Practice Strategies

Leadership: Building Stronger Practices  

Motivating the people in your practice to perform at top levels is most likely an ongoing objective. Once you attract the best and the brightest, the challenge becomes keeping them and effectively utilizing their skills to enhance and grow your business. Competitive benefits and compensation are great retention tools, but what about influences that transcend an individual’s bottom line, like leadership? As a strong leader, you can enhance both commitment and performance, as well as define the work culture of your practice.

Leadership plays an essential role in all successful organizations, from governments to Fortune 500 companies to baseball’s World Series champions. And, it has a place in your practice. Professionals who are highly skilled rarely benefit from heavy-handed management, but strong leadership can inspire them. And with motivated people working with you, you position yourself to more effectively sustain your daily operations and affect positive change for the future of your practice.

Charisma is often the most notable trait of a leader, but not necessarily the most effective. You may achieve powerful results by tapping the following qualities:

• Vision. Defining short- and long-term objectives establishes direction for the practice. When you communicate your vision, you create a culture of inclusion. People feel they have a stake in the future and a role to play in the practice’s success. In this atmosphere, it is much easier to tap your human resources and develop strategies to accomplish your goals.

• Humility. While leaders benefit from having confidence in their abilities, arrogance can have an eroding effect on morale. In contrast, humility cultivates respect and fosters an environment where self-interest takes a backseat to shared
objectives, where one person’s accomplishments are everyone’s success.

• Integrity. It is easier to motivate people when they trust your motives. One of the best ways to lead is by example, holding yourself to the same standards you set for others. People tend to thrive when they feel supported, when they feel
you are rooting for their success rather than waiting for their failure. Make a concerted effort to acknowledge the contributions of others, maintain a consistent sense of fairness, and take responsibility for your actions and decisions.

Leadership styles vary, and successful strategies will run the gamut from practice to practice. The challenge often lies in recognizing and addressing the psychological aspects of the workplace. Energizing and mobilizing the people in your practice with strong leadership will inevitably have a favorable impact on profitability and growth.

For more information about our services to the healthcare industry, contact:
Maxine Lawyer, CPA, Partner - Dallas/Fort Worth at 972.448.6905 or
Philip Fox, CPA, Partner - Houston at 713.297.6914.

The articles in this newsletter are general in nature and are not a substitute for accounting, legal, or other professional services. We assume no liability for the reader's reliance on this information. Before implementing any of the ideas contained in this publication, consult a professional advisor to determine whether they apply to your unique circumstances.
© 2007