Business Principles of Running a Successful Practice
Imagine for a minute you owned the perfect plastic surgery practice. How would you achieve the following?
Transform Your Staff into a Team of Rock Stars.
Strategic Marketing and Planning.
Set Standards so You Don’t Compete on Price.
Create A Practice You Can Sell for Millions.
Learn about these core principles and more on this episode of Beauty and the Biz!
The Business Principles of Running a Successful Practice
In order for you to run your practice like a profitable business versus just a job you’ve created for yourself, there are 4 core principles that take you from pain to profits in a lot less time and with a lot less headaches:
Core principle #1: Transform Your Staff into a Team of Rock Stars
One of the most important abilities to master is to transform your staff into your dream team of rock stars.
It all starts with a strong vision of leadership…
However, most surgeons are only managers, and there’s an important difference between “leadership” and “management”.
Management is a bottom-line focus: How can I best accomplish certain things?
Leadership deals with the top line: What are the things I want to accomplish?
If you are only “managing” your team, then you only have “staff”. But if you provide leadership and vision, then your team gets aligned with YOUR purpose.
They will LOVE working for you and making you money, because they know where you are going, and they want to be a part of it because it’ll affect their lives as well.
Core Success Principle #2: Strategic Marketing and Planning
The most successful plastic surgeons I know aren’t looking for a hot opportunity to change their practice. They are STRATEGIC.
Instead of chasing shiny objects that turn out to be distractions and timewasters, they create a strategic business plan and well thought out marketing machine that focuses on what REALLY brings in patients and revenues.
Then, they use patience to stick to the plan. Rather than jump from one opportunity to another, they let their plan work for them to bring in a steady stream of patients.
Core Success Principle #3: Set Standards so You Don’t Compete on Price
Rather than compete with price-slashers, successful practices set new standards for the patient experience that strategically attracts “the right patients”.
The “right patients” who are more than happy to pay premium price for the skills, expertise, connection and the experience you offer.
It’s the patients who keep coming back for more cosmetic procedures because they consider you to be the BEST choice and rave about you to their friends and family.
The secret is to change your focus to how much that one procedure is worth to you vs. what is the LIFETIME value of NOT ONLY that procedure but the countless OTHER procedures you get when that patient returns again and again and refers their friends and family.
It’s long term practice growth through relationships versus short term transactions that lead to “one and done”.
Core Success Principle #4: Create A Practice You Can Sell for Millions
Imagine for a minute you owned the perfect plastic surgery practice.
What would it look like?
If you’re like most surgeons, your perfect business model would be:
Almost completely run by your team
Organized and systemized
A great place to work that attracts top talent
Built on satisfying loyal patients and turning them into raving fans
Rake in at least double the average industry profit
Growing in size and consistently growing your personal wealth
Give you complete freedom and flexibility
Be fun to own without the headaches that often come with being the business owner
Basically, you would have a practice that you enjoy going to every day AND/OR that is attractive to other surgeons to buy if you want to exit.
But if you’re like most surgeons, your current reality isn’t at all like you dreamed it would be.
The average surgeon is overworked. Stressed out. Underpaid. They have little life outside their practice because they feel out of control and worry about their practice 24/7.
That means surgeons are not happy with their practice, staff, patients, or the money they are making. But they stay in business, doing what they know how to do because they don’t know how to fix their problems. They don’t know how to make their practice work for them as opposed to them working for their practice.
But here’s the good news…. once you install formalized systems inside your practice,
you’ll be able to show anyone you bring on in your practice exactly what is expected.
You’ll be able to trust them to do their job properly.
You will be free from constant, full-time supervision, micromanaging, and continuously having to give directions which frees up your time to grow your practice.
The net result, with systems, means you’ll make more money and have more fun with less stress. Your practice will be efficient, fast, productive, problem-free, and profitable.
The “right” patients will notice your quick execution of detail, your consistent reliability, and the congruency between what you say and what you do.
And that’s how you go from merely surviving the stresses of running your practice to peace of mind knowing you are have a well-oiled machine that allows you to enjoy your own interests and spend quality time with your family.
If you would like assistance setting up your cosmetic practice to be a sellable asset when it comes time to exit, let’s talk.