As a small business owner, particularly in the field of physical therapy, you embarked on your entrepreneurial journey because you excel at the core aspect of your practice. You may have also been driven by frustrations from previous workplaces. However, as Michael Gerber highlights in The E-Myth, most entrepreneurs aren’t born with a natural aptitude for running and growing a business. Instead, they learn and adapt as they go, much like you.
The Importance of Managerial and Strategic Work for Small Business Success
If you’re reading this, you’re likely skilled at what Gerber calls the Technical or Tactical work in your business. But like many small business owners and physical therapist private practice owners, you might need assistance in mastering the Managerial and Strategic aspects of your business. Recognizing the importance of these areas is the first step toward unlocking your business’s full potential.
The 3 Types of Work Essential for Small Business Growth
After reading The E-Myth, I realized that focusing on the three types of work is crucial for small business success:
- Technical or Tactical – the tasks that need to be completed.
- Managerial – ensuring those tasks are executed efficiently.
- Strategic or Entrepreneurial – determining what tasks need to be done.
While the Technical and Managerial work is done IN your business, the Strategic or Entrepreneurial work is done ON your business. For small business owners, particularly physical therapist private practice owners, dedicating about two hours per week to working ON your business is essential.
The Path to Success for Small Business Owners and Physical Therapist Private Practice Owners
The key takeaway from my journey is that you don’t need to become a business specialist. Instead, focus on acquiring enough knowledge to effectively run and grow your small business or physical therapist private practice. By doing so, you can positively impact your team, clients, and patients while pursuing your passion.
To help you work ON your business, start with these steps:
- Schedule at least one hour each week to focus on your small business’s growth.
- Read summaries of The E-Myth Revisited to understand the fundamental principles of entrepreneurship.
- Learn to prioritize your tasks, focusing on the most important and impactful activities each day.
- Document your systems to streamline your Entrepreneurial work and make informed decisions.
Achieve Small Business Success in Physical Therapy
By mastering the Managerial and Entrepreneurial aspects of your small business, you’ll unlock your enterprise’s full potential and continue to excel in the Technical work you’re passionate about. As a physical therapist private practice owner, this newfound expertise will empower you to provide exceptional care and services to your clients while fostering business growth.