What’s so important about starting fresh? Imagine that instead of going to sleep at night and waking up in the morning… You are constantly awake. One day slowly drags into another… It sounds pretty miserable, doesn’t it?
Your practice is exactly the same way.
How? Well, if you keep doing things exactly the same way without any kind of revitalization, I will tell you what is going to happen:
First, you’ll have some growth.
Every business has some amount of growth at the beginning— even if you go from one new patient to two, that’s a 100% increase! But let me tell you what is going to happen next…
Next, your Practice is going to start stagnating. The monotony sets in… the days start streaming into each other… the growth slows and eventually stops. Your practice simply plateaus. If you’ve already reached this phase, you will understand what I mean when I say that it is the most discouraging and irritating thing that can happen to a business!
But it gets WORSE. The next phase is the decline, and every single business in the history of businesses has eventually— inevitably— reached this phase. It is a simple law of physics. What goes up… must come down! You’re thinking, Ok Jay, so my practice is eventually going to go downhill— thanks for the cheerful message!
I am only telling you this because there is something you can DO about it, but you have to start sooner than later, because it is much harder to “refresh” once you have reached the phase of plateau or decline. You need to start your new curve ASAP.
The best illustration for this series of phases is the sigmoid curve (below). Try to figure out exactly where YOUR Practice is on the curve. Take a look. First, we see the exponential growth, then the plateau period, and finally the decline.
Chances are, if your Practice has plateaued or declined, you have “been trying” to fix it. You are what I like to call “a tinker” which means that you make little changes and expect them to create a second curve… You expect that “dabbling” with quick fixes will save your Practice.
As you can see in the picture, the space between where the first curve begins to plateau and where you START your second curve is an area of doubt and fear. Doubt prevents you from making the decisions that seem risky. You think you have cash flow problems. You think your debt is too big. Here is the truth: none of these problems are REAL. If you erase the fear of risk, the solution is mind-blowingly simple.
Buy a new building.
That is the BEST advice anyone will ever give you on how to start a new curve. But you can’t wait until your Practice is going down the drain.
You are going to have to do something very difficult…
You are going to have to make changes WHEN YOU ARE DOING WELL. You are going to have to start that second curve while you are STILL celebrating your successes.
What I am recommending for your practice is not just a “makeover”— it’s a complete rebirth! Start a new curve for your practice right now by buying a new facility. When you buy a new facility, you have room for more operatories. When you have twice as many operatories… you have twice the number of appointments. Twice the number of appointments— you double your collections, and your profit.
You have to stop living in the fear and doubt. A lot of you are looking at this process the wrong way. When I tell you to buy a new building, you tell me that you “can’t afford it”. Well, I need you to take “can’t afford” out of your vocabulary. You are making an INVESTMENT. Just do the math. If you double your monthly collections, you will have an enormous ROI and pay back the debt in no time.
I would bet money on it— this will be the best decision you ever make. Get back on that upward slope! Stop being afraid and DO what you NEED TO DO!
Until next time,