These strategies will help you make good investments that grow your business, and avoid bad investments that don’t. Jay is absolutely confident that if you implement all of these investment strategies over the course of a year, you are guaranteed to grow your business, increase production and collection, build a more engaged and productive team, and ultimately become a happier, healthier you!
#1 – INVEST IN NEW TALENT
Constantly look around you for NEW TALENT. Talk to people who impress you, no matter where you meet them. Identify talented people, create great opportunities for them, then INVEST in them! But, do it wisely so you get maximum return. We highly recommend our Hiring Guide, which includes the statistically proven Kolbe RightFit™ hiring tool. It helps you screen and select the best job applicants by matching talent to the specific job responsibilities (also see sidebar). Our Hiring Guide is a total hiring system that’s simple to execute, affordable, and PROVEN TO WORK.
Equally important to hiring the right talent for the right job, is creating the right incentive. With new hires, we suggest you pay a smaller base salary, and build in incentives based on performance. That virtually guarantees profitability from your investment. As distasteful as it may seem, you also have to identify and “displace” the UNtalented people on your current staff. Continuously invest in NEW TALENT, and your business will be a LOT healthier… and your staff a lot happier!
#2 – INVEST IN FACILITIES
Your facilities include the building, the walls, and everything within your office space that makes it look the way it does. There’s a good chance you and even your staff no longer “see” what your office looks like – you’ve become oblivious to it. Know that your PATIENTS, however, are VERY aware of how it looks. Is it cluttered, dirty, or just tired looking? Has it looked the same for the last five years?
An unappealing office is an extremely negative reflection on YOU. Your patients will consider it a reflection of the quality of your actual Practice. You simply must invest regularly in some fresh paint; new furniture and carpet; more contemporary wall art and lighting; and of course change out the dead flowers and magazines! Consider hiring a decorator who will keep your place looking top-notch.
Regular investment in your facilities will provide a return to your bottom line because your patients and customers will be impressed… which leads to more patients and customers!
#3 – INVEST IN SIGNAGE
As Jay says, “Buy the biggest, largest, most obnoxious sign you can possibly get!” Just as you cease to “see” how your facilities look through the eyes of others, potential customers stop “seeing” a small sign, or one that hasn’t changed in years. Two clients recently reported: “During the first two weeks the new sign was up, I got ten New Patients. People came in and said, “I’ve lived across the street for ten years and didn’t even know you were here.”
The cost of signage varies greatly, but you must consider the return on your signage investment. A typical pole sign with LED lighting (which is very engaging and memorable) can run $15,000 to $80,000 or higher. If $80,000 is a out of your price range, don’t opt for the other extreme and go wimpy on your sign. It’s one of those rare investment strategies that works with absolutely no effort on your part, so invest the maximum you can.
If you’re fortunate enough to be in a location with the capacity or ability to add or change the signage, do it ASAP and reap the dividends for years to come.