The Key Ingredients to a Successful Physical Therapy or Manual Therapy Business
•Download as PPTX, PDF•
1 like•357 views
What are the key ingredients to building a successful physical therapy practice? Have you got what it takes as an individual and if you do, does your business have what it takes not just to survive but to thrive? See how you match up against our checklists. Published by Co-Kinetic Journal.
Recommended
More Related Content
What's hot
More from Co-Kinetic (sportEX)
More from Co-Kinetic (sportEX) (8)
Recently uploaded
Recently uploaded (20)
The Key Ingredients to a Successful Physical Therapy or Manual Therapy Business
- 17. Introducing Warren Cass @WarrenCass • Author – ‘Influence’ • International Speaker – Marketing • Founder ‘Champions of Small Business’ • Renowned Networker • Business Mentor
- 18. ACCELERATOR 2017 • 12 Month Program…. And Beyond! • 12 x Full Day Mastermind • Monthly 121 Mentoring • Private Support Group Online • Limited Group Size Investment Only £3995 But Wait…… 25% off if booked at • Massive Accountability • Monthly Marketing Workshop Investment Only £3995 Only £2995
Editor's Notes
- Hi Everyone - Welcome to Therapy Expo - I hope you’re all having a productive day We’re here today to talk about The Key Ingredients for a Successful Practice and as with everything Co-Kinetic-related I promise to focus on the practical. As an aside For anyone who hasn’t seen our journal, please feel free to come and grab a copy at the end and you can also sign up for a 30 day free trial (I’ll explain more about the journal in a minute). Having run small businesses for nearly 18 years, I’m going to try and condense into 18 minutes what I believe the key ingredients are. So who am I?
- My name is Tor Davies I started life as a physio and (funny Therapy Expo fact) actually trained with Lisa Plummer, the founder and current educational programme director of Therapy Expo I then went on to complete a sport and exercise science degree But the entrepreneurial flame has always burned bright for me And at 27, after a 2 year stint as a very lowly paid medical journalist I decided to give myself a promotion and set up a publishing company to publish sportEX medicine for those of you who don’t know sportEX it’s a translational journal in the area of sports medicine - its focus is turning research into practical application Since then I’ve run three businesses The businesses I’ve run have organised courses and conferences for more than 3,500 people We’ve also run a couple of membership associations I’ve built several technology platforms in the areas of membership management, e-learning and publishing, including our current Co-Kinetic platform And last year we went through a major rebrand transitioning from the 16 year old sportEX brand into today’s Co-Kinetic brand - basically allowing us to broaden our content offering But the focus of what I’m passionate about has never changed - it’s all about helping our subscribers to do their jobs as effectively and time-efficiently as possible and be the best they can be
- By the end of this session you’ll have a checklist that you can use to assess your own strengths and weakness as an individual Assess your business’s strengths and weaknesses And Identify opportunities that could help you build your business And I’m going to tell you what I believe is needed to run a business that just survives And then I’m going to move on to what I believe you need to run a business that thrives At the end of the session I’m also going to announce an exciting new venture designed specifically for those of you in business. 2.50
- So this is what I believe success is formed of 2 elements - the business owner and the business The business owner breaks down into two distinct components - innate aspects of personality and learned aspects of personal development The learned aspects further breaks down into two skill groups - skills that are: Business critical - keep the business running Success critical - allow the business to thrive The business doesn’t have any innate attributes obviously so that just breaks into two - again the Business critical - or Survive factors and the Success critical - or Thrive factors The great news is that the things that can make you both survive and thrive, are all “learnable” as long as you have the drive So let’s look at the innate attributes - Primal - that tend to define entrepreneurs 3.40
- Passion - probably the single most fundamental element Read through the rest I think it’s virtually impossible to make a business work if you don’t have these Innate “born” Attributes - I don’t believe these are ‘learnable’ 4.30 So let’s move onto the Business Critical Factors - or the Survival Factors
- Business Critical Factors - needed to survive Personal Attributes Ability to develop a thorough and detailed business plan and be accountable for it including cashflow management - in the first few years of sportEX my cashflow was my bible, I was in it every day of the week Which brings me to financial literacy - you need to understand basic business accounts - the difference between direct costs and overheads and the difference between a cash flow and a balance sheet Need to be able to organise yourself and keep yourself focused - entrepreneurs by nature are inquisitive, driven people who love to explore - I’m terrible at this because I love technology so much - need to be able to keep your focus on what you need to achieve that day, without snubbing out all the joy! Know your strengths and play to them - this took me a long time to learn - I’m a real jack of all trades but you’re not always the best person for the job, so you need to know when to delegate and bite the bullet and accept that sometimes it’s cheaper to pay someone else to do the job even though it feels you don’t have the cash (we’ll come back to that in a minute) Know that your job will never be done which can be extremely tiring and sometimes feel overwhelming which is why it’s so important to have a clear focus on what matters. Business Attributes First and foremost you’ve got to have a service that people want - without that you’re dead in the water Have a good, realistic (worst case scenario even) business plan Going back to knowing when to delegate - yes you could do your book keeping but think about the value of your time - ask whether it would be cheaper to pay someone else to do it, and whether you could do something in that time that would earn more? If so, have people in place that you can delegate it to. Good business structures and systems - this has been fundamental to the survival of my business (and if I’m honest it is a bit of an obsession of mine) - If you want to grow a dynamic, efficient, quality-driven business, you need good business processes in place. Good systems and processes means good efficiency and that allows you to do more with your time, which let’s face it we all want! I took on a contract publishing job to produce the journal and email newsletter for the fitness industry and when I started, their email newsletter was so fiddly that it took me a full 8 hours to produce one monthly newsletter - and I HATED doing it! Within 2 email newsletters I had that 8 hours down to just 1 hour purely by putting systems in place. Yes, it cost me to develop the technology but it saved me 7 hours each month over the course of what turned out to be 5 years (that’s 420 hours, it’s 52 x 8 hour days - or 10.5 weeks of time - just think what I could do with all that extra time! That’s more than ‘marginal’ gains to me!). Lastly - you have to keep tracking things - in order to be able to improve things, you first need to identify and measure, measure, measure the key things that are important to your business. And if you’re rubbish at doing this, then find someone else who can do it for you. 8 mins
- So next to the Success Critical Factors - or the Thrive Factors We’re going to start with the Business Thrive Factors first Know what you’re up against and find a way to be different. If someone is really good and has marketed themselves really well who offers the same or similar services to you - well you could go head to head but it’s going to be very tough, much tougher than it needs to be. Much better to find something you can create a competitive advantage with and then when you’ve built a reputation, you can think about going head to head if you really want to. But if they’re doing it well, you’re going to waste a huge amount of energy just trying to keep up with them. Much better to find a differentiator. “Adapt or die” Create something that stands out - sounds obvious but it’s amazing how rarely anyone ever does it! Offer that WoW factor from day 1. I covered ideas for how you might do this in more detail in my Reward Programme talk - if you’d like copies of the presentations, please come and talk to me at the end. Keep innovating, don’t stagnate. Expand your products and service offering and give your existing customers reasons to keep coming back. Get to know your customers - again I covered this in more detail yesterday so ask for the slides. Understand that Success has a “look” - often this might be a case of ‘clean it, paint it and refurbish it’ in the case of physical premises. Every piece of equipment should work, lighting fixtures should be functioning, walls, decor, posters, pictures, bathrooms - should all be spotless. The reception area should be organised and professional. Everything should project a positive business-like image. Brand ‘identity’ - which one are you? Nondescript - bland premises, bland logo, signage, print materials, bland service and low personality You blend in - nothing stands out - nothing makes the wow meter move You stand out - strong brand identities send the ‘wow’ meter flying - it’s the complete package from website to print materials, phone experiences, facility/premise, team personality and special touches that radiate success. Personal Thriving Factors The one we all hate - being able to sell - this I know fills everyone with dread but there are ways and means of doing it without actually ‘selling’ - it will be the topic of an upcoming article very soon (create a free registered account on the Co-kinetic site if you want to be kept up to date) Become known as an expert - this is all part of the Know, Like, Trust Factor - first we get to know someone, then we decide whether ew like them and lastly we decide whether we trust them - at that point we’re likely to refer them Be a self promoter - I know - it’s another one you’ll cringe at but again you can do this in a professional context - [Tor you have an extra slide from other presentation you could add in here if you need it] Understand Pareto’s Law or the 80:20 Principle - this is a quite phenomenal principle which is based on the counter-intuitive fact that 80% of results flow from 20% of causes. It is the guiding principle of highly effective people and organisations and it’s honestly almost unbelievable how consistently this principle is demonstrated and it’s the subject of many books, the most widely known of which is the 80/20 Principle by Richard Koch. It’s well worth a read. We’ve discussed being able to work efficiently and effectively, but the better you practice this, the more you’re likely to thrive and lastly on the personal side Understanding the importance of investing in yourself - this I admit is where I let myself down and we’ll talk more about that in a minute.
- But there’s just never enough time….there’s Finances Website design Social media Advertising Maintenance of property and equipment Staff Computers and IT Oh yes….and off course it’s helpful to see a few patients occasionally!
- So are you just too busy to improve? Well in my case - I have to admit the answer was yes!
- I spent 18 years working long hours, taking few holidays and reinvesting all the money I was making back into the business, paying everyone else before I paid me. But as we’re always told…..Hard work + effort eventually pays off - well yes…but I could have got here so much quicker!
- - The belief and support of my subscribers who genuinely valued the resource and would often take the time to tell me - A dogged perseverance and stubbornness to fail - An obsession with efficiency - An overwhelming motivation to be the best I can be
- So after 18 looooonng years I can tick most of those items on the checklist off - although I’ll probably never be comfortable at the self-promotion bit! The trouble is that I know I could have got there so much quicker if I’d been a bit smarter and been prepared to invest in myself sooner.
- What could I have done differently? In one word…Mentoring! Conversations with my ex boss were always so useful but they were very infrequent and I wasn’t accountable for anything we discussed So why didn’t I? bad experiences with gov schemes didn’t have time! too expensive - false economy - if I had I estimate I would be where I am now about 8-10 years earlier
- What am I doing about it? Created a Business Accelerator Programme based around mentoring
- If you’d like a copy of this presentation then come and be scanned If you’d like more info about