Once January starts winding down, it is good and natural to review how your practice did financially the previous year. There are only 4 answers you will come to after your review- you’re practice is up, you’re practice is stagnant, you’re practice is less up, you’re practice is losing money. Unless you are in the first category chances are you are slightly panicking at seeing the numbers in black and white. If you are like most people, your instinct is to pinch every penny and start reducing your expenses. But that would be a big mistake.
When you are down you need to invest wisely to move back up
YellowTelescope is all about counterintuitive thinking. Even if every fiber of your being is shouting at you to do something one way, we insist on at least testing the opposite. Wisely investing in yourself is one of those situations. If you react as you instinctively would to being disappointed in your year-end financials, you pinch pennies and cancel every seminar you have booked or new marketing campaign. You may be slightly cutting your expenses, but you are not gaining anything to change your practice’s trajectory. How can you expect to get more patients in the door if you do not invest in marketing, training, upgrading services, etc? Remember Einstein’s famous quote, “Insanity: Doing the same thing over and over again and expecting different results.” If you continue to cut expenses and forsake any investments in your business, eventually there will be nothing left to cut.
Keep Growth in Perspective
If your practice is down a few thousand dollars, you are less up, you are not down. In any business you are expecting grow year over year. But sometimes circumstances don’t allow for that. Put your financials in perspective with all of the year’s events. Your daily focus is, as it should be, on medicine. Financial reviews are often times a wake-up call that you need to evaluate the business side of your practice as well. If you react instinctively and begin telling your staff you had your worst year ever, you may be thinking of ways to scrimp and save, where your staff is hearing they need a new job. This is the time to motivate and invest in your staff in order to right the ship. Maybe that is sending your Physician’s Assistant to a continuing education course. Maybe that is hiring a much needed new receptionist to help out the front office. Or maybe it is putting a contest in place for your patient coordinators to drive sales. By motivating your staff instead of frightening them, you are asking them to help you build your practice. You are working together towards the common goal of growth.
Invest in yourself and your office
We are not suggesting you go on a spending spree hoping something will hit. We also do think it is a good idea to look at your costs and see if there is anywhere to cut, or if you are spending wisely. After reviewing cost centers and determining you are currently investing wisely in your practice, look at the areas that offer the best return on your investment. If you haven’t invested in web marketing, it is a great place to start. Good rankings translate to more leads. Attending a business seminar, such as YellowTelescope’s Annual Seminar, can help you convert the leads you get. Maybe you need to look at hiring an aesthetician or begin carrying product packs to generate product income. There are a lot of ways to invest in yourself, your staff, or your practice that will generate income and take your practice to the next level.
We are here to help
Whether it is our full service training and consulting services or attending our annual weekend seminar, YellowTelescope is here to help get your practice goals into focus. Make 2015 the best year you have had yet by investing in yourself and your practice and reaping the benefits. To learn more visit yellowtelescope.com or give us a call at (305)455-0720.