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The Practice Lab Update: May 2019

As you might have noticed already, May has been a busy month for the team at The Practice Lab. From blogs to knowledge base resources, it was a content-packed month, giving you the private practice resources you’re after! As it’s coming up to the End of Financial Year, it’s important to look out for helpful tips and tools to plan for your private practice into the next financial year.

How Much is Your Business Worth? 5 Methods to Value Your Private Practice

Every business has a dollar value and a question we often get from our clients is “how do I work out what my business is worth?” The reason for the question varies of course. Some private practice owners may be considering selling, while others want to determine the value as part of their overall asset valuing exercise. Whatever the reason for determining the value of your practice, this can be a complex exercise. Hopefully, this blog will help give you some ideas of the most…

9 Common Misconceptions about Private Practice

Over the last few years, Al and I (Kong & Way) have worked with countless private practice owners (mainly psychologists), ranging from startups, well-established practice owners, and those considering the private practice journey. Whatever stage of the journey they are on, there is one consistent comment that keeps coming up – “Private practice is not how I expected it to be.” Sometimes they were amazing and rewarding surprises and other times they’ve been downright motivation-crushing experiences. These misconceptions about private practice can have several consequences:…

Making Tough Decisions in Your Private Practice

There’s an old story that in pursuit of a pen that would work for keeping notes during space missions, the Americans spent millions of dollars to invent just such an item. It worked and was a brilliantly created pen that served its purpose. The Russians, on the other hand, came up with a different solution. If you follow this article through to the end, you’ll find out what that was. Making tough decisions in private practice is essentially the same as making them in any…

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