Is Your Business a Practice or an Enterprise?

enterprise, practice, business, growthMost businesses begin as a "practice." That is, they begin with one person doing something. For example, a good plumber starts a plumbing business, a good mechanic starts a garage, a good carpenter starts a construction business, or a good doctor starts a family practice. This practice must do three things well. It must be able to generate leads, which is its marketing system.  It must convert leads into customers or clients, which is its sales system. And it must fulfill its promise to the new customer or client, which is its system for client fulfillment. A practice that has successfully developed these three systems will grow and become a strong business.

Where is This Going?

The practice is the smallest complete entity that must exist for a business owner to do business. However, as a business grows, the owner, typically the practitioner, must answer a very important question. The owner must decide where the business is going! The owner must ask himself, will my business always be a practice, or will it grow into an enterprise? An "enterprise" is different from a practice. An enterprise is a company that has more than one practitioner. The business owner may hire staff to do the technical work of the business, or he may contract the work out to others. As the owner of an enterprise, he begins to think and function more like a strategic entrepreneur than simply a good technician. 

Thinking Strategically

Have you asked yourself the critical question, what will my business become? Will my business be a practice or an enterprise? Regardless of your answer to that critical question, I want to encourage you to learn to think like a strategic business owner.  You will need this strategic mindset whether you run a practice or an enterprise.  Join The Growth Coach Houston for our Quarterly Coaching Workshops to learn how to become a strategic business owner. We will help you answer that critical question about the future of your business, and we will help you design your plan.

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One Response to “Is Your Business a Practice or an Enterprise?”

  1. Christie Spencer says:

    Glenn Smith is an excellent resource in helping businesses grow from a practice to an enterprise. I highly recommend Glenn and his coaching workshops!

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