[PT Business Growth School] – Know Your Numbers, Grow Your Business (Part 3)

by · 20th May 2016

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BGS Banner - Module 3

Week 3 of “PT Business Growth School” has arrived…

..and this week we were joined in class by expert “Andrew Vertson” of Intecore PT (Ca), talking us all through the essential financial principles of running a business.

True Story: My own clinics grew so fast that I *almost ran into issues with cash-flow* – which only happened because I wasn’t accurately able to keep track on what WAS working, and what WASN’T – which is no way to run any kind of business…

Then I met Andrew… who showed me a better way.

But he didn’t just talk “numbers”…

…We went way deeper than that, and spoke in depth about how to put an end to staff headaches by laying the numbers out in front of them, and how to make sure you have the right staff on the bus to keep moving forward – and take your clinic growth to the next level.

And all based upon the NUMBERS!…

With that said, let’s go behind the scenes of “Module 3” and the “10” most valuable highlights from “Week 3” of PT Business Growth School.

Key Takeaways

#1 Who Are YOU?

The way you answer this question is going to determine how successful your business is going to be:

Are you the Clinician? Or are you the Owner?

If you’re the Clinician working in your practice, the business RUNS you.

But if you’re the Owner working on your practice, you’ll be able to step aside and do more of what you really want to grow your clinic further, while the systems run it for you.

Who do you want to be?

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#2 The Numbers Don’t Lie

You can’t improve what you don’t measure.

“When something is measured, the measure improves.

When it is measured and reported back, it improves dramatically.”

Track the numbers that actually matter every week (and stop wasting time on the useless ones…) to keep them “healthy”, and your clinic moving in the right direction.

…Which is UP!

Next, what should you look at?…

#3 Track Employee Metrics

This holds employees accountable for their job AND the expectations of their job.

Tracking these numbers is vital, so as a business owner if the numbers aren’t being met, you can get to the root cause of why. And if they are, you can be certain that business is moving in the right direction.

#4 What Metrics Do You Track For Therapists?

Some of the key metrics you should track include:

– Visits seen
– Evaluations
– Discharges

And

– Drop-offs

These numbers are KEY to knowing how much growth (or lack of growth), there could be in the following week.

#5 What Metrics Do You Track For The Front Desk?

Here’s some of the key metrics you should track for your Front Desk:

– Visits
– Advanced Schedule
– No-shows

And

– Cancellations

Again, all of these are CRITICAL to knowing you have the right systems in place, that staff understand what it is you need them to do, and if the numbers aren’t right, you know exactly what to focus on.

#6 Commit To Weekly Staff Trainings

Probably one of the most powerful, if not THE most powerful components of clinic growth is weekly staff training sessions.

During each meeting, if you’re transparent with your metrics, it’s much easier to keep staff on board with your mission and even to help them grow as individuals, so you can keep making progress and enjoy the ride together.

#7 Dealing With Staff Resistance To Change

I’m not going to pretend that it’s not hard to get staff on board with change, I see a lot of business owners stuck in a dog fight with staff who resist change…

And it might even come at a price of losing that member of staff who doesn’t want to join in.

But when you get someone new walk through the door, and you sit them down to interview – lay it out in front of them, tell them how you do business, tell them your vision, and if they resist…

Then you know that they’re NOT the one you’re going to want to play on your team – as they’ll just hold you back.

And on the flip-side by doing this, you’ll also find that one needle in the haystack who loves it, and will be on board with you all the way.

#8 Getting Staff Off The Bus

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I tell my staff this often – “I’m either taking this business in a rocket ship to the moon and you’re coming with me… OR it’s blowing up.”

I get the impression that a lot of business owners believe they have to move mountains to get people to buy in to their vision.

Not true.

The only thing you have to do is give each staff member the opportunity to grow with you… And if they don’t?

Sit down and tell that employee that it’s in THEIR best interests that they get off the bus – and look for another job.

#9 Incentives Hurt Businesses

I avoid them at all costs – incentives turn companies into a sales environment, and can even change the entire ‘feel’ that you want your staff and patients to experience.

Take care of your employees, and they’ll give you what you need, and as a result will show less ‘push-back’ along the journey.

Bring money into it – it gets emotional, and you’ll likely lose them to someone else.

#10 Look At Your Business As A Business

The thing with most PT Business Owners is, they have an emotional attachment to their business.

Once you can break away from the emotion, making decisions becomes 100x easier, and you won’t have to put up with headaches any longer.

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Okay! There’s your digest of Module 3!

To sum it up:

Success in business is always about the long-term investment, which sometimes means we’ve got to put up with the short-term pain…

99.9% of PT clinic owners out there aren’t willing to do this…

But that’s what sets apart the successful business owners, from the ones who ‘just get by’.

Are you willing to do what it takes to fly your business to the moon too?

Next week we’ll be taking an even deeper look into, and will be expanding on – how to automate a culture of clinical, and service excellence.

How do you find, motivate and train people you want to bring into your team?

Whether you’re planning on growing your business from just you to 2, OR from 5 to 25, then your focus HAS to be on how you find and grow the people in your organization.

We’ll be back next week to fill you in.

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About Paul Gough

PAUL GOUGH is one of the top Marketing and Business Coaches in the physical therapy industry and his Systems are helping clinic owners all across America run more profitable clinics. He is a published Author, Newspaper Columnist and before his stunning success in business was hired by top professional soccer teams. HIS SUCCESS STORY is one that inspires many pt's around the world - at the age of 26 Paul QUIT a high profile job in professional soccer to begin his own clinic. He had NO money, NO business or marketing skills and NO experience - and yet now owns and runs 4 pt clinics and has a proven track record of growing a physical therapy business from 0 - $2m in record time.
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