It’s a new year! A time to reflect on what we’ve learned, what we’ve done, and where we’re going!
As you forge into the year ahead, here’s 4 small changes that could make all the difference in determining the success of your practice in 2020:
1. Shift your focus from getting new patients to retaining the ones you already have.
Did you know? Research shows the cost of gaining new customers is 5 times or more than the cost of keeping customers you already have.
And as this Harvard Business Review article reports, as little as a 5% bump in retention can lead to an exponential leap in revenues, anywhere from 25-95%, according to a landmark study.
But delivering exceptional care isn’t enough. Independent PT practices need a system in place to reactivate patients who’ve been successfully discharged. Staying engaged with patients after they’ve completed care is critical to maintaining enduring relationships with patients. (Check out my 4 steps for re-activation more patients.)
2. Trade in self-depreciation for some self-compassion
Maybe you didn’t get as much done as you wanted to today. Or a new referral source slipped through the cracks.
Whatever the situation of the day may be, it’s important to recognize that set-backs and disappointment will happen… but it’s how you deal with it that can make all the difference.
Research shows that self-compassion—our ability to be kind to ourselves, especially under difficult, challenging circumstances—is a critical component of success, long-term happiness, and prosperity.
A lot of overburdened, overwhelmed practice owners won’t start or will give up on this process, and will miss out on the opportunity to grow their business. But developing a greater capacity for self-compassion can change that story. (Here’s how to do it!)
3. Turn your big-picture goals into measurable, actionable ones.
Challenging ourselves to grow while managing our daily operations can feel overwhelming. A powerful way to keep focused, to create actionable daily steps, and to build momentum for goal accomplishment is to use what I call the 90 Day Sprint.
Ninety days is a measurable and manageable timeframe. Ninety days is the number of days in a business quarter. And research shows that 90 days is a realistic timeframe for creating change within ourselves and our business practices.
The 90 Day Sprint is about staying focused, step by step. It’s about breaking down the most complicated visions and goals into simple next steps. It’s about identifying milestones that we want to achieve as we complete our daily and weekly steps toward accomplishing our vision. A 90 day sprint is about moving forward one step at a time with focus, speed, surety, and inspiration for all involved. (Here’s how to build your 90 Day Sprint plan.)
4. Say goodbye to conferences and opt for a workshop instead.
My guess is even just reading the word “conference” made you groan. You invest money (and more importantly your TIME), to attend an event just to end up with a name tag, a few business cards, a bunch of scribbled notes, and NO PLAN for implementing anything you have learned!
Workshops, on the other hand, are an immersive experience. Instead of being talked at, you’re being talked to. Where conferences tell, workshops show.
From March 19-20, I will be hosting my own workshop in Gaithersburg, MD which will be attended by PT private practice owners from across the country.
The Practice Transformation Workshop is specifically designed for the action-oriented practice owner who is tired of less than optimal results and wants more. Attendees will learn first-hand from leaders in the industry who WANT for your success, and who will provide you with clear, actionable steps and the motivation to achieve financial prosperity and a better quality of life.
If this sounds like you, I highly encourage you to purchase a ticket today. Spots are limited to 10 people, so we will sell out!
By Jamey Schrier
PT, Founder & CEO, Practice Freedom U
January 16, 2019
3 minute read