A commitment to being the best and minimum wage...

So here in the UK minimum wage has just increased. This is good and helps those who need it, living on that income.

But for small and medium businesses it comes as a shock with a 9.8% increase.

So what does this mean to you? Well if you are employing staff then your fixed costs will increase, and maybe your team are not on minimum wage, but I am sure to be fair you will be increasing their salaries.

And even if you don’t employ anyone, other businesses that you may get goods or services from will be, and ultimately there will be an increase in the price of goods.

So there comes a question with this increase in fixed costs and squeeze on top line, should you increase your fees?

The knee jerk is yes. From a fiscal standpoint it makes sense. There is a lot of nuance however. For example when did you last increase your fee? Will your demographic of patients pay? Are you good enough?

And that really is what it boils down to. Are you good enough?

Fees and finances are essentially an exchange of value. Do you value your team? If yes, you pay them well. Do you value your time? If yes you employ people to take pressure off your work load.

And do patients value your care?

With fees being an exchange of value, the only real way we can increase them, is to increase our value first.

There are three steps to this;

1. Do you value you?

Self worth is essential when setting a fee and asking for money in exchange for a service. Have you done the self work to value you?

2. Are you getting better?

Are you putting in the work to improve daily. Are you being coached, surrounding yourself with better people, reading and practicing? Daily improvements will make you better. And a better you is worth more.

3. Are you listening to the patients and trying to do more?

The adjustment alone has huge value, but you can always do more? How are you nurturing your people, how are you going the extra mile, what’s your customer service like?

So in summary, if you value your team, increase their wage. Be financially astute and know this means an increase in fixed costs. Then look to increase your value and then your fee.

With love

Tom