7 HABITS OF HIGHLY SUCCESSFUL
INTRODUCTION As a success minded chiropractor, it's important to identify trends and new drivers of profitability in your clinic. A successful business is in a state of constant innovation, looking for new ways to improve customer experience and streamline operations. To establish new standards in profitability for your business, you need to master a new set of skills. Thinking and acting like an entrepreneur first, a business manager second and a clinician third is the only way to grow a chiropractic practice. After a lot of brainstorming with mastermind coaching clients and platinum clients, we realized that there were 7 attributes common to all successful chiropractors:
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O1
INNOVATION
They are NOT "know-it-alls" and are always open to new ideas, new ways of learning (especially from other industries and experts). They have the right mindset for growth and success, and are constantly adapting to a new economy, changing times and evolutions in standards of care and marketing. They are always looking for new materials and resources to grow. They are experts at chiropractic management and know how to leverage themselves for quick and explosive growth. They are in a state of constant innovation.
IDENTIFICATION
O2
They know EXACTLY what type of patient they want to work with and have systems in place to attract the RIGHT patients from the RIGHT referral sources while weeding out the rest. They will precisely define the average patient and create a patient 'avatar'. They know their fears and frustrations, wants and aspirations, and are conscious about exactly what the patient (and referral source) needs from them. They can deliver this in a systematic manner, with the right people on board; and they are able to build successful, mutually beneficial, and long-lasting relationships.
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O3
INVESTMENT
They invest in their marketing education and can measure their return on investment. For example, they can track that an investment of 'X' gets a return of 'Y' and will only continue that strategy if 'Y' is consistently greater than 'X'. They WILL outspend their competition not because they like overspending, but because they know their business metrics so well that they can afford to go the extra mile since they have a predictable, measurable return on investment. For example, if a new patient is worth $ 800 for your practice and you had to spend $ 200 to acquire that new patient (something your competitors would never think about), then you can outspend your competitors because you know your business metrics better than anyone else. He who is willing to spend the most to acquire a patient, ALWAYS wins!
MASTERMIND
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They create and nurture a successful group of mentors and associates whom they can count on to get answers to their most pressing questions. They WILL cultivate the right relationships with the right people, leading to SIGNIFICANT growth and new opportunities. These 'right people' are usually other successful private practice owners, experts in marketing and business development, employee productivity and billing/collections. They will approach such contacts (and colleagues) with a giving hand and are able to add value to the world instead of seeking to extract as much value as possible. In some cases, they may even seek to 'model' their mentors. They have no interest in 'reinventing the wheel' and are constantly looking to expand their circle of influence and interact with individuals who have better people and systems than they do, in an effort to learn and get better themselves. They are an integral part of a highly successful chiropractic practice mastermind group.
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MANAGEMENT
They are MASTERS at time management and people management. They know EXACTLY how to manage their day and focus on the high value tasks (people management, business systems and relationship building) that lead to growth in the business. They tend to look past the minuscule, the day-to-day activities, and the frustrations that most people get bogged down with. Instead they have a firm, determined attitude with insight and long-term vision, a characteristic which they apply to their practice daily.
METRIC ANALYSIS
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They can clearly define the lifetime value of a patient and tie it in with their business goals. Most practices have no idea what the lifetime value of a patient (LVP) means. The lifetime value of a patient is the amount of profit you make from your patient during the lifetime of your relationship with them. It is a measure of:
How much you get paid for the average treatment. How many times a year the average patient schedules an appointment. How many of their friends they are likely to refer to you. Your average net income per patient visit.
Most patients have a lifetime value of several thousand dollars and successful private practice owners understand this and know that DETAILS MATTER!
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PROBLEM SOLVERS
They are not afraid to tackle difficult questions and seek solutions. A successful private practice owner can answer tough, insightful questions about his practice, like:
What do I want to be known for/as? How much income would I like to make each year? How many patients do I need to see each week to reach that goal? How many therapists do I need to hire to reach that goal? Am I good or bad at employee management? How can I put systems in place to manage employees and achieve my goals? By which date should I achieve this goal? What additional products and services can I provide my patients, so I can increase the lifetime value of each patient? Finally, a couple of interesting observations about successful practice owners: They clearly know what to do, but in their early years, they also knew which mistakes to avoid. When you are just starting out, it's often the mistakes you don't make that are as important as the right actions you decide to take. If you don't know where to begin, start with education-based marketing and teach prospects about the VALUE of chiropractic and what it can do for them; It all starts and ends with the patient and how well you educate them!
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"If you have an interest in learning more about ChiroDomination, call us at 833-693-0833 or CLICK HERE to get more information..." There are several other tips, tricks and techniques you can use to improve the profitability of your practice, but you must be willing to think ‘outside the box’ for them to work. Remember, “if you always do what you’ve always done, you’ll always get what you’ve always got”, so if you want to dominate your local market tomorrow, you must take action today… there’s just no way around it! If you have an interest in learning more about ChiroDomination, call us at 833-693-0833 or CLICK HERE to get more information from our website. With your permission, we will continue to send you timely, helpful information which will improve your practice’s profitability. But if you’re ready to take action so your practice will DOMINATE your local market in 6 months or less, Schedule a Discovery Call, where we’ll take time to learn more about you, your practice and your goals - then together - we’ll design a proven, customized marketing plan to exceed them!
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