There’s one asset unique to your business, the ultimate differentiator: You.
A business can thrive or collapse based on the whims and attitudes of the owner and their actions. In physical therapy management coaching, we often find that leaders struggling to make an impact on their personnel, patients or bottom line learn too late that the one thing their clinic needed the most was for them to get out of their own way.
We compiled a list of common reasons this might happen.
5 Ways Physical Therapy Owners Fail to Invest in Themselves
1. They fail to learn how to manage their energy
The path to ownership is often taken by hard workers. Yet, one of the most challenging parts of this work ethic is the potential to run oneself down. Leaders spend a lot of their time and energy in the service of others, which often means they can end up stretched too thin. A leader who is worn out is no good to anyone, so part of investing in oneself is learning to take a break.
That investment can take a variety of forms, whether that is a vacation, a personal trainer, time for meditation, preparing more nutritious meals, etc. We discuss how to be the best owner, leader and executive in this podcast.
2. They are unable to let others do their part
While the leader is necessary for a physical therapy practice, one of the most critical elements of leadership is delegation. If you’re doing too much, it’s time to hire. When you’ve hired someone and placed your trust in that staff member, don’t let yourself get caught up in the micromanagement of their roles and responsibilities.
Some business owners try to do everything independently and will certainly fail to demonstrate mastery in the areas they should because they are caught up in everything else. Invest in hiring help and training them well to help distribute the workload as needed.
3. They fail to see the ROI that is possible
Warren Buffett once said, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” What he meant was that sometimes we should take steps forward, not because it will deliver immediate gain, but rather because it will set things in motion that will prove fruitful in due time.
In business, this is often referred to as ROI. Return on Investment can carry many meanings, and, most of the time, we pursue ROI from bringing in another therapist, a new technology, a new location, etc. It’s important to consider internal development as a path to ROI as well. By investing in yourself to improve your leadership and systems of operations, it can sow incredible results over time across your leadership and business success.
In physical therapy, we unfortunately see too many clinics who still subscribe to the 90’s status quo model of therapy. They don’t invest in the industry innovations that can deliver improved results to their patient population. And thus, they stagnate or struggle as a result of their lack of investment.
4. They don’t understand that their business is a reflection of them
Your physical therapy practice is just that… yours.
You represent your clinic, and if you come into essential business decisions while anxious or high-strung, it will not inspire confidence from your staff, and that will pour over into the patient experience. Executive leadership training and personnel management training are great ways to develop the habits and techniques strong, successful leaders possess.
If your company is struggling, don’t pass the blame – take ownership and think, “What can I do better to fix this?”
5. They don’t realize that when they grow, so does their business
In “Rich Dad, Poor Dad,” author Robert Kiyosaki is taught to “pay yourself first.” The thinking is that most people fail to allocate money to their assets before paying expenses, and instead spend it all on debt without giving themselves a chance to grow wealth.
This concept applies to leadership as well. Paying yourself first means that investing in growth-oriented programs of self and business development can reward dividends when you’re better equipped to serve your patients, manage your people and serve your community. It’s true that a rising tide lifts all ships.
Find the Tools and Coaching You’re Looking For Today
If you are starting out or ready to take an existing practice to the next level, it’s time to get out of your head and start investing in your future success. People who have walked this path before can help point out the challenges that will face your business and outline the opportunity to overcome and grow.
MEG Business has been helping PT owners succeed for years and is excited to show you how our systems and services can give you an edge on your competition and a new perspective on your own potential. Get started with our 3-minute, self assessment quiz today.