“The problem with self-identity is not just a problem for the young. It is a problem all the time. Perhaps the problem. It should haunt old age, and when it no longer does it should tell you that you are dead.” ~ Norman Maclean
Is there a more difficult thing for human beings than the process of discovering who you are? The only thing more difficult than that is embracing who you are and being it once you figure out who you are. Now take that same process and apply it to your business. This process is not for the faint of heart. Today’s question is, what is your identity?
My own coaching process with my coach has forced me to do some further introspection. I had to call people and ask them about how I show up. The process evoked some fear but what came out of that was a list of five traits that come into a room when I do. Those traits are: Connection, Brilliance, Wit, Integrity and Stand. I am not sure I would have guessed all of those so I found the exercise to be incredibly helpful.
Getting clearer on my personal identity has helped me to shape my businesses’ identity. The most unique thing about my business is the guy who owns it. I would suspect that this is true about you as well.
Check out this week’s episode by clicking the player above. Subscribe in iTunes and make sure you rate the show!
Most people go through their lives without a clear intention and purpose for the things they do and the decisions they make. Maybe you can relate. Maybe you make decisions based upon limiting beliefs of the past. Maybe you make decisions based upon what your mom or dad would want you to do. Perhaps you do the things you are currently doing because it’s what you’ve always done. Taking time to think clearly about the things you are doing helping to ensure that you are engaging in activities that feed your purpose and your ability to create value.
It’s easy to dismiss thinking and the process of discovering your purpose. In the moment, it probably doesn’t feel valuable to you. The more you step back and assess the things you are doing, the more you will move forward with efficiency and effectiveness because you are working on, and in, purpose.
Clear thinking makes you a better communicator and a better director and participant in action. For this week, ask yourself “what am I doing?” and “why am I doing these things?”
Having a well organized and empowered team is your path to growth and freedom. Growth and freedom are two outcomes that I strive to achieve with every leader that I work with. Goal setting helps to achieve growth and freedom by orchestrating the work that needs to be done by giving the team specific direction with which to operate. In light of how valuable goal setting is, I wanted to create this week’s podcast on how to create great quarterly goals so that you have some dos and donts to take back to your business.
Total Experience Design (TXD) is about creating a business by design and not one by default. Planning is one of the primary ways that you create a business by design. Goals are one of the outcomes of the planning process. Planning and goal setting are simple concepts. Most people know of them and understand the concept of doing. The challenge with goal setting and planning is that they are really easy to ignore and not pay attention to on a regular basis. Great experiences happen through the commitment to consistent, time tested fundamentals. Fundamentals aren’t sexy but they create aggregate success that looks and feels amazing when you look at the finished product.
When the authors of the book Beyond Default dropped by the show a few months ago, they talked about trajectory and changing your default trajectory. Take a look at where your business is headed and ask yourself how goal setting can change and improve the trajectory of your own business.
This week’s podcast explores the power of goal setting and staying plugged into the goal setting process. You can listen by clicking the player above or you can subscribe in iTunes. Ratings and sharing are always appreciated as well.
What is your mission? Do you have one? For every time you are faced with a challenge there is a mission that drives you to working through the problem. You know that there is a bigger purpose to the work that you do.
Stewardship and mission go hand in hand. When I am being a leader, I am being a steward and caretaker for the mission of the business. In Total Experience Design we teach business owners that the experience they develop creates meaning for all the stakeholders of the business. For some of our clients that reach is in the millions of people. That is a huge responsibility.
The question is, are you ready for it? Every day business owners fail to answer the call to stewardship and believe me when I say that it is a calling.
Perhaps you are unknowingly, neglecting your stewardship. You will know it if:
Your books are behind.
You are an established business with no emergency fund.
You don’t have a management system and have no process for maintaining your culture.
You piss away time and waste it with no intention for how you will use it.
Great strategy is essential to sustainable business. Unfortunately, strategy isn’t something that come naturally to many people, business owners included. Don’t despair. I have brought in experts who live, eat and breath strategy to talk about how to change the trajectory of your business to the outcome that you want versus the outcome that you are currently headed towards.
David Trafford and Peter Boggis wrote the book Beyond Default to assist leaders in creating the thought process and the implementation of their strategic direction.
The topic resonated with me from the standpoint of intentionality. In our concept and model, Total Experience Design (TXD), we teach business owners to create a business by design versus one by default. Beyond Default does much of the same with respect to strategy. Whether you are aware or not, your business is headed towards a specific direction and outcome.
The question is, is it the outcome you want?
Beyond poking at Blockbuster video a bit we also touch on:
Leading new strategic direction in your business
How to keep employees from burning out in the change process.
What companies get wrong and why when it come to setting their direction.
Check out the book and other things that the authors have to offer at Beyond Default. The book is smart, insightful and will make you a better strategist for having read it.
When is it good to take the visionary, free spirited entrepreneur and put them in a box? That’s a tough question. In the initial stages of a business, it’s a good idea to say yes more often to get a feel for what your business is and the best way for it to create value. I know my business does not look like the same business it was when I started out nine years ago. As your business grows and matures, you do too.
Off the cuff decisions start to get replaced with budgeting and planning. I don’t want this to sound too depressing but it’s a reality of the needs that a growing business has.
Quarterly planning is a simple, effective way to boost business profits through focused direction, better communication and tying the what to the why of your business for every person that is involved.
It’s time to ditch the excuses of time, that’s not the way I work, etc. and embrace a powerful next step in your business.
Editors Note: Don’t let the fact that the title contains the word chiropractic get in your way of seeing the value that this article has for all different types of businesses. Enjoy and let me know if you have any questions.
Maybe you’ve invested the last 30 years of your life to your practice and community. Maybe you’re looking at bringing in your first associate or dare I say, parting with a partner.
All of these are reasons to know where you stand financially with your practice.
Before you look into getting an appraisal for your chiropractic practice, you want to ensure you are doing everything in your power to maximize the value.
So what are the top factors that will move the needle that you can implement immediately?
We have found a common trend among most of these practices and have collated the top 5 factors you can implement in your practice.
#1 – TEAM TRAINING
Somehow, you’ve found the time to read this article. The reason you have this time is likely because you have a team behind you that can handle the front desk activities, support on financials, and keeping the practice running efficiently.
The team that you have hired to help you run the practice is also the team that can help you get more out of the valuation.
Ask yourself the following:
Do you have a written system and protocol for how to train your team?
Do you train regularly or just wing it?
How often do you do evaluations against a standard protocol for practice?
To have a clean transition, an incoming doc will want a team that runs the show for the doctor and has the systems beautifully articulated on a day to day basis.
Start to build an operations manual, training module, team evaluation module and create team systems.
No, this won’t happen overnight, but start with a step in the right direction. Make these actions a daily practice and it will become second nature.
Having this all in place means you can slip out the back and someone can easily walk into the practice without interrupting your client’s experience.
#2 – PATIENT EDUCATION
You know those big golden arches? Pretty famous, right?
How has McDonald’s been able to carry on so successfully without their founder since 1984?
I’m talkin’ goodwill here!
The odds of duplicating the profitability of your practice are directly correlated with goodwill.
The higher the goodwill percentage, the greater chance a doc can walk off the streets and create the same or higher profitability as you.
So how can we ensure your practice maximizes goodwill?
Two words: Patient Education.
Patient education is one of the most crucial aspects to creating a life long practice member, a high PVA, and therefore predictable income month over month, year over year.
When your patients are educated and have “buy in”, they not only keep coming back but they tell other people too! This is going to be in high demand for people looking to buy a practice, and they’ll be willing to pay for the predictability.
Here are a few things to consider:
Invest the time to repeatedly educate the members of your practice.
Document and implement these systems. Anything you are doing to educate your patients should be documented.
Could any Dr. Tom, Dick or Harry come into your practice and effectively execute? If the answer is no, create templates or written scripts so they can.
Having your educational system structured and documented will add HUGE value to your practice’s valuation. And as a bonus, it makes it easy to transition new staff when necessary.
#3 – SYSTEMS
Alright, what’s next? More about systems.
Systems are the glue that hold your practice together. They are what allows your practice to run smoothly while you’re on some beach, some where.
A quality team is key, but a practice built on systems removes the risk of human error and you can be less dependent on the quality of your team.
Do you have the systems in place that creates the same profitability whether you are the practicing doc or a hired locum?
The most successful practices seem to have one thing in common – they are team driven rather than doctor driven.
Remember earlier when you slipped out the back door? Ya, you can do this when your team works as a unit to keep things running smoothly.
Now you can do what you do best, be a chiropractor! Find out whether you are a doc driven or team driven practice by asking yourself these 3 questions:
Do you “run the show”?
Do you have a written manual that documents every last detail of running your practice?
Do you have “rules” for the practice? (who you do or do not work with, for example).
The easiest way to guarantee reproducibility of income to prospective buyers is by showing them exactly how you operate so they can kick you aside and take the helm all while maintaining similar profits.
#4 – MARKETING
The second biggest hole in chiropractic practices across the profession…MARKETING.
We get it, marketing can be a daunting and overwhelming task.
The fact is that marketing in its simplest form is just the ability to share your gifts and talents with those who will benefit from it most.
We aren’t going to spill all the beans on HOW to market your practice, but we will tell you it could get you an extra $10,000 when you are selling your practice.
Not to mention the increased revenue by pulling in more patients! WOAH.
What marketing systems can maximize this area of the valuation? Let me tell you about two of them.
A well documented marketing planner. Plan, document, reflect, etc. Think of all the ways you can market your practice (promos, newsletters, community events, and the like) and plan for them so you’re ready to go!
A tracker for return on investment (ROI). You must know where your patients are coming from. Track what efforts are producing new patients and what those efforts cost. This is how to make marketing predictable and manageable.
With these in place, you can confidently show prospective buyers that your marketing systems are producing results that are repeatable!
#5 – CONTROL THAT OVERHEAD!
Last but, stereotypically, not least – controlling overhead.
We’ve completed hundreds of appraisals in the past and the biggest difference maker in the selling price of a chiropractic practice is percentage of overhead!
It is unfortunate, but we see docs with expenses that are consuming 60-80% of revenues! Talk about insane.
You’ve got to hone in on what is causing your practice to bleed that much money in overhead.
Take the time to sit down and really understand what your overhead is and if there is any opportunity to reduce it in areas where it’s not required. Even if you have a million dollar/year practice, but spend $900K in overhead, your practice’s valuation is going to be inline with the person down the road bringing in an easy $150,000/year with low and controlled overhead, and much more time with their family.
Every 1% you can bring down your overhead equals thousands in your pocket in the long run when you sell it, but also in yearly profitability leading up to the sale.
So, sit down with your favorite bean counter to look at the books, create a monthly rhythm to look for opportunities to reduce overhead and get creative with ways to maximize your money by minimizing your expenses.
All of these are manageable steps you can take today to start to create a more systemized, repeatable practice. This helps the eventual sale, but watch as your team becomes more efficient, more effective and more profitable in the process.
Author: Mike Tielemans, Appraisal Director at Full Circle Coaching and Consulting. Having 100’s of appraisals over the past 2 decades.
Are you someone who likes to start a project? Or are you someone who likes to see a finished product in your hands? I like to see the finished project. Depending on how you answer the above questions will determine your excitement level for working in the process of your business. Today’s podcast is about the beauty of working in the process.
If you like:
Having a level of certainty and control in your business (For the love of God, you’re an entrepreneur).
Creating repeatable results.
Growing your business.
Then maybe you are someone who gets excited about the process or at least the by product of that.
Check out the podcast by clicking the player above or subscribe in Itunes. Also, I always enjoy when you guys rate the show so if you haven’t given the show a shout out yet, please do.
What do you want from your marriage? What’s your approach to raising children and why? What did you do yesterday in your business and why? Most people seldom take the time to ponder the things that they are doing each day and why they are doing it. They live a life by default and not design. If you listen to this podcast, you are probably not one of those people. But maybe you are and that’s OK.
Today’s podcast steps out into the realm of what some people would call fluffy bullshit…philosophy. In today’s economy, you get paid to think. The old paradigm of following orders continues to get in the way of thinking deeply about the world around us.
Is planning a waste of time? What good can come from it? I’ve always used planning and setting objectives as a tool to keep me intentional and on purpose in my business. The most successful business owners that I work with are good at this too. They pre-decide what and when things are going to happen. They know that if they don’t, other circumstances and people will decide for them.
This week’s podcast inspiration came from church (and you thought I was sleeping) and I want to share the concept of pre-decisions on the podcast. I run into a lot of business owners who feel like their day-to-day lives run them instead of running the day with intention.