Will Humphreys walks through the first step of starting a medical practice: defining your purpose, values, and vision. He separates purpose (the emotional why) from what you actually do, recommends 3-10 core values you'd hire or fire over, and notes that 88% of people leave jobs without a clear future. A dental office example: purpose is "create confidence with a smile."
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Welcome back to the Healthcare Business Academy. Your ultimate resource in helping you unlock success in the world of medical practice ownership. And today is video number one of 10 in a series that's going to provide you a step by step guide in starting your own medical practice. So if you have ever dreamed about opening your own practice to increase your income, your impact and freedom for yourself and your patients, this is the series for you. Let's get started. So step number one in beginning your practice is to create your purpose, your values and your vision statement. And I want you to think about these three statements in terms of past, present and future. So starting with the past, your purpose statement defines the emotional driver behind why.
You'Re doing what you do.
And let me give you a hint. It isn't to provide care. Oftentimes purpose or mission statements get convoluted with language like the best quality care. That's not the purpose of what you're doing, that's the what. The why is always something deeper. So if you're a dental office, your purpose statement isn't to provide amazing dental care. It might be to create confidence with a smile. Those type of statements are a lot more effective in building your company's future. Next is your value statements. Now these are a set of words, usually 3 to 10 of phrases or words or adjectives that describe what you are willing to die on a hill for. These are words that you would hire over, fire over. These serve as guideposts in your journey of entrepreneurship to help you know when you're on track. If you don't know how to create values, I would ask you to describe people you look up to or businesses you aspire to become. Like those adjectives will create the seeds for your own value phrasing.
And remember, in this case, done is better than perfect. Lastly, your vision statement.
Remember, 88% of people leave companies because they don't see a future with that company. When you create a vision statement, you.
Greatly increase your likelihood of attracting and retaining a talent because you're telling people where you're going.
So you can develop your vision statement.
In any number of ways. You can do that financially, you can do that through some sort of grand statement about being the largest in the state. It really doesn't matter. But you want to create some goals and targets that that develop into a.
Vision statement so that you can share.
With others what it is that you're trying to accomplish by creating this business. And that is the very first step in starting your private practice. The very next step we'll go over in the next video, which is identifying your target market.
