by Tony Vidler
Why is an Advisory Practice called a “Practice”?
I think it is because more often than not the business is mostly practicing to be a business. When a “practice” has actually made it then everyone calls it “a firm”.
THE common denominator in a Practice appears to be that the Principle, or Principals collectively, are mostly running to stand still.
They are busy…they are working hard….but they are usually running on the spot and rarely really building a business which will live beyond themselves.
What stops them becoming something more than diligent busy practitioners though? There are some common denominators which seem to keep practices at the “just practicing to be a business” level, and they are:
There is absolutely nothing wrong of course with deliberately building a lifestyle business. If that was the intention and desire of the Principal, and that is what they have built, then one can definitely call that a success.
For those who started out wanting to build a business that was something more though and who find themselves still in “practice” mode, your breakthrough to building a “firm” most likely will be in improving in these 10 areas.You might also be interested in this related article: