The Big Practice Barrier
Do you have a million-dollar practice? Or a multimillion-dollar practice? Do you want one?
What are the core factors or barriers that might stand in your way?
I know that most practice owners work too hard for too little. It has been my goal to find the barriers to practice growth and to help chiropractic and independent health businesses achieve greater prosperity.
In the book The Millionaire Next Door (Stanley and Danko), the authors show that self-employed individuals are four times more likely to be millionaires than those who work for others.
Based upon this, as practice owners that provide unique and essential health services, achieving financial success should be a consistent outcome. But it isn’t.
What gets in the way of this level of prosperity?
APPARENT BARRIERS
It may appear at times that the cause of poor revenue comes from any of the following:
Lack of new patients
Poor patient retention
Maybe not enough therapy equipment or services
The economy
Insurance companies
(You can add to the list!)
But these are only symptoms of a more basic barrier or capacity constraint.
The real barrier is that it is almost impossible to provide world-class service while also managing a growing business. This is your biggest practice and business barrier. It is The Practice Dilemma.
DEALING WITH THE PRACTICE DILEMMA
New practices don’t generally have this dilemma. If you are operating at 30% capacity, you are also able to manage and lead your business.
But once you start growing and hit 60-70% full capacity, The Dilemma begins to take hold like a hidden demon. Providing excellent service while dealing with the ever-increasing administrative and marketing tasks becomes increasingly difficult.
For a business to grow, it needs both leadership and management coupled with high-quality patient service. Quality always comes first. But you are also in business. As a business owner, your primary performance indicator is net income. Otherwise, why trouble owning and operating a business?
The core reason most practice owners do not become millionaires is they cannot bridge the chasm between quality service and business leadership and management.
THE FAST FLOW CEO SYSTEMsm
Let me introduce you to the Fast Flow CEO System. Its essentials are laid out in the book The Goal Driven Business.
This is the solution to the Big Practice Dilemma. It allows you to lead and manage your growing business while also providing world-class service.
In the FFCEO System, leadership and management functions are split between the CEO and the manager.
In our Practice MBA program, we train a trusted employee on management principles and tools and teach the business owner the few key but vital procedures of leadership.
PARETO PRINCIPLE
The FFCEO System follows the rules of the Pareto Principle, which states that 20% of your efforts produce 80% of the results. The essentials of leadership, done right, take very little time. The CEO does some senior-level management, but most of the management can be done by a trained manager. This allows the clinic owner to stay focused on patient care.
Management keeps the engine running. It keeps the train on the tracks. This is the essential job of the manager. Leadership decides where the business is headed, why, and when it needs to get there. That is the function of the CEO.
PERSONAL NOTE: CHIROPRACTIC AND HEALTHCARE MANAGEMENT TRAINING
As a personal note, I’ve always wondered why there aren’t more manager training programs for practice managers of chiropractic and entrepreneurial health businesses.
It is so obvious that the only route to significant business growth, to “scale,” is through expert management and leadership, coupled with excellent service.
The Fast Flow CEO System allows the doctor to be a doctor but also a very part-time but effective leader supported by a trained manager. This effectively bridges the chasm, the Big Dilemma, and is the best guarantee for financial success.
Look into our upcoming MBA program for yourself as a CEO and your team member as a manager to help you achieve your goals. And,
Seize your Future,
Ed
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PS. MBA 2025. Our next MBA program will begin March 31st. We only take a limited number of students, so if you are interested, please get on our wait list today.
"Based on our largest global study of the future of work...the quality of managers and team leaders is the single biggest factor in your organization's long-term success." Gallup
Ready to transform your practice? Secure your spot today. I am only taking 10 students for this class. Enroll Now.
Schedule a Discovery Call. Let's talk about the program to see if the Goal Driven Practice MBA is right for you. Call Linda, our manager,
to schedule a call with Ed Petty: 262-749-0221
Questions? Email Linda@goaldriven.com
Need more info?
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If your practice-building efforts aren’t taking you to your goals, there are reasons -- many of which are hidden from you.
Find out what they are and how to sail to your next level by getting and implementing my book, The Goal Driven Business.
The Goal Driven Business
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