There are so many factors that go into managing a small business practice, which makes it difficult to see the forest through the trees.
As a practicing chiropractor AND coach, I am blessed to see the business side and implement in my own practice.
A few years ago I thought I had killer systems in place for growth and then realized we lost thousands of dollars and had to let a staff member go. It’s the price of business and allowed us to look at our People Systems and put safeguards in so we couldn’t lose money like this again.
When you focus on your people (staff + patients) as well as systems, you can become unstoppable.
This allows us to increase output by focusing on the right things and the right people to implement those key performance indicators.
There are 5 processes we implemented with our team that made a HUGE difference in our billings, our team morale and growth.
As Peter Drucker says, “what gets measured gets managed”
But if we analyze too many things, we get blinded by the quantity and lose focus of the quality points that move the needle.
We want to make sure we’re in the positive.
Watch the video and then check out the bottom of the post where I break down the top 5 Performance Metrics I follow to grow a very lucrative small business.
Watch this –>
As entrepreneurs and small business owners, we are continually pressed to get more done in less time, so we created systems to focus on the most important metrics to watch for maximized growth.
First let’s discuss the structure of when we meet and how:
- DAILY ROUTINE
To create a lot of money and serve humanity at its highest, we need to bring the best version of ourselves to the world each day.
Which is why we need a routine to start the day that gets the mind right, the body moving and the soul recharged.
I’ve got 4 kids who are all awake and yanking on me by 6am so the morning routine we recommend for busy entrepreneurs doesn’t work for me as well.
So instead I created a lunch time routine instead when I have a longer window. This is why we advocate for a Dynamic Time Schedule, to accommodate any style of life.
- WEEKLY ROUTINE
Every week, we do a TEAM HUDDLE.
This is a Game Changer for those who don’t practice this with their team.
Not only is it a powerful exercise in leadership, but it has truly helped bond me with the team, it helps us all understand the processes and priorities of the week.
Try it out if you’re not doing them already.
- MONTHLY ROUTINE
Every month we get together and go through the numbers.
Things like our collections, our billables, total adjustments etc.
We set goals and every month we look at how we performed in relation.
Get some pizza and open your books with the staff.. it builds trust and you’ll see them more connected to the business, WANTING TO PERFORM.
- QUARTERLY ROUTINE
This is the one that truly matters.
When we look too granularly, then we get caught up in the elation of growth months and we get caught up in down months.
So instead we look at a quarterly level and this is when we celebrate as a team, usually hitting the slopes together or another cool team event.
- YEARLY ROUTINE
Every year in late year we do our Annual General Meeting.
This is where we recap the year and make projections and goals for the next year.
We pop some champagne
and we do some deep work on how were going to move humanity in the next year.
Now when we mention the top performance metrics to monitor, you may differ on yours, but I want to share the ones that matter for us most.
By dialling these in, we save time and make more money and stay on top of what truly matters… our people.
Here’s the top 5 performance metrics
1.New Patients: How many new patients did we bring in and what was our target.
2. Client Retention: We want to know how many people stay on and move into a wellness program. For your business, it could just be the longevity of their buying cycle with you.
3. ROI on Advertising – We want to know how far our marketing dollars are going and if its not performing at least at 2X then we shut it off.
We encourage external marketing for growth but if you’re at capacity, just continue your internal marketing.
The biggest thing we recommend is simply LOVE ON YOUR PEOPLE.
4. Online Reputation: The things we monitor here is first and foremost reviews. We want at least 2X the amount of reviews on Google and Facebook as our competitors.
We also look at our placement on Google in the city and the omnipresence we have… we want to be the go-to in our city so they must know who we are.
5. Case AVG – The case average is what your people actually bring in, revenue wise. Without this number you can’t have an accurate look at ROI.
Make sure to track the average of all patients by dividing revenue by patient number.
If you want to have a chat on how we can help you grow in the next 12 months, see if we have room in the calendar to speak with a Full Circle coach here.
We are here to serve!