Realistic Goal Setting by Reverse Engineering your Practice
Are you wondering how the heck you are going to “CRUSH” 2019 with amazing sales and enhancements to your practice but you don’t have a proper plan?
Are you feeling like you are treading water in your business, tired of the uncertainty and the unpredictable cash flow that comes with being a busy practitioner just trying to keep it all together?
What if you Could Reverse Engineer your Practice?
Imagine knowing exactly what you need to do in order to achieve your goals. These simple steps (and they are super simple, so you will actually take action) will help you obtain a clear understanding of what you need to do. Are you ready to create a plan together?
4 Steps To Reverse Engineering Your Goals to Plan Out Your Year:
1 – Write down how much money you want to actually take home every month this year. Is that number $10k? If so, you need to figure out how much it costs you to make that $10k. Let’s do it together. We can assume that about 30% will be paid to taxes. Let’s also assume you run at about 50% profit margins in your practice. This means that in order for you to take home $10k every month, you need at least $3k for the tax man and another $5k in order to make that $10k. So let’s add that up….you need to be making $18k each month in order to take home $10k. Is that possible? Let’s keep going to find out.
2 – Write down the average annual amount you earn from a new patient. Now, I did say average, and there’s only one way to figure that out if you don’t have detailed reporting functions in your office management software. You need to add up what you sold in one year to new patients and divide that by the number of new patients you served. Let’s say it works out to about $2,000 on average.
3 – Next, write down the average amount you earn from a returning patient each year. To do this, follow the steps outlined above.
4 – Now you know your average annual sales for a new patient and a returning patient. So how can you reverse engineer your sales goals? Quite simply if you want to take home $10k a month and it costs you $8k to make it, you need $18k in monthly sales. That means you need $216,000 in annual sales. If you make $2k from a new patient and you serve 50% new patients in your practice, you need 54 new patients a year. That equals 4.5 new patients a month. (Half a patient might sound strange, but remember that this is an average.If you see four new patients in one month and five in the next, you’re seeing an average of 4.5 new patients.)
The others are returning patients, totalling 135 returning patients a year. That works out to only 11 returning patients a month. So we’ve determined that you need 4.5 new patients a month and 11 returning. Is that possible?
Yes!!! You just need to ensure that you are serving them at the highest level, which means you are keeping your returning patients happy while also ensuring you are attracting new patients.
Are Your Goals Achievable? The 3 Most Common Reservations:
We’ve just reverse engineered your sales plan for 2019. So why aren’t you jumping for joy at its simplicity? You likely have three reservations:
- You don’t have a plan in place to sell a new patient $2,000 worth of services a year.
- You don’t have a proper system set up to bring in new patients each month.
- You aren’t focusing your efforts on keeping those 15.5 patients a month so happy that they will stay with you for a long time.
I can give you proven marketing tactics to help you grow (heck, I do that all day long). I can also give you insight into how to run a five-star practice, and I can help you ensure your patients spend $2k a year and come back for years. In fact, those are the only three things you need to be focusing on.
Putting Your Efforts in the Right Places
Let’s summarize what you really need to be spending time on.
You need a framework: a program that your new patients can get excited about and feel confident with so they can reach their health goals and you can change their life!
Next, you need to understand the patient’s journey and make that experience better than it is now, and then continue to make it better every year. Think smooth, thoughtful, exciting, seamless, automation, technology: these are the elements that lead to positive patient experiences.
Lastly, you need to know how to build an online (and offline) brand omnipresence. In other words, you need to look like an expert on and offline. As a result, people will flock to see you because you are the best at what you do. This presence can take some time to build, but proper use of your time and efforts will lead to strategic growth of your brand. You have an amazing story to tell, so you want to build an audience and look like a professional, trusted medical practitioner.
There is still a lot of work to do, but you now know which areas need your attention and you know how to focus your energy in order to attract those 15.5 patients a month so you can start making the money you deserve!
How You Can Take Action Right Now
Take your calendar out and block the time that you need to work on these three areas each week. I suggest a minimum of 10 hours a month, broken down between the three categories.
Next, break each category down into bite-sized tasks so you can starting taking small steps on the path to success. Create “to-do” lists for each of these categories: marketing, customer experience, and framework (selling and positioning opportunities correctly).
Are you Ready for A-level Success?
Just as there are no magic pills for weight loss, reducing diabetes. or eradicating years of toxin overload, there is no fast fix for your practice either, especially if you aren’t focusing on the right things. It’s been said that A-level business owners invest in coaching and opportunities to learn from others, while B-level business owners try to do everything themselves. Are you ready for A-level success?
If you know 2019 is the year to get your business set up for sustainable, scalable long-term success, but you need some help, book a call with me. Let’s discover if you are the right fit for my coaching program “Practice by Design”.
Book a call now. Your best year yet is waiting for you!