October 26, 2017

3 Scary Things That Will Keep Business Owners up This Halloween

As scary as the ghouls, witches & werewolves roaming the streets this Halloween will be, small business owners have bigger concerns keeping them up at night. The 2017 State of Small Business Report, which surveyed over 1,100 small business leaders, suggests 3 major concerns facing businesses with 5 - 50 employees. And no, it’s not goblins, ghosts or zombies.

3 Frightening Concerns Keeping Small Business Owners Up at Night

Running a small business has all the drama and horror of a Stephen King movie. Who cares about creepy clowns, demonic children or homicidal maniacs when you're concerned about increasing profit, hiring new employees, and growing revenue in an evermore increasingly competitive market.

top 2 challenges for American small businesses

Source: Small Business Report

But Fear Not. We Have Solutions.

Here at BlueIQ, we’re all about helping business owners like you. Our objective isn't to help you keep your doors open, it's to help you thrive in that process. We’re constantly creating resources to help our fellow doctor entrepreneurs find success. Such as this blog, which provides weekly content to help you beef up your business brain with digestible, actionable insights, ideas, strategies, and business know-how.

So, if you find yourself awake at night worrying about profits, hiring, revenue growth or just about anything, BlueIQ's got your back. And for each of the 3 business owner concerns we addressed above, we’ve got 3 solutions below to help you knock ‘em dead. Enjoy!

Top 3 Strategies to Improve Revenue Growth

According to the survey, the top strategies small businesses say they'll use to improve revenue growth are:

  1. Improve existing customer experience & retention.
  2. Invest in new customer acquisition activities & methods.
  3. Invest in training or tools to improve employee productivity.

If you want to pursue these strategies for your office, we have a handful of resources that can help you improve your patient experience, acquire new patients, and increase employee productivity.

A Few Suggested Resources:

Solve #1: The Best Marketing: A Rewarding Patient Experience

Solve #1: Expert-Backed Internal Marketing That Will Set Your Office Apart

Solve #2: Want to Grow Your Practice? Monitor this KPI!

Solve #2-3: How BlueIQ Helped Us Increase Our New Patients by 50% in Just 4 Months!

3 Ways to Hire Quality, New Employees

According to the report, 52% of small businesses are planning to hire in 2017. Most of which will hire 1 - 5 employees.

Since we're nearing the end of the year, there's a good chance you've already put in the time and money to add additional team members to your organization. The last thing you want is to have to recruit and interview again and start over with training.

Recently, on our In the Blue Facebook LIVE broadcast titled, “End Your Struggles With Team Turnover,” we addressed how to end the economic and emotional consequences of employee turnover. Part of that process is hiring right the first time.

Let’s just say, your business can’t afford to ignore interviewing and onboarding practices if you want to attract AND KEEP quality team members. So, if you're one of those businesses looking to hire the right team member the first time around, here are a few things you should do:

1. Clearly define your interviewing process, job descriptions, and path to promotions. Plus, ensure they all align with your current business model and vision.

2. Be prepared for the interview. A candidate’s coachability, emotional intelligence, temperament and motivation are just as important as their skill set and competency. Prepare questions to target all areas important to employee success, actively listen, let candidates ask questions, and give your gut a little credit.

3. Actively manage your brand. Respond to reviews, update your website and social pages, share posts that show your team culture, work environment, and company vision, and so forth. Your reputation is a deciding factor for 69% of job seekers. And think about it, you want to attract and keep the percent who cares about that kind of stuff.

3 Ways to Increase Profitability

It’s easy to get stuck on the treadmill of increase new patients, increase case acceptance, increase services per patient; that we can forget there are other ways to optimize our profits.

If you want to see more money in your bank account, then let’s discuss the power of leveraging profit margins to increase profitability.

CLICK HERE: Mo’ Money, Less Problems: 3 Ways to Increase Profitability

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