Episode 26: How to Have Financial Freedom and Life Flexibility

Maybe it was idea of being your own boss. Or, maybe it was the idea of practicing the way you wanted that sparked your interest in going into physical therapy private practice. What followed was likely the desire to be better off financially, or to have more free time to spend with your family. Whatever empowered you to take the leap into private practice, you were likely not fully prepared for the challenges that awaited you.

This week, we’re talking about those challenges and how you can have financial freedom and more flexibility in your day to day life as a business owner.

MAIN TAKEAWAYS

  • Commit to a journey of self improvement. Your staff, and your practice, will be a reflection of you so be committed to always doing better.
  • Personnell is the number one challenge that every business owner has. The Society for Human Resource Management reports that on average, 36% of new hires fail within the first 18 months and 40% of senior managers hired externally, fail within the first 18 months of being hired.
  • Similarly, Employee Benefit News reports that it costs employers 33% of a workers annual salary to hire a replacement. According to Work Institutes 2017 Retention Report, 75% of the causes of employee turnover are prevantable.
  • In exit interviews, top reasons given for leaving jobs were career development (22%), life balance (12%), manager behavior (11%), and compensation and benefitsbenefits (9%).
  • So whats the solution? Establish a comprehensive system of ongoing, merit based training. Hire people based on who they are as a person, not solely on their resume.
  • Establish in the first week of employment expectations, status sheet, performance planning, one on one meetings, and an understanding of the organizational board and where they fit in. Make sure they understand their product and the statistics they are being measured on.

Learn more about our virtual training opportunities for you and your staff by scheduling a free consultation here.

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