The Truth About Practice Owners: Breaking Through the Static

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I want you to think back to the day you decided to be a doctor. Obviously, this career path required some advanced education, so you went to school, studied hard, and became a professional. Whether you are a dentist, orthodontist, chiropractor, lawyer—whatever your niche, your specialty is probably not business.

You probably didn’t go to business school to learn how to MAXIMIZE a business’s worth, or how to be the best possible business owner.

But think about it… Isn’t that exactly what you are? You decided to be a professional, you studied in this field and got your license… But the day you officially opened your Practice doors—BAM! You suddenly became a business owner, whether you liked it or not.

To put it plainly, you have TWO choices as a business owner:

  • To grow the business and prosper
  • Maintain the business, but don’t grow it.

So, assess yourself. What type of business owner are you—#1 or #2?

It might be helpful to think about the last five years. Compare your statistics—the size of your Practice, your New Patients, production, collections, etc. Look at your income, your net worth, and your payroll. Has your Practice grown tremendously in the past five years? Are you experiencing enormous success? Or have you simply MAINTAINED the Practice, and managed to keep your head above water?

If you answered “yes” to the last question, you have a static Practice. It’s not a terrible thing—actually, it can be pretty exciting because it means you have a lot of room to grow, and a journey ahead of you—one where you and your team get the opportunity to explore your full potential!

But you need to understand that as the BUSINESS OWNER, you are the only one that is going to intercede… You have a decision to make, and the sooner the better. If you are ready to embrace a future of growth, challenge, and great success, then the first step is to ADMIT that you don’t know a ton about actually BEING a business owner—and that you are ready to LEARN. I don’t say that to be offensive, but because I want to get your attention, and help you to be open and honest with yourself.

The quickest and easiest way to diagnose if you own a static Practice is by assessing whether you say these two things:

  • “I can’t afford it.”
  • “I don’t have money to invest.”

This “can’t afford” mentality is generated by fear, and this fear is what causes and perpetuates a static Practice. I call this the “play it safe” mentality and—I hate to break it to you—but if you continue to operate this way, you will be closing your Practice doors much sooner than you’d planned.

It might seem obvious, but you’d be amazed at the number of Practice owners that ignore this advice: invest, invest, and invest some more. Investing is one of the most positive habits that you can possibly create in your life, and the key to becoming a successful business owner. If you have a business that’s not growing, it’s because you haven’t made the correct investments and decisions to grow it.

Let’s look at a successful business—Apple, for example. After Steve Jobs passed away, Apple became one of the most valuable companies in the world. It didn’t just disappear or shut down because he died… It actually went on to survive him and THRIVE because of the calculated risks he took, and the string of positive investments that he made. Similarly when I die, the Scheduling Institute will continue without me. That’s the sign of a strong business, and a well executed game plan.

So ask yourself… Are you executing a game plan to slowly wind your business down, or to have it grow, thrive, and outlive you? What investments can you make in 2015 that will help get you on the path to financial success, and get your Practice out of the static zone??

If you’d like to invest in:

  • learning practical, applicable business strategies that will increase your revenue within a MONTH
  • having an accountability partner with over 25 years of experience with growing Practices
  • team trainings that can DOUBLE your production and collections
  • improving the Patient Experience

… then the Scheduling Institute is the safest investment bet that you can make. We have won over SEVEN Townie Choice Awards (voted on by our clients) and our Practice growth strategies have been successfully implemented in tens of thousands of Practices worldwide. Call 866-917-2808 today and make the decision to build the future you deserve.

Until next time,

jaysig

Jay Geier

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