Building Your Practice

 

How do you know if you need to hire someone? Follow the sage advice of many business textbooks: push everything down to the lowest level of competency. In other words, you should be doing only those tasks that only you can do. If someone else can do it, then task that person. Think of it this way. When you visit the doctor, you’re met by the receptionist who handles your insurance paperwork. That’s level 1 at say, $15 per hour. Next, your name is called by a nurse who ushers you into a room where she likely asks some questions and maybe takes your blood pressure. That’s level 2 at say, $40 per hour. Finally, the doctor meets with you to discuss the specifics of your situation. That’s level 3. Imagine the economic upheaval that would take place in the doctor’s practice if the doctor at say, $400 per hour, handled your paperwork, or even took your blood pressure!

 

What is the one thing that only you can do? Meet with clients to discuss their (financial) situation. How much do you make per transaction on average? $600? $1,500? $4,000? Now, divide that compensation by the number of hours that is required of your time for only that one task. Obviously, the more of those hours you can get, the better off you are. And the best way to assure that you are able to invest more of your time the right way is by pushing all tasks down to the lowest level of competency.