Brian says: “Understanding the problem will lead to better solutions.”
It’s tough to make such big business decisions or even know where to start in times like these.
The confusion and uncertainty is abundant. Yet, we’ve noticed an uptick of folks reaching in to either expand their existing practices or to finally open their very own (5 since August, to be exact!). Check out our recent case study on our client Kimberly Carpenter, PT who recently opened her practice, as just one example.
Why is this?
It seems that once the confusion is addressed and the plan is established, business owners are put back into control and are then able to thrive – regardless of global events.
The following are some tips and points that have held true throughout the pandemic in how to successfully open your practice.
Tip #1: Mindset
Let’s start with mindset. Without the proper mindset, you’ll just be running around in circles.
You have to have confidence. One thing that helps boost this immensely is training – you don’t treat patients unless you have your Physical Therapy degree and license, right? Same concept here. You’ve never been a CEO before, and you don’t have to “learn on the job.”
Mapping out your business plan, developing a GANTT chart, and executing all of the steps (such as when and how to incorporate your business, determine your location, negotiate your lease, etc) can be a daunting task! Collaborating with industry leaders in this space can ultimately save you money and time in the long run.
Tip #2: Shared Risk Model
Consider basing your practice off a shared risk model. This new model for doing business allows a customized approach to compensate each employee for their contributions based on efficiency, production and quality. Motivated employees are rewarded for their efforts, which incentivizes them to even work harder for the purpose of being able to help more people.
Tip #3: Hiring & Personnel
When hiring, knowing what to look for in a staff member and how to start off with clear cut policies is critical.
First, you’d better know yourself. Know what type of owner you are and strive to grow into the Go-getter owner, if you are not there already.
But honestly, there is no need to go searching very far for these tools for hiring and establishing your practice. We train our owners on the 5-Phase Hiring process, which is crucial for the development of a team that will include the very best players.
The best athletes in the world still have a coach, right? The best owners all have mentors. We have professional coaches who can help you along every stage in your Startup journey in MEG Academy, and get this, we’ve never had a Startup fail.
Just some food for thought as we continue.
Overall, the 4 Keys to Business Success (Environment, Structure, Personnel, Systems of Operation) will solve 90% of your challenges as you Startup or expand.
But you’ll need to remain committed to the development process and always hold people accountable to your metrics and policies. You need what’s called a Status Sheet to set expectations appropriately, and to help you know what to measure and how to measure it weekly.
Tip #4: Communication
Speaking of personnel, aim to learn the power of acknowledgment and validation. This is a key ingredient for happy employees.
Above all, do not underestimate the power of communication – for you cannot manage over any kind of disagreement. Have the confidence in yourself to judge people by their performance and products, not whether they tell good jokes or you like their personality.
Surrounding yourself with the right individuals and striving to help them grow both personally and professionally will land you with excellent company culture for your new practice.
For more on Startups and expansion through the pandemic, join us on September 24th for our Roundtable Discussion About Workable Solutions to Real-Life Problems; Innovative Concepts From Industry Leaders Zoom Cast!