‘G’ is for growth

The building blocks of accountancy.

Our A-Z of essential matters that consultants and GPs need to consider to run their private practices efficiently continues, this month with the letter ‘G’. Susan Hutter reports.

 is for Growth

Not so long ago, nearly all consultants traded as sole practitioners, often with the support of one or two administrative assistants. 

This simple model did, and still can, work well. This is especially true if the consultant is combining a private practice with a busy NHS appointment. Many consultants are satisfied for their private practice income to supplement their NHS salary. 

But a growing number of consultants now want more from their private practice, and the momentum is moving them towards expansion. What are the options for growth?

Organic growth

Most small businesses grow organically; for example, by recruiting and training ‘junior’ staff in the same, or a complementary, specialism to their own. 

It is not always easy for newly qualified consultants to begin on the private practice ladder and many are quite keen to team up with more experienced consultants with a view to partnership or similar.