There is a famous saying that nothing ever stays the same – it is either growing or it is shrinking. One or the other.
That being said, how does it apply to you and the value of your practice, not to mention “keeping up with the Joneses” or at least with inflationary increases? Apparently, if you gross exactly the same amount or just a tiny bit more from one year to the next, you are already starting down a slippery slope you don’t want to go down.
There may be days (weeks, months) when you feel that down-sizing wouldn’t be such a bad idea. Before you start on that path, consider the following information.
Looking into the Future.
When it comes time to sell your practice, if it has shrunk from what it once was, this is a very bad message to a potential buyer unless they are looking for a cheap fixer-upper. You therefore will probably have a net sale price that is far less than you were hoping for.
In the Meantime.
Next, you should consider the time between now and then. If production is reduced, then your income from now until you sell the practice is obviously going to go down. Is that really what you want? There are not many people who want to have their net profit shrink while they are trying to build up their net worth and retirement funds.
And then there’s now.
It is vital that you make a conscious decision to keep growing. Sitting back and letting fate take you where it may is fairly apathetic and is no way to run your life or your practice. Mindful decisions are what move us all forward into better or worse conditions and so you must really decide what you what as an end result of your actions and then go for it.
Growing Up or Out.
Growing can mean many things such as expansion in terms of physical space (new or expanded premises), profit, skill-sets (continuing education), and so on. Being able to offer a wider span of services is sometimes pleasure-producing for the practitioner because you are learning new things that will keep you more interested and will also provide more and better service to your patients.
Never stop growing! Shrinking can lead to death. Creating new growth is a pleasure in itself and can keep you focused and happier. Never.Stop.Learning.