Picking your team: Finding the best external partners

By Cutcher & Neale Accounting and Financial Services - November 01, 2021

We all agree on how much time and effort is dedicated to your practice in start up phase. All aspects of running a practice are being learned, designed, updated and implemented, oftentimes driven by you, the owner.

This invaluable input, expertise and experience contributes highly to the initial success of practice establishment, and often requires all of your attention, so it can be easy to forget the importance of picking your support team.

Selecting the right external contacts is a crucial, sometimes overlooked, step in commencing a practice. Surrounding yourself with successful people will bring success, in both the short and long term. Ensuring that you are properly externally supported should be part of your strategy and planning.

Fields that you could consider having outside support include human resources and recruitment, accounting and advisory, bookkeeping, legal services, insurance, banking and finance, information technology and marketing.

Less formal partnerships can be valuable too, such as mentors (both in the medical and dental fields, and outside of it), industry-specific groups, and broader business networking groups.

To evaluate your practice contacts, consider the following:

  1. Does the contact offer the services I require?

Take time to really map out what you are looking for – something broader than a description of their occupation. Note the difference in looking for “an accountant” versus looking for an experienced practice advisory firm who will be able to assist in multiple facets of commerce, that ensures your compliance needs are met with ease.

  1. Is the contact a fit to my practice? Do they match my enthusiasm, ethics and broader needs? Do they understand my goals?
  2. Can we build a successful long-term partnership that will grow with me and my practice?
  3. Is the contact successful in their field, and do they offer expertise that will yield long term benefits? Have they reached a level to which you aspire, or can they support you with their expertise to do so?

The first step is to develop a strategy around what your external team will look like. Next, get specific about the qualities required, and how you will partner with them to create success.

If you require any assistance in determining the external contacts that will best support your practice, or what to look for when partnering with others, please reach out to the C&N team.

 

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