Thousands of chiropractors enjoy success, in part due to the wider acceptance of chiropractic. But, the difference between being a practitioner versus a business person is very simple...
...if you must go to the office in order to continue your flow and stream of income, then you are basically a practitioner. On the other hand, if you desired to stop going in tomorrow and the revenue and income continues without you, then you have a business.
The difference is about choice and vision. You can choose to treat until you can no longer adjust or you can create a business that can serve thousands of patients long after you have retired. In other words, as a practitioner your legacy can die when you stop treating. But, if you build a business, your legacy can continue for generations to come.
Now, there are five components for creating a business model, versus a practitioner model. Let's examine those right now!
But, before we explore the five components here's a question: If you are going to deliver exceptional chiropractic care, why would you want any patient to settle for anything less than the best...a world-class operation?
Here's the five components for creating a world-class business that can impact thousand more lives than you can as just a practitioner:
1. Powerful Brand. Think of the brands that you admire and support and then ask yourself, is your brand of chiropractic that powerful? If most people do not see your office as a brand, then you have a lot of work to do. What is a brand? It is much more than a name or logo, even though that's important. Your brand must be recognized and identified with something greater than what you do. You build brand value by understanding that your brand is based on anything that the public can see, hear or smell that relates to your brand of chiropractic.
2. Significant Products and Services. You must offer what people really want and need and you must communicate this strongly in all of your marketing communications, both internally and externally. You must create a demand for lifetime care. You must reach a broader audience, not just P.I., but patients who can enjoy a healthier and more active lifestyle with your brand of chiropractic. But, your brand must include more than just adjustments; massage, rehab, orthotics, nutrition should be incorporated as part of your branded services. Products should be included in your product-service mix.
3. Strong, Competitive Position. Ideally, you must be the most recognized and respected and trusted brand of chiropractic in your marketplace. You must totally dominate your marketplace. You must be number ONE. This can patient convenience, i.e., office hours and no-wait guarantee policy. Your office. Your T.E.A.M. Your brand name. Your brand logo. Your product-service mix. These all contribute to your competitive position in the marketplaces you serve. Do not settle for second place. Second place is first loser!
4. Consistent, Reliable Earnings and Sales Growth, and Robust Profit Margins. You cannot multiple zeros, so you must have a business model that generates a minimum of a 15% annualized growth rate. More is better. But, you must grow and you must retain profits that can be reinvested in the business for more growth. You cannot build a business if you are taking out every dollar generated by the business. You must manage your lifestyle in order for the business to sustain growth year after year.
5. Lots of Potential. It is really not important how well you have done in the past or how badly, what is important is what is the potential in the future? Are you getting better and better at attracting new patients? Are you keeping patients longer? Are you hiring better talent? In other words, what are you doing to build your brand, dominate your marketplace and provide patients with extraordinary patient-centric service? You must have potential, but you must execute to achieve your potential. How many offices can you open in the next year? How many patients can you serve next year? What are the targets that you have written down that show AWESOME potential, when you execute your plan?
Finally, what is the passion level for the brand by you, your T.E.A.M., and more importantly your patients? Is is a 5 or a 10? Anything below five and you are putting people to sleep and they are voting with their feet...they are leaving. Anything above an 8 and you are dominating your marketplace.
Passion is about focus and having everyone know the higher purpose of the business. It is not money. It is about serving. But, when you hire those who seek a paycheck, you are undermining your brand value. It is difficult to train "passion." Better to hire cheerleaders and fire sourpusses. What skills or experience a cheerleader may lack, can be taught.
Passion, purpose and focus. These will take your brand to the top in your marketplace. Now, build a plan around these five components and serve thousands of patients...one at a time!
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