Well, never before in my nearly 15 years of running a company have I ever seen anything like what I have witnessed in the months since COVID-19. There’s never been anything that is as fast, as totally devastating, equally as emotionally draining as it has been financially and yet, somehow, something that has provided so many with an opportunity to reset and think about life, about business, about mistakes made and lessons learned that SHOULD provide a platform for a life and business that is better than ever. This has been sent to test you. You’re learning the lessons after the fact. Anyone who hasn’t learned something about themselves or considered more deeply what they really want from life has surely missed an opportunity? How adaptable or resourceful you are has likely been tested in the last three months and will continue to be so as we move into a very volatile, unpredictable, next 12 months or so that will require the best of you and I to navigate our businesses through the choppy waters that are out in front.
Risky Growth as A Strategy in 2020?– I Hope Not!
As I think about what is to come, the biggest mistake I foresee people making is going to be in pursuing aggressive or risky growth trying to recoup what has been lost. You don’t need to do that. Notice I didn’t say don’t plan to grow, I said just be cautious with how you grow. There’s a difference. To be clear, hiring one PT or an Operations Manager is not risky. Adding more to your marketing budget for Google or Facebook is not risky. However, adding to your staff PT in the “hope” that people may come out without a viable marketing plan or consideration of your cash reserves and the chance of a further shut down (without Government funding), is. As always, it’s the thought process – the planning – or lack of, that is the biggest risk of all.
Generalizations kill clarity. Generalizations kill businesses. Most businesses die in the growing phase at the best of times – let alone now, in this, the worst of financial times. What I am suggesting is that you check and double check all of your decisions and you consider all of the ups and downs that could likely happen to you. Nothing in the stupid column please. For those of you with us at the last Mastermind Event is New Orleans in March will remember the session I did on RISK ELIMINATION… it is a strategy by which you can grow your business. I would encourage you to do it. Why do most businesses struggle to grow? Because they keep making stupid decisions. Cut out the stupid decisions (that always seem great at the time) and by default you’re ahead. Business growth CAN be simple. One of the things I’ve learned to do is ask my self this question: “I don’t think I am wrong, but if I was going to be wrong, what would it be?”… if you apply that question to any situation that you’re in, you’ll develop the skill of being able to mitigate the downside of the risks you take as a business owner.
Think about what the question does… it forces you to start to think about things you’ve possibly overlooked. Right there and then you’re considering the consequences of your actions. You’re actually at more risk when you think you’re safe… think about the consequences of thinking that it’s safe enough that you don’t need to wear a seat belt… right in that moment when you chose not to wear one you’re significantly more likely to die. That is the type of decision-making business owners make each day.
TO BE CONTINUED……..
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Check out Paul’s Best Selling Books for Physical Therapists on Marketing, Hiring and Selling:
https://www.paulgough.com/books
For more PT Business Education Material:
Connect with Paul Gough on Social Media:
– The Physical Therapy Business School Podcast
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PAUL GOUGH is a multi-time No.1 bestselling author of The New Patient Accelerator Method, The Physical Therapy Hiring Solution, To Sell is Healthy, and The Healthy Habit. He is also a former professional soccer physical therapist turned successful clinic owner from the UK (a country where healthcare is free). He is the founder of the Paul Gough Physio Rooms – a successful cash pay clinic he started from a spare room in his home with no money down and with no business or marketing skills. He has since scaled his clinic from one to four locations, and zero to $1m in cash pay revenue and he now helps clinic owners all across America and around the world to get more cash pay patients using his proven systems.
