Manage Your Practice

Why Speed Saves

February 18, 2014

Speed kills. I read it on the message board that stretched across the lanes of the highway. (I suppose that reading message boards kills, too, but they aren’t advertising that.)

That may be true on the highway, but it’s patently untrue in terms of your group’s business. In business you need to be able to make decisions quickly and then act on them. That speed is the one major benefit that the smaller competitor has. Think guerrilla warfare.

Many medical groups destroy their ability to compete through the creation of truly democratic, club-like structures in which every shareholder or every partner gets a vote in respect of almost every business decision.

Opportunities fly past. They don’t slow down for your group to give notice of a shareholders meeting and then take a vote.

The solution is to create a structure with as few leaders as possible and then to let them lead and to even fail as long as they build on that failure. The inability to act due to the fact that your group has tied itself up in knots is not an effective strategy.

In this context, speed saves your business life.

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