Today I’d like to review a few key aspects of investing… And– more importantly– I’d like to discuss what might be holding you back from making high-return investments that would allow your Practice to break through to the next level.
Let’s review. An investment is “the action or process of investing money for profit or material result.” And really, it’s the exact same thing if we invest TIME to produce some result… You might invest time to benefit your relationship with your spouse or your kids, to learn a language, etc.
The point is– investing isn’t just a take-take-take process. You always have to give something first in order to get the result.
For example, as I sit down to write this blog, I see myself making an investment in thousands of people. I see myself investing in the growth of thousands of Practices, and consequently—doctors, teams, and their families. If I can get even ONE of you to change your behavior or hone your way of thinking, then the time I’ve spent writing this blog is completely worth it.
However, a problem arises when people expect a material result without ever putting forward the energy, effort, time, money, etc. They want abundance… But they aren’t willing to make any sacrifices. They aren’t willing to INVEST anything. I guarantee you—these people won’t acquire true abundance.
I want you to think back to the day you decided to be a doctor.
Okay, obviously, this career path required some advanced education. You went to school, studied hard, and became a professional. Whether you are a dentist, orthodontist, chiropractor, lawyer—whatever your niche, it is probably NOT business. You probably didn’t go to business school to learn how to MAXIMIZE a business’s worth, or how to be the best possible business owner.
But think about it… Isn’t that exactly what you are? You decided to be a professional, you studied in this field, got your license, and the day you officially opened your Practice doors—BAM! You suddenly became a business owner, whether you liked it or not.
To put it plainly, you have TWO choices as a business owner:
- To grow the business and prosper
- Maintain the business, but don’t grow it.
So, assess yourself. What type of business owner are you—#1 or #2?
It might be helpful to think about the last ten years. Compare your statistics—the size of your Practice, your New Patients, production, collections, etc. Look at your income, your net worth, and your payroll. Has your Practice grown tremendously in the past five years? Are you experiencing enormous success? Or have you simply MAINTAINED the Practice, and managed to keep your head above water…?
If you answered “Yes” to the last question, you have a static Practice. It’s not a terrible thing—actually, it can be pretty exciting because it means you have a lot of room to grow, and a journey ahead of you—one where you and your team get the opportunity to explore your full potential!
But you are the BUSINESS OWNER and you are the only one that is going to intercede… You have a decision to make, and the sooner the better. If you are ready to embrace a future of growth, challenge, and great success, then the first step is to ADMIT that you don’t know a ton about actually BEING a business owner—and that you are ready to LEARN. I don’t say that to be offensive, but because I want to get your attention, and help you to be open and honest with yourself.
The quickest and easiest way to diagnose if you own a static Practice is by assessing whether you say these two things:
- “I can’t afford it.”
- “I don’t have money to invest.”
This “can’t afford” mentality is generated by fear, and this fear is what causes and perpetuates a static Practice. I call this the “play it safe” mentality and—I hate to break it to you—but if you continue to operate this way, you will be closing your Practice doors much sooner than you’d planned.
It might seem obvious, but you’d be amazed at the number of Practice owners that ignore this advice: invest, invest, and invest some more. Investing is one of the most positive habits that you can possibly create in your life, and the key to becoming a successful business owner. If you have a business that’s not growing, it’s because you haven’t made the correct investments and decisions to grow it.
Let’s look at a successful business—Apple, for example. After Steve Jobs passed away, Apple became one of the most valuable companies in the world. It didn’t just disappear or shut down because he died… It actually went on to survive him and THRIVE because of the calculated risks he took, and the string of positive investments that he made. Similarly when I die, the Scheduling Institute will continue without me. That’s the sign of a strong business, and a well executed game plan. So ask yourself… Are you executing a game plan to slowly wind your business down, or to have it grow, thrive, and outlive you?
If you’re ready to get started making some Practice-growing investments and building your net worth, call 866-917-2808 today. No one is going to grow your business for you–it’s up to YOU!
Until next time,