Deciding Between Solo and Group Practice: Navigating the Choice to Stay in a Group or Return to Independent Work

Are you teetering on the crossroads, caught in the tug-of-war between a solo and group practice? Journey with us, as we dissect the convolutions of this quandary, offering you a compass to navigate through. We tackle the nitty-gritty of the decision-making process, spotlight the challenges that could be nudging you towards this contemplation, and provide a detailed analysis of your practice’s financial performance to identify the root causes of any struggles.

This lively discussion not only dives into the financial aspects but also underscores the critical role of vision when you’re on the precipice of shifting from a group to a solo practice. Is your existing vision echoing with your current situation or does it need a revamp? The conversation also revolves around the significance of strategic planning, and the influence of professional consultation in refining your decision. Above all, we extend a gentle reminder that it's absolutely alright to take your time to make this crucial decision. We’re here to support you through this challenging phase, equipping you with the necessary tools to make an informed decision that resonates with your practice and personal aspirations.

Transcript

Speaker 1: 0:00

All right, I am excited about this one. It's a hard conversation, it's a hard place to be, but I'm excited to chat about it and hopefully provide some clarity, some grounding and some helpful advice when considering transitioning back to a solo practice from a group practice. So let's get into this now. I'm excited to have this conversation because it's been something that I've been asked and that I know other people experience, and I personally have never considered it, regardless of like the difficulty, because I think I was pretty set on continuing pushing forward no matter what, until I exhausted all options. However, that needless to say, that, wherever you are and transitioning back is not a failure, it is not a bad thing, it is just something that may feel more aligned with you. And, at the same time, if you are considering transitioning back but you do, part of you still really wants to pursue group practice and see if that's successful and keep fighting for that, then I think you owe it to yourself to have this conversation and ask yourself if you're really ready to give that up or if there's more things you can do and more things you can explore to successfully move forward with the group practice. All right, so let's navigate the crossroads, evaluating that transition from group practice to solo or vice versa. All right, so embarking on the journey of group practice ownership is a significant professional milestone and it's very exciting. It has opportunities for collaboration, shared resources, just a team you adore, potentially more robust client base, new opportunities, a new role for you as the practice owner potentially just a lot, a lot of change, a lot of exciting change.

Speaker 1: 2:04

However, what happens when the reality doesn't align with the expectations or the group practice isn't thriving as you anticipated it? So we're going to go into a more in-depth exploration and we're going to dive into the complexities of this decision-making process, considering various factors that can influence your choice between reverting back to solo practice or persisting into group practice and helping that to thrive. And before we dive in, I want to just extend compassion your way. This is tough to be in this place, it's tough to be in group practice, it's tough to go through challenges, and I also believe in you and I'm happy that you are listening to this podcast, really thinking about what you want, considering all options, making a slow decision, not jumping to decision-making, seeking support through this podcast and hopefully seeking support with a coach who has been there to really look through, fine-comb through all the different aspects and where you're at and just make an informed, grounded decision for yourself. All right, so understanding the challenges, before making a pivotal decision, it's really crucial to identify the specific challenges that your group practice is facing. Because you're in this place, because you're thinking of turning back, because something must be challenging Many things might be challenging, and so it's really important to understand thoroughly and explore that problem, that challenge or challenges, thoroughly.

Speaker 1: 3:48

Financial struggles could stem from a lot of different things and maybe that is what you're experiencing. I mean, most of the time this is the case. This could. This is the biggest challenge that forces or causes people to move, pivot to where they were, which was solo practice. This is the reason. So financial struggles can stem from ineffective marketing, internal conflicts, external market conditions or a combination of these factors. So there are external factors and internal factors. There are things, factors that you can control and factors that you cannot control. So pinpointing the root causes is going to provide a lot of clarity and help guide you in your decision making process.

Speaker 1: 4:38

So I really want you to conduct a comprehensive analysis of your practices, financial performance, considering your revenue streams or operational expenses, your profit margins, where you have been, where you are going and where those problems might lie. So, for example, if you're having financial struggles, you want to look at your numbers and ask yourself why is it that you're just unable to bring in enough clients, that you're just getting enough? You're not getting enough clients to make ends meet, to fill those providers, to cover expenses. Are your expenses too high? Now, these are important because it will tell you what you need to do If you are lacking client base. You need to invest in marketing if possible, or do marketing as much as you can yourself. If you don't have that ability to invest in, maybe like Google ads or someone else doing it right. So, anyways, I'm getting sidetracked Anyway. So there can remain the, there can be the financial struggle, but another financial struggle could be that you are spending way too much. You over promised in benefits, you have very high expenses, but expenses are increasing and you just can't cover that overhead anymore. And those are just a few examples of the different financial struggles that you may be having.

Speaker 1: 6:07

Now, that's going to help you to identify what you need to do if you want to move forward and continue to get yourself out of that hole and continue with group practice and keep striving forward. So it will tell you where you need to be putting your time and efforts and energy. Do you need to be decreasing expenses? How can you decrease expenses? How are you going to decrease expenses? What's your plan? Or what is your marketing plan? How are you going to bring in more clients into the practice? So, understanding exactly where the problem lies, not just saying we're not, I'm not able to keep afloat, I am not able to, you know, meet payroll, all those things. You need to know why, why can't you do that? What is happening with your numbers? Specifically, because that's going to help guide you to what you need to fix and what you potentially need to do. Okay, so understanding the challenges, that is something that we need to take care of in this decision making process.

Speaker 1: 7:05

Okay, the next thing is we need to assess profitability. Profitability is a very critical metric in evaluating the health of any business. Examining the financial vitality, examining the financial viability of your group practice over an extended period of time, is going to be very important. If the numbers reveal a consistent struggle to break even or turn a profit, it's really important to evaluate whether this group model, in the way you are running. It is sustainable in the long run if it's achievable Now, which would be different from seeing your numbers in your profit being in a good place but then dropping, because then you can examine why that's happening and can you get back to the last place or what caused that profit to drop. Is it because of increased expenses? Is it because of the market? Currently what's happening, and can you move past that and get back to a place where your business does profit? So I want you to consider, if you're in this place, consider conducting so I want you to consider conducting a thorough financial audit to identify areas of improvement and optimization. Next thing to consider when making this decision and to do is to examine personal and professional satisfaction. Now, beyond financial considerations, I want you to assess your own satisfaction and well-being within the group practice.

Speaker 1: 8:44

Reflect on those initial motivators for moving into a group practice, such as your desire for collaboration, to help more people, to have a diversified experience, to share the workload, to be able to be more creative, to be able to see less clients and supervise your providers. Think about the reason why you moved into group practice and ask yourself whether you find fulfillment in these aspects or if it's not what you expected. Maybe you miss the autonomy and individual control characteristics and not having all that responsibility when you're in solo practice. Maybe you miss the client work. Maybe doing all of the things that a group practice owner does is something that you thought you may find joy in, you thought would bring you balance, you thought would bring you flexibility, but really it's not, and that's an important thing to consider. It's not always what we expected and it's not okay. I mean it is okay, it's not a failure is what I meant to say. It's just we had to go through that experience to maybe find that it wasn't for us.

Speaker 1: 10:01

So consider the impact of your work-life balance, of your stress levels, of your overall job satisfaction, to figure out and examine if your personal and professional satisfaction is there with group practice, and so if you find it's not satisfying, maybe you can figure out how to get to a satisfying place Doesn't mean you have to say no. Maybe you just have to keep going to get to this ideal place that you're looking for. Or maybe it's time to consider moving back to solo practice If you find that it is bringing you satisfaction professionally and personally, but you're just struggling to keep it afloat. Well then there I would say that gives you a really good answer that if you're enjoying this, how much longer are you willing to continue to struggle? How much opportunity do you have to struggle to maybe not pay yourself to take that risk of continuing to try right? So that would make me believe.

Speaker 1: 11:04

If someone told me, if I was coaching you and we were asking yourself this question, and you said that you are very professionally and personally satisfied, but you are overwhelmed and you can't figure out the problems, I would say let's really carefully examine those problems because we can get creative. You've. Only you know who. How long have you been in practice? Have you gotten mentorship? Have you coached yourself and educated yourself with mentors, with mentorship programs? Have you really, you know, went through all those experiences and after, if you have, and then you want to call it quits, then maybe that's a better time. But maybe, I don't know, maybe you're at a place where you just don't want to give that up yet. You're really finding it satisfying and you know you will find it satisfying in the future. You just have to keep pushing and building that resiliency, okay.

Speaker 1: 12:00

The next thing to consider when you are making this decision is the importance of a well-defined vision. I want you to revisit your original vision, your original goals that you had when you established the group practice, and evaluate whether your current situation aligns with those aspirations or if circumstances have deviated from that significantly. So a clear vision, and a shared vision at that among your team, is very crucial for good decision-making, cohesive decision-making and sustained motivation for you. So assess whether the existing vision and what's currently existing is still relevant and achievable and, if adjustments are needed, and try to involve your group in the process as well, so you can have shared objectives. So, again, revisit those original visions, those original goals. Make sure you are still aligned and the group practice is aligned. Examine if the current situation aligns with those what you have originally visioned for yourself, or if you are no longer aligned, and then also make sure it's shared, it's sustainable and it's cohesive.

Speaker 1: 13:28

Next, I want you to identify and address issues, and we talked, we spoke about the financial picture and understanding the financial picture, but this is more at large. I want you to identify and address and maybe to list the different issues, the key issues that you are facing right now, and some of those could be financial, but some of them can be burnout. Some of them can be just lack of satisfaction. Some of them can be not understanding certain aspects of business owning, not knowing what to do with systems, insurance, your EMR, I mean. The list goes on. There's so much to learn and there's so much to go through, but I want you to identify and then we can address, because, of course, we need awareness, we need to identify these things before we start to address them. So if the challenges faced by your group practice are identified, you can develop a strategic plan for that resolution. So very, very important raising awareness, really thinking about what is happening.

Speaker 1: 14:30

Is this fixable? How can we fix this? Am I willing to fix this? Do I want to fix this? Am I willing to put in that time and effort? Is this possible? Do I want this?

Speaker 1: 14:40

So, before we can answer any of those questions, we have to identify what it is. So what can that list include? Those list of fixes that are not going well? Well, it could involve that you need to restructure the practice. You might need to implement more effective marketing strategies. You might need to bring more clients in. You might need to address internal conflicts that are happening. You might need to fix systems. You might need to revamp your systems or your technology, and or I would say and and you need to seek professional consultation. This is a big thing that I would say.

Speaker 1: 15:19

Before you make this decision. You have put in so much effort, time, energy, finances. You owe it to yourself to seek professional consultation. Do coaching work with someone who's been there, work with someone who is doing well in group practice, work with someone who's further than you, and give it that time and energy, because what's a little more time and energy when you already put so much in. So, before you make this decision, this person can significantly help you to fix some things and maybe, with those problems fixed and those issues addressed, you would not be contemplating this. And if that's you, then professional coaching is very, very important.

Speaker 1: 16:04

So, before deciding to transition back, exhaust all your avenues really to salvage and strengthen the group. I think you owe it to yourself, I think you owe it to the group, you owe it to your past self. And again, nothing is wrong with throwing your hands up and saying I would be so much happier if I was solo. Then go after that. You absolutely deserve to feel good in what you're doing, but if you're really on the fence and a big part of you still really wants to group practice, then, or it would be bummed if you decided to move back. Before deciding to transition, make sure you exhaust all the avenues, okay. Engage in open communication with your team about this to collaboratively address it. So, chat with your accountant, chat with your financial advisor, speak with your leadership team to learn, to just see if they can help you in any ways. And put your heads together, okay, so you can really work to implement necessary changes, to have a holistic picture of what's going on, and seek consultation, seek coaching Okay.

Speaker 1: 17:13

Next, a good thing to do is to do some solo practice considerations. Put yourself back in solo practice Now. Returning to solo practice can be a tempting prospect, especially if you have really fond memories of the autonomy, of the lack of responsibility that you felt over managing and leadership and all the other things you have to do other than see clients when you're a good practice owner. A lot, a lot. However, it's really crucial to realistically assess whether solo practice is going to address the root issues that have led to the challenges in the group setting. Okay, does that make sense? I'm gonna say that one more time because I think it's really important. It's gonna be really important to have a realistic picture, to understand the root issues that led to the challenges in the group setting. Okay, so if you're not aware of the problem and the problem may persist, going back to solo practice, then you're not really solving the actual problem. That's there.

Speaker 1: 18:14

So consider what it would feel like to go back to solo practice. Would those issues still be there? Would they be gone? What new issues would happen? Put yourself back in that place. Put yourself back in that place when you were deciding to go into group practice. Consider the potential benefits of solo practice, right, such as streamlined decision-making, increased control, direct connection with the clients, right. But simultaneously, I want you to weigh the drawbacks, such as maybe limited collaboration, no longer having a team to speak with, no longer having shared resources and maybe feeling more isolated again as a solo individual. In practice and those were just a few examples your lists are gonna look very different for the benefits and the drawbacks.

Speaker 1: 19:02

Alright, and last thing I want you to do. I noted on this already, but I'm gonna say it. I would sing it from the rooftops if you all were here to hear me, but I just think this one is so important and that's seeking professional guidance. Seek coaching. Seek someone who has been there before. Seek multiple people have been there before. Take programs and courses to really, really invest in getting yourself out of the slump and learning more, because it could be just that you don't have enough resources or enough support or emotional support.

Speaker 1: 19:33

Group practice owning is lonely, being the leader is lonely, so maybe you just need more resources, more education. You need coaching with someone who has more experience, who's been there and gotten out of these challenges and who have learned, who can now take their experience. They went through it emotionally, physically, stress-wise, time-wise, finances. It's a huge shortcut for you to do coaching and learn from them and get all their secrets, learn from their experiences without having to go through those experiences yourself. Or to make it shorter. You might be already in that struggle, but you can make it shorter and it will help you to come out of it successfully without giving up when maybe that's not what you wanted to do.

Speaker 1: 20:16

And again, I don't want to say giving up is in. If that's only if you feel you have given up. I don't want you to have those regrets. If you feel like I am ready to give it up, then absolutely, if you are grounded in that, I am proud of you. I'm very proud of you. So, yes, again, I'm going on a tangent, but seeking professional guidance is very important. It's the last one we're going to talk about today.

Speaker 1: 20:38

Making a decision of this magnitude, with all the time, effort, energy you put in it, can be very overwhelming. And it's really important to seek advice from mentors, business consultants, people in the industry, industry experts, because they can provide really valuable insights, very valuable insights. Professional guidance can offer an objective perspective, can help you weigh the pros and cons, can help you get specific context. Collaborating with experienced professionals can really provide just like a sense of camaraderie. It can help you to feel validated and maybe that's all you needed.

Speaker 1: 21:16

Maybe you just needed some support of someone to say, wow, you are working really hard. This is really hard stuff. I know you're going to get through it. I was there too. Maybe that's a huge part of what you would get. That is going to help you continue to move forward if that's what you want to do. But, yeah, professionals can really help you with insights into the industry and what they've seen over the years. That's actually something I just chatted about with my mentor because she's been in business for longer than me and so she was able to see the trends for longer and helps to validate that. Hey, these are the trends that we go through and just validate some of the experiences, which was really helpful for me to move on and focus on what I needed to focus on rather than thinking of that and putting my energy there. So, anyways, they can help you with industry trends, marketing dynamics, effective business strategies, systems, all of that.

Speaker 1: 22:09

So, concluding this and wrapping this up, again, my heart goes out to you. I believe you will make the best decision for you. Just go about it slowly, move through this podcast again and really assess all these different areas. Get a business coach, get a business coach, get two Join programs. But, in conclusion, this decision to transition from group practice to solo is very complex and it's highly individualized. It's a highly individualized choice and it's going to require a really careful examination of yourself, financial viability, your satisfaction both personally and professionally, the overarching vision for your career.

Speaker 1: 22:55

And remember that the journey of entrepreneurship and group practice ownership is filled with ups and downs. That is normal. It's very, very normal. It's filled with ups and downs and challenges and they can often be overcome. I'm going to say that again. They can very often be overcome with strategic planning, perseverance and mentorship. Ultimately, the key is to align your professional path with your goals, your values, your overall satisfaction that you seek in your career. Regularly reassess, regularly reassess, make informed decisions and this is going to empower you in your long-term success and your short-term happiness. I would add that that wraps it up for today.

Speaker 1: 23:43

I hope this was helpful. I hope it gave you a little bit of grounding, a little bit of advice, a little bit of camaraderie to know that it's a very common place to be. Hopefully it also gave you a little hope. I definitely tried to convey that because I am very hopeful in your practice. You can get out of it. I've been in holes and felt just struggled at many times and with perseverance, with the correct help and the correct systems and strategies, you can get out of it. If you want my help personally, I would love to help you. Depending on when you're listening to this podcast, I am accepting new coaching students and if you're interested, you can email me at biz at jamierdcom. I look forward to hearing from you and until next time you're doing amazing. Don't forget to take care of yourself. Okay, chat soon.