November 23, 2017

Business-Brain Food to Digest Over Thanksgiving Weekend

Thanksgiving weekend is full of family, friends, food and well, food comas. While you’re recovering from postprandial somnolence (the scientific term for “food coma”), take the opportunity to feed your business brain. Yeah, you may be stuffed, but the entrepreneur in you is hungry. So, enjoy these business tips to nourish the health and growth of your practice. Bon appétit!

The 3 P’s to Digest Over Thanksgiving Weekend

Sip on this for a second: Your production is only as good as your operation.

In other words, if you want to get profits flowing and grow your practice, then you have to look to your people, process, and product. Every successful business model relies on those 3 P’s. And so does the successful operation of your practice.

In fact, a little purposeful focus on the 3 P’s will empower you to create value where there was none or little before. And of course, instill processes that will grow your practice, nurture relationships, and help you deliver a world-class experience to everyone who comes into contact with your brand.

Here’s what’s on the menu:

3P's for Business Growth

PEOPLE

Of the 3 P’s, “people” is of the utmost importance. Not only does this group consist of your team members, but also, your patients, vendors, suppliers, consultants, and so on. Basically, “your people” includes all your relationships. And as you well know . . .

Business is nothing more than the sum of your relationships.

In the end, getting to know your people is one of the simplest and most impactful ways to invest in the success of your business.

So, consider the following nuggets:

  • How do you treat your team? Are they satisfied? Have you provided a positive working environment? Do you have a compensation plan or reward system in place? Are your team members frequently trained in the areas that matter most to your business’ bottom line (this improves your process and product as well)?
  • How much do you know about your patients? Are they satisfied? Do you stay in touch with them? Do you send thank-you or birthday cards? Does your team recall personal facts about patients, helping to build meaningful relationships? Do you record & consider patient feedback seriously? Do you conduct research to target potential patients successfully?
  • Do you have an ongoing dialog with your accountant(s), consultant(s), mentor(s), and other important players?

PROCESS

Second to your people (or tied for first) are your processes. Ultimately, success on any scale relies on its processes. This group consists of the process or set of processes required to perform a function (e.g. product/service development, case presentation, customer inquiries, website updates, hiring employees, answering the phone, marketing, accounting, expansion, delivering services, etc.).

Processes eliminate the question: “HOW & WHEN do we do X?”

With efficient and effective processes in place, you have the power to duplicate systems and your team has the power to operate without constant supervision.

Here are a few things to chomp on:

  • Do you have a business model you’re following?
  • Have your processes been audited by your advisor(s), consultant(s), coach(es), mentor(s), or any other expert separate from yourself?
  • Has each team member been adequately trained on all processes relevant to their position? Does each team member have the resources and technology needed to fulfill their role adequately? Do you elicit feedback to streamline and improve employee processes?

PRODUCT

Last, but certainly not least, is your product. This group consists of the product(s)/service(s) sold by your company. As hard as this is to swallow . . .

All the marketing dollars in the world can’t help a bad product.

Making sure your product/service consistently delivers on its brand promise is key to patient acquisition & retention. In other words, does your product/service do for your patients what you say it is going to do for them?

If you want more new patients, taking a deep look at your product/service is an important first step.

Snack on these questions:

  • What is your product/service? Does it consistently deliver on its promise?
  • Do you seek & implement patient feedback/input when it comes to your product(s)/service(s)? Have you asked your patients how to improve your services (e.g. “What can we do better to knock your socks off?”)?
  • Are your patients willing to refer their friends or colleagues?

Happy Thanksgiving!

Now, take some time to reflect on the 3 P’s of your business. If you’re unsatisfied with the current success of your practice, then the 3 P’s are your meal ticket.

From everyone here at BlueIQ to you and yours, happy Thanksgiving!

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