After practicing for thirty-six years and coaching Chiropractors just like you for the last nineteen years, I can tell you with one-hundred percent certainty that I know more than a thing or two about growing a great practice. I have helped many practitioners prevent bankruptcy, design the practice that THEY love, and I have helped many practitioners become millionaires. You can be helped too.
If after reading this article, you feel gut-punched, I apologize in advance. My job as a business development expert is to tell people the truth. Sometimes people don’t want to hear the truth because it hurts. I totally understand and if you don’t want to read further that is fine too.
This blog will give you the truth and the facts as to why your practice is growing or shrinking. What you do with the information is entirely up to you.
Here are the major problems in Chiropractic today:
- The majority of chiropractors do not understand the first thing about marketing and creating a constant stream of new patients. Because they do not know, they go to all sorts of marketing gurus, social media gurus, coaches and wizards in the hope of finding someone who can get them a steady flow of new patients.
- Here is the reality of marketing. Know your target audience. Create a market dominating position and know what media is the best to disseminate your message. When you choose to deploy the above you will save tons of money and get a steady flow of endless quality patients. Don’t believe me? Try it and let me know.
- Chiropractors typically run a hobby that they call a business. This affords the chiropractor no time off, the necessity to wear a bazillion hats, early burn-out, and unhappiness.
- The answer is to create systems for everything in your office. This allows you to run your office instead of the other way around. Here is the problem…most chiropractors do not want to invest the time and money that it takes to carve out effective systems and that is why they stay on the hamster wheel; only to wake up ten years later hating their career, profession, and life.
- Chiropractors on the whole suck at managing money. The majority spend way above their means which causes endless financial and marital stress. In addition, many get killed in taxes because they were never taught how to handle money.
- The fix is to find an advisor who will teach you how to read and understand balance sheets, profit and loss statements, and cash flow statements. They should also teach you how to properly cut expenses, save for retirement and how to create a budget. The chiropractor who fails to invest the time and money in learning these skills will have endless money stress and always be behind the eight ball.
- Chiropractors are notoriously poor at organization. If you are not organized and you are able to generate forty-five new patients, you will lose 95% which will always keep you on the hamster wheel. When you are organized you will get a full sixty minutes out of every hour, plus more free time to do what you love.
- The last point for today is every single one of these deficits can be fixed. When they are fixed, you will enjoy your practice, make more money, reduce your stress and be happy again. You have to decide if it is worth the investment of time and dollars, in the same way as your patients have to decide if it is worth the time and dollars in coming to you.
Practicing Chiropractic is supposed to be fun, financially rewarding and pretty much, stress free. If your practice is not all of the above, speak to a friend, colleague, another business coach or me for help. If you haven’t created what you want by now, then it is time to seek outside help. Get off the hamster wheel!
Are you ready to grow your practice and achieve real economic wealth and freedom? CLICK HERE to set up a complimentary business strategy session and you will leave the call with a detailed plan!
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The next blog will discuss more problems and fixes for your practice.
In gratitude,
Paul