Where is your weakness?

It is so easy to focus on the good stuff, cheerlead yourself and listen to all the praise. Now you know me, I know that is important. However, a good coach is going to call you out and help you find your weakness. Because you will only get stronger and better if you improve those areas alongside focusing on your strengths.

There is a great book by Tillman Fertitta called ‘shut up and listen’ and in the book he talks about the 5% rule. This is where he looks for the 5% areas he is not doing well and therefore can improve. Now he runs a multibillion dollar business and I think we can apply this to our practices. You should essentially be doing 95% of the work right, but if you take time to identify and work on that 5%, you will become unstoppable.

The focus for this week is on growing your practice. The three areas you all know that are key for growing and maintaining a thriving practice are:

1.       Attraction

2.       Conversion

3.       Retention

Attraction is how well you as a business are doing on bringing people through the door, essentially, how many new patients do you have booked each week? This should go a stage further and you should be asking yourself how many ‘quality’ new patients do you have? The ones who really value and want your service.

Conversion is how many of those new patients, at the report of findings, decide to start care with you and invest in booking appointments and taking payment options.

Retention, this is your PVA (Patient Visit Average). How long does the average patient stay in care with you?

The key to knowing and understanding this is measuring it. Measuring means collecting weekly stats and discussing them with your team. Now granted this may be uncomfortable as it certainly will highlight the weakness, but that in of itself is powerful as it will give you direction and clarity of where you need to focus as a business to grow an improve.

So here are my TOP STATS that you should be discussing in your weekly meetings. (If you’re not doing weekly meetings, start today.)

1.       New Patient Bookings

2.       Conversion %

3.       Number of payment plans taken

4.       Did the report of findings book up their schedule

5.       PVA

6.       Upcoming number of adjustments per week

This is a good start, see the trends over time and grow your practice purposefully.

Find the area you need to improve, is it your retention or do you need more new patients. Whatever the weakness, once you have found it, make a plan to correct it.

And how do you improve Attraction, Conversion, and Retention specifically?
Check out old blogs to help you and you will also find video training on each in your membership.

With love,

Tom