501: Business Structure and 6 factors of excellence

In the big picture, here is my 6 Factors of Business Excellence that creates the foundation for my business model:

  1. Service
  2. Growth
  3. Business
  4. Value
  5. Leadership
  6. Marketing

Now, you are not an established business yet and more of a proof of concept business.  So your first 2 years are more of: “can my business model work in my area”, “can I generate profit”, “can I survive health care reform”, and “can I grow and run a profitable business”.  You currently do not need to worry about Leadership, Growth, and Value.  For now, you need to focus on  Business, Marketing, and Service.

Here are some initial business guidelines regarding the factors of BUSINESS, MARKETING, and SERVICE

  1. What are your 1,2, and 5 years goals.  Always start with the end in mind and where you want to be and then work backwards.  You should set a short term 2-3 year plan with yearly goals as a start up.  After you generate profit then you can refocus and set long term goals and continue towards your dream.   My first year, it was really a proof of concept and I wanted to see if this could really work.  2nd year I learned how to market, sell, and how to actually run a business as I mastered and fine tuned my plan.  3rd year I expanded, hired another PT, hired a massage therapist, moved into new space, and am on pace to generate over $150,000+ revenue this year.  I constantly am redesigning and resetting goals depending on my results.   Staying focused on your goals keeps you accountable towards your goals and being organized.
  2. Focus on great service and outcomes. You need to be an expert in physical therapy and be able to get easy patients better faster and in fewer visits compared to standard PT.  You need to be able to solve your complex patients with new treatment methods and thinking outside the box to get these patients better.
  3. Learn how to effectively market your services.  You need to learn how to sell physical therapy, market your practice, and what marketing works and what doesn’t.  This is all covered in Marketing 101.  If you plan on marketing your business just like a standard physical therapy practice, this won’t work.
  4. Only spend money on start up cost and money on marketing when starting.  Keep you overhead low when starting up.  Think of the expense and money spent as investments not expenses.  If you spend this $1000, what do you expect in return?  What is your return on investment (ROI)?  Think about the money you are spending and what you will get in return from this money spent.  If you are spending money on all sort of expenses (equipment, fees, marketing, office supplies, etc) but are not getting any increase in revenue from the money spent, you will not be in business long.
  5. Stay organized and focused.  You need to stay organized and focused with everything you do.  I can’t say this enough, stay focus on your goals and do not let any hardship stop you! Do not set yourself thin with multitasking and getting pulled in 50 different directions.  This happens to me a lot and when you mind is like this, it is called “monkey mind”. Your goals should be the ONE THING you focus on when working.  Not 5 things, not the top 3.  As a start up practice, your ONE THING, is getting new patients.

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