Two years ago, I wrote a blog about how your Space & Equipment should be a runway to success. I’d like to recap that message, and at the end– I’d like to ask you a very important question.
But first…. What’s the point of a runway? Well, it provides space so that a plane can gather momentum and speed before it is able to lift off the ground. The plane needs this runway to gain altitude without encountering any dangerous obstacles! This strip of land is important for taking off and landing– without it, pilots wouldn’t be able to ensure their passengers’ safety on a flight.
So, why am I talking about runways? I know you’re aware of what they are, but I’d like to draw an important comparison… Something that might seem OBVIOUS about airplanes, but might not be so obvious when it comes to your practice…
When investing in Space & Equipment for your practice, you should use the “Runway Rule”. You need to create plenty of space for your practice to gain momentum and “take off”– without encountering obstacles to growth.
Let’s say, for example, that your practice has three operatories, and you are filling these on a daily basis. You might consider adding one more operatory… But that’s not the answer! If you build just ONE more operatory to fix the immediate problem, then you’ll run out of space again within a few months! Instead of thinking short-term… Start thinking long-term!
Think of this “one operatory solution” as a bandaid. You are just trying to stick a short-term bandaid on the problem and hope it goes away. Instead, you should find a long-term solution. You should build at least 3-6 more operatories– allowing for growth! That is the key to a growing, highly successful practice…
I always say that you have to match your desired income with your space and equipment. As a general rule, practices with the LOWEST collections and LOWEST production have small offices with only a few operatories– operatories that fill up quickly and have little room for growth.
You need to think BIGGER. Dream BIGGER. Set BIGGER goals.
But many of you are too scared to make this kind of investment!
Before you get defensive– hear me out. When I say you’re afraid, I don’t mean it as an insult. All of us have fear of the future. We are afraid of the unknown. We have doubts. We lack the self-confidence to take necessary risks. But without taking any risks, life is very boring and VERY stagnant. Without risks, you will never reap rewards.
You have to understand that by investing in the Space & Equipment to grow your practice significantly AND then following through on team trainings to get new patients in the door, filling those new operatories– you are guaranteed to have an extremely high ROI! That’s why this business strategy has a very high success rate!
Remember– it’s not a “one size fits all” solution. This Space & Equipment investment requires you to use a high degree of creative problem solving.
Ask yourself… Should you be:
– Building UP in your current location,
-Renovating your space to maximize efficiency, or
-Moving to a bigger, better location?
Try this assessment: Create a basic projection of revenue per room based on previously tracked stats. How many rooms will meet your long-term vision? How much revenue will each room bring in? Does this increased revenue exceed the investment cost of the new space? 99 times out of 100, the answer will be YES!
At the beginning of this blog, I told you I’d end with a question. I wrote a similar blog two years ago– July 2014. So, since then, how many strides have you made in increasing your Space & Equipment? Have you made the necessary changes to allow for growth? Have you seen your practice gain momentum?
Are you in exactly the same place that you were in July 2014– still stressed about money, unhappy at work, and hoping to find answers? If you answered yes to this question… You need to start making changes. Not in a year… Not in two years… TODAY. You deserve to run a growing, thriving practice that provides you with financial freedom– and the only way to get there is to take smart risks and make important investments. Call 866-917-2808 today to talk to one of our program advisors about creating an action plan for success!
Until next time,