Some real estate investors look for properties they can improve by remodeling the kitchens and bathrooms. Others look for “tear-downs” and build new structures from the ground up. And some look for “ugly” properties that need nothing more than cosmetic improvements like floor and window coverings, paint, and minor landscaping.
Ugly property investors seek a quick turn around and look for properties with “the right things wrong with them”.
How would your practice fair as a potential investment? How could you quickly increase your cash flow and profits?
No matter how well run and profitable your practice is, there’s always room for improvement. Some practices need a little paint and polish and other “cosmetic” improvements. Some have structural problems and need major work. And some practices should be probably be torn down and rebuilt from scratch.
Take a look at your practice through the eyes of a potential investor. What do you see?
Are you in an office that’s too big or too expensive? Renegotiating your lease or moving to a less expensive building might help. If your office is too small for you or poorly located, however, a new location might allow you to bring in more clients or better clients and give you room to expand.
Examine your staff. Do they need to improve their skills? Does anyone need to be replaced? Do you need more people helping you so you can focus on marketing and big-picture projects?
Examine your computers, software, library, and other resources. What needs to be repaired or replaced? What would allow you to do your job quicker, more efficiently, or at lower cost?
Do you need new practice areas? Do you need to “fire” some of your clients to make room for better ones?
Do you do something in-house that might be done better or less expensively by an outside contractor? Are you spending too much outsourcing tasks that could be done by your employees?
Once or twice a year you and your staff should stand down from your regular activities and ask these kinds of questions. Take inventory of what you have and how it could be improved. Look for ways to lower overhead, increase your billing and bottom line.
Does your practice need major repairs or cosmetic improvements? Does it have the right things wrong with it?
Your marketing should start with this
