The entrepreneurial wheel: tips for operating a well-rounded physiotherapy business
In the five years of operating a physiotherapy business, I have learned that there are seven important segments to running a smooth-operating company. I like to use the metaphor of a wheel, because if any one of these segments is not well developed or properly inflated, your wheel will lurch along and not run smoothly or efficiently.
At the BC Physio Forum on April 22nd, 2017, nearly 500 physiotherapists gathered for a day of education, networking and fun! Held annually, the Forum is an opportunity for physios to learn and grow. New this year were “Rapid Fire Sessions,” in which I had three minutes to present on a topic of interest: the entrepreneurial wheel.
So what are these seven segments that make up the wheel?
- Human resources
As trained physiotherapists, we spend years learning how to treat the human body and provide a medical service. Most of our continuing education is based on helping us improve our assessment and treatment techniques or the ‘service’. But that is only one segment of the entrepreneurial wheel. For a physiotherapy company or any business to thrive, each of these seven segments must be fully developed.
So without going back to school and completing a MBA, how do we physiotherapists learn about the other segments of running a business?
Fortunately, there is a wealth of knowledge out there. For me reading books, blogs and attending local seminars have been the most valuable. The business books I have found to be of most value are:
- The E-Myth Revisited by Michael Gerber
- Built to Sell by John Warrilow
- The 40-Hour Work Year by Scott Fritz
My favourite blogs are:
The most useful seminars I have attended have been hosted by the:
If you are not in BC, I would recommend you investigate to see what your provincial physiotherapy association offers. Also, your local Chamber of Commerce is likely to host workshops on marketing, human resources and other important business operation topics.
In Ontario, the Women of Influence host some great learning events. Do you know of other organizations within your province that provides great business learning opportunities for small business owners? Feel free to share and start a conversation below.
I do feel very strongly about our profession and its ability to help people. I want to be able to empower all physiotherapy business owners. You are welcome to connect with me on Instagram or LinkedIn. You can also pick my brain on this new online platform.
I hope I have empowered and inspired you to make a change. Remember that undergoing change is tough - it’s intense work, and it requires time and commitment. If you are seeing clients all day, you will not have the opportunity to work on the other segments of the entrepreneurial wheel.
So I will leave you with a question to self reflect on- are you a physiotherapist, an entrepreneur or both?
Over to you
Do you know of other organizations within your province that provides great business learning opportunities for small business owners? Share your favourite resources and start the conversation below.
Since starting Physio2U in 2012, Kim Hall’s entrepreneurial learning curve has been steep. Kim graduated with honours from Queen’s University in 2005. After establishing her career in the public health care system, she saw a need for private, in-home physiotherapy services. In “The Entrepreneurial Wheel”, she will explain the important segments of a business to help empower you as a sole proprietor or current/future clinic owner. Her noteworthy achievements include YWCA Women of Distinction (2017), winner of Western Canada for the Canadian Women Entrepreneur Awards (2016), winner of the PABC Peter Huijbregts Memorial Award (2016), CPTBC Board of Directors Member and UBC IEP Program Mentor. Kim is an active member of the CPA Private Practice Division.