How to Stop Your Practice from Your Growing?
You obviously want your practice to grow and to remain successful.
You strive to use the best management and oversight practices to reach your business goals and to meet your personal objectives. When practices turn sour, chiropractors do what any other business executive would do: They make adjustments, they root out the processes that don’t work and they reinforce the ones that do.
But somehow some businesses still go in the wrong direction, despite the best of intentions and the soundest of management strategies. Why does this happen and how do you avoid this trap?
The Problem Involves the Solution
The problem, ironically, involves how corrective action plans or growth strategies are implemented and the immediate follow-through that fails to manifest.
After analyzing your business operation, you must define what works in your practices and what doesn’t. Good management requires leaders bolster productive processes in their practices and eliminate ineffective ones.
So, how do you get started and how do you identify where your practice is short circuiting? For starters, you must put proven plans of action in place to address every potential state of your practice.
For example, what do you do to maintain success when your practice is soaring? What do you do to improve your practice if it’s producing, but only negligibly? What do you have to do to invigorate a slumping practice or a failing business?
Plans of action for each business state must first be developed and understood for your practice to thrive. Problems arise when appropriate growth strategies are implemented then later abandoned during the beginning phases of improvement or when initial progress begins to occur.
While this concept parallels the advice you give to patients, you must remember that to experience long-lasting results you must complete fully your treatment plans.
What Went Wrong?
Here are some examples of what this looks like:
After reviewing his revenue statements, a chiropractor learns his margins are going in the wrong direction. He needs to implement proven processes that will reverse the trend lines and move his business back into the black.
The business’ plan of action in this scenario requires he begin promoting the business by participating in local health fairs, putting ads in local newspapers, offering specials and boosting his online presence. The chiropractor participates in two health fairs.
He had several other steps he could have done to maintain the momentum of his practice to complete the process. But after experiencing some movement in the form of new patients, the chiropractor stopped, returned to his old habits and the improvements subsided. To generate continued success, he should have moved through the entire process.
On the other hand, the chiropractor decides to follow his business strategy to the letter. After analyzing the condition of his practice, the chiropractor acts on every step in the process. He attends health fairs, he boosts his marketing efforts, he connects with the public. And so on.
He fully follows through on every step of the plan at least until he can reexamine his figures to see if the state of his practice has changed.
Here’s another example: The chiropractor’s practice is flush with patients. His business is doing incredibly well and growing. He implements the correct plan to maintain high patient volume, but begins tinkering with how the business operates, an action which steps away from a very successful growth-maintaining model. In other words, he violates the basic principle of success: If it’s not broken, don’t fix it.
Soon enough, the business boom goes quiet. And he’s left wondering what happened. Where did his patients go?
Or, the chiropractor concludes that the state of his practice is booming. Hoping to maintain the financial momentum, he initiates the appropriate actions, step by step, in his business plan only to see his business trends continue to rise.
Both examples showcase the importance of sticking diligently to established business protocols. After all, it’s good advice for patients. And it’s good advice for chiropractors.
Discover more tips for achieving and maintaining chiropractic success for your practice. Call us today at Chiropractic Business Academy to learn more!