Building Your Dream Business with Dr. Christopher H. Loo

Mar 8, 2023

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Glenn and Julie have the pleasure of chatting with the amazing Dr. Christopher H. Loo from the Financial Freedom for Physicians podcast.

Together, they explore the entrepreneurial journey, focusing on how doctors and other incredibly talented folks dive into the business realm.

It is a super informative discussion, full of useful tips, down-to-earth advice, and some really interesting ideas to help entrepreneurs like you make your way through the ups and downs of building and expanding your own successful business.

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Empowering Moments

00:00 Realizing the shift from task to business.

06:19 Honest conversations with trusted team for entrepreneurs.

09:39 Define vision, roles, and communicate for success.

12:39 Professionals need business skills beyond their expertise.

14:05 Understanding and communicating with entrepreneurs and spouses.

17:48 Understanding the importance of charging in business.

20:23 Fiercely protect and build a successful culture.

Empowering Takeaways

The importance of entrepreneurs (especially physicians) stepping aside from trying to handle every aspect of their business themselves. Hiring a competent team can significantly accelerate success.

Shift the focus from merely performing tasks to actively managing and growing the business. Building an organization that can flourish independently of the entrepreneur is key.

Cultivate a reliable team both internally and externally (advisors and mentors) who offer honest feedback and support, essential for business growth and personal balance.

Foster a culture of open and honest communication within the business. Ensure that every team member understands their role and is aligned with the company's overarching goals.

Track and measure financial data accurately. Entrepreneurs need real-time data to make informed decisions, rather than running their businesses blindly or from a checkbook.

Recognize and address the isolation many entrepreneurs feel. Building a supportive community around entrepreneurial struggles and successes can mitigate this feeling.

Engage actively with spouses or significant others in the entrepreneurial journey. Ensuring they are informed and supportive can greatly enhance an entrepreneur's ability to succeed.

Professionals, including physicians, should confidently charge fair value for their services. Understand your worth and balance your desire to help others with the need to sustain your business.

Establish and fiercely protect a positive and constructive company culture by defining core values, ensuring everyone understands their roles, and addressing toxic influences quickly.

Embrace the notion that running a business is a continuous learning process. Allow grace for mistakes along the way and remain flexible and adaptable to evolving circumstances.

Running a business doesn’t have to run your life.

Without a business partner who holds you accountable, it’s easy to be so busy ‘doing’ business that you don’t have the right strategy to grow your business.

Stop letting your business run you. At Harper & Co CPA Plus, we know that you want to be empowered to build the lifestyle you envision. In order to do that you need a clear path to follow for success

Our clients enjoy a proactive partnership with us. Schedule a consultation with us today.

Download our free guide - Entrepreneurial Success Formula: How to Avoid Managing Your Business From Your Bank Account.

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