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Find out if you're eligible for substantial savings on your professional indemnity insurance
Have you carefully considered why you are going into private
practice, whether it's a new or an existing practice? What are your
goals and what do you want to achieve from going into practice?
Where do you envisage yourself and your practice being in five
These considerations should form an integral part of your
business plan and provide a solid foundation for its ongoing
You may be someone who has a natural interest and ability for
managing the business aspects of running a practice, or you may
not. If you have a practice manager, he/she will be able to assist
and support you with certain operational aspects of your practice.
However there will always be decisions which you will be required
to take ultimate accountability and responsibility for.
It is important that you involve your practice staff in the
development of a practice strategy. This can lead to an increase in
staff motivation and a willingness to take ownership of their
contribution to the strategy. As a team you can work together
The key elements you should use to establish your individual and
practice identity are:
Each statement should be written in a concise and unambiguous
manner, so that it is transparent to everyone how your practice
functions. To have a positive influence on your business, the above
key elements must be embedded into every aspect of the
They should be reflected in:
These statements should then be reviewed and updated on a
regular basis. As the principal of the practice, you will have the
major impact on the success of adherence to and achievement of
Once you have established the overall direction of your practice
with these three statements, you can then proceed in setting
specific business objectives which:
Download the Practice Strategy Checklist