Hello folks. As a small practice owner, I have no doubt, you understand, one of our key objectives is to at least maintain the client base to meet our costs and generate a profit that meets our income needs.
More recently, like any business, FT Practice is going through a difficult time in terms of a lower client base compared to this time last year. As I have mentioned in my previous blogs, last year, for a few months I took my eye of the practice.
So far, even with a lower level client base, I am okay. At the same time, it is concerning.
I started FT Practice Ltd, with zero practice experience and zero clients. What I am trying to point out is I have grown the practice once, in time, I can do it again.
I would not be honest with you dear reader if I pretended everything is hunky dory. It is not. My week was spent on thinking (and worrying) about ways forward to recover from recent client losses.
I will need to go back and think about how I managed to grow the practice and I need to do the same work again. Mind you, the practice world landscape has changed significantly in the last few years. I am not sure whether the previous approach would be relevant today. One aspect is very clear, it is far more competitive now, then it was a few years back. I will find a way. I just need a little time.
At the risk of sounding rude, I am not looking for advice. I know what to do. Growth will take time. It will happen. Also, I would just like to be clear, I will not provide further information on the matter. Let’s face it, folks, we are in competition with each other and I do not want to give everything away.
At the same time, I wanted to blog about the bad of my small practice and introduce the reality of a small practice. It has its ups and some real downers.