The 10 Core Tenets of a Profitable Practice
Success leaves clues. It is a skill that is learnable, if you want it badly enough.
Here are the 10 principles that underpin the most successful practices we've helped over the years.
1. You Are Responsible For Your Business
Successful practices owners do not rely on external consultants, agencies, doctor referrals, or insurance companies to swoop in and save the day. Instead, they take their future into their own hands by developing the necessary skills to build a thriving practice on their terms.
2. The Letters Behind Your Name Don’t Entitle You To A Successful Practice
Being smart and a really good clinician isn’t enough to succeed in business. We all know plenty of really smart people who are sitting on wasted potential.
We can’t spend years in school, get a degree, and expect our perfect patients to come storming into our practice.
Your educational background and clinical experience have simply given you the right to “play the game”. Now, it’s up to you to become the best marketer and business owner you can be to put yourself out there and let your community know how you can serve them.
Those who sit back and expect business to pick up inevitably fail.
Those who proactively share their message and market their business ultimately win.
3. The Better Your Market, The Less You Have To Sell
Health professionals generally don’t like selling. However, when you position your business in a way that provides value, credibility, and authority before your patients walk in the door, the need for high-pressure selling drops dramatically. And the patient is a lot more receptive to “next step” recommendations from you.
This is the role that marketing plays in a business. It is the journey of continually adding value into your community so people get to know, like, and trust you so that selling almost becomes unnecessary. Thus, the better you market, the less you need to sell, and the easier time you’ll have enrolling new patients.
4. Your Success Is Determined By Your Systems
Most practices are run by practitioners who have created a job for themselves. They trade their time for money and when they don’t work, they don’t generate revenue, and their patients don’t receive care.
By contract, a profitable practice is built on systems that create predictable outcomes for patients and allow the business to run more efficiently without relying on any one person.
The big shift most practitioners have to make, if they want to escape treating patients all day long, is the decision to become a business owner, instead of a self-employed technician. Having the right systems in place helps you buy back your time, while creating even greater outcomes for your patients.
5. The More You Earn, The More You Can Contribute. The More You Contribute, The More You Will Earn.
We believe health practitioners should be financially free. No other profession provides such life-altering results yet we often downplay our impact or undercharge because we want to serve everyone.
However, being broke helps no one. Not you, not your patients, not your staff. Running a profitable practice not only keeps the doors open, it gives you more capacity to contribute in even bigger ways to your existing patients and community at large.
Money is a by-product of the value you create in the marketplace. Thus, the more you contribute, the more flows back to you. There is nothing wrong with earning a LOT of money through your work. In fact, the more you make, the better job you’re doing for your business, your patients, and your community.
6. Your Practice Is More Than A Clinic - It’s A Transformation Catalyst For Your Community
Starbucks reinvented the coffee experience for North Americans. It became the second living room for many people. We’re on a mission to help practice owners create a similar “hub” within their communities
A profitable practice is not just one that makes good money. It does tremendous good for the area and people that it serves. It’s an environment that people want to be around. One that they rave about and share with their family and friends. It’s more than just treating patients, it’s about creating a community (inside and outside of the clinic) that brings people together.
We believe this is essential because community is the missing ingredient in most peoples’ healing journey.
7. If It’s All In Your Head, Your Business Is Dead
Whether it’s with your team or your patients, you likely find yourself repeating yourself over and over. Saying the same things again and again. When all of your advice lives in your head, then others will always rely on you for everything.
To take your practice to the next level, you must learn how to extract your intellectual property, your knowledge, and your vision into trainings, frameworks, and systems that can be easily understood and replicated by others.
This is the first step to creating massive freedom in your business/life and empowering your team and patients to create even better outcomes without relying on you.
8. You Can Dominate Your Market By Being Just A Little Bit Better
Mediocre businesses are the norm nowadays. Think about the airlines you travel with, the hotels you stay at, restaurants you eat at, the stores you walk into.
Most businesses are “okay” at best. Very few are exceptional. But it’s the exceptional ones that dominate.
The interesting thing is that it doesn’t take much more effort to be exceptional. All it takes is a commitment to being just a little bit better each day. In fact, being just 1% better in a few key areas, can turn your practice into the “Disney” of your market.
9. Business Growth Always Follows Personal Growth
Your business can only grow to the extent that you do. Other than overcoming a major health crisis and raising kids, being an entrepreneur is the most challenging and rewarding spiritual/growth journey you can take.
It’s full of ups and downs, successes and failures, celebrations and tears. It’s not for the faint of heart. That’s why most businesses ultimately fail. But profitable practice owners are constantly learning, growing, and evolving.
They don’t just read the latest peer-reviewed studies. They spend more of their time learning about themselves, developing new skills, and becoming who they need to be to get to the next level.
They understand that to DO and HAVE what you want in life, you must first BE the type of person who is ready for it. They understand that the best education is self-education because the more they grow, the more business does as well.
10. Solopreneurs Suffer
No one succeeds on their own. No one.
All major achievements in life are accomplished by people, not by a person.
Doing things on your own will only take you so far. Then, you hit ceilings you can’t break through. And working harder only leads to burnout.
Successful practitioners seek guidance from mentors who’ve already “walked the path” and can show them how to avoid unnecessary landmines. They buy themselves speed by working with expert coaches who help time-compress their results by showing them proven ways to meet their goals.
They understand that a big dream requires a great team. They hire and build a team where everyone works in their genius and collectively reaches greater heights.
And they seek to be around others just like them because they realize that we become a reflection of our peer group. So they immerse themselves groups, masterminds, and communities that raise their standards, inspire them, and challenge them to grow.
They know they can’t succeed on their own. But with the right coaching, peer group, and team... they can accomplish anything.