advances, client expectations and growing competition is moving you backward. Services in our industry are constantly being commoditized, margins are being squeezed, clients are aging, and all of this leads to revenue reversals if you are standing still. This may not seem like a problem during up markets, but in a down market, these factors can compound, and the result may be a downward spiral for you and your practice. Because when the negative forces of our industry begin conspiring against you, having to constantly deal with these issues can limit your ability to help clients when they need you most and can even endanger your professional survival.

The determining factor in your survival is your practice’s resilience. You and your team’s ability to adapt to change and even adversity is vital to your plans for growth, whatever they may be. Recognizing the threats, opportunities, weaknesses and strengths of your practice can ultimately allow you to adapt to the changing conditions in today’s industry and within your own practice.

But like any strategy for growth, assessing your practice’s resilience requires constant attention and regular, frank and honest evaluations to ensure you remain true to your core values and goals, and continue to steadily move upstream. But don’t wait until the current against you gets too strong. Now is the time to assess the resilience of your practice. Not only to optimize your own opportunities but also to ensure you will be at full strength for your clients during the tough times when they will need you most. 

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