In am writing this article because I feel compelled to share what I have learned in the last four years of working exclusively with owners of physical therapy practices - as their business coach.
By now, I've coached hundreds of practice owners, and over and over again they come to me with the same complaints: they are frustrated, confused, overwhelmed, isolated and easily distracted.
The cause? Surprisingly, all these problems have their roots in five errors commonly made by professionals who decide to start their own businesses.
The biggest errors I have seen are:
- Not creating a business with clarity and purpose.
- Operating without direction, getting distracted easily.
- Starting projects and not finishing them
- Doing too many business projects at one time
- Trying to do it all alone
Are you an ideas person with a vague vision of what you would like for your practice and business?
Vision is crucial to your success.The challenge often arises in manifesting that vision. If you don't have a plan to bring your ideas and projects to fruition, how will people benefit from your services? And how will you succeed financially? Too often practice owners get distracted because they don't have a plan. Goal achieving and project planning is a learned skill.
If you have a desire to succeed, learning these skills will be a valuable investment.
We often coach our clients in creating project plans that are personalized to fit their unique needs.
Getting direction in your business can radically increase your success in a short and long term. Getting direction may be as simple as defining clearly the step-by-step details.
What often happens is that we have great excitement at the beginning of a project and less and less interest as time goes on. So projects are left half done, and often never completed. This can be very frustrating as you rarely feel a sense of accomplishment.
We've found that practice owners need help keeping their focus to complete what they started.
Focus is like a muscle. It can be strengthened over time. Just like you would have a personal training coach to become and stay fit, business owners often need a coach to help them develop the focus muscle. Once you get good at focusing your energy on finishing what you start, the income potential is huge.
If you're trying to do it all alone, without focus and systems, you're bound to get overwhelmed.
We always ask our clients, "What can you be doing to get the greatest return on investment (ROI) of your time and money?" Are you spending your time, energy and money on those tasks and projects that will produce the greatest revenue for you in the next 30 days?
What systems can you implement that will free up your time? Bottom line, how can you best prioritize your time, effort, resources, skills and money?
Are you trying to do it all alone?
Successful business owners often have to go through the pain of letting go - of trying to do it all alone. At some point your business will grow so big that there's no way you can manage all the clients, do all the bookkeeping, AND take out the trash and wash the linens!
Clients tell us one of the biggest differences we've made with them was helping them build a team so they didn't have to do everything themselves. Figure out what you're worth per hour and decide: is it a better investment for you to have someone else do them?
Building a team is an example of a system that will allow you to focus more on what gives you the greatest return on your time investment.
Assess where you are on the road to success
in your business
Answer the questions below to help you determine where you are on your path.
For each question, circle which letter (A, B or C) is most true for you.
I have been in this business for:
A. Under two years
B. Between two and five years
C. Over six years
Business' financial situation:
A. We are still struggling to turn a profit. I'm definitely not generating cash flow the way know is possible.
B. We are doing OK. Our cash flow is up and down. I would like more consistency and to increase profits and/or revenues.
C. We are successful and thriving. I always generate enough income to take care of my personal financial needs as well as the business.
My confidence as a professional practice and business owner:
A. I struggle with a lot of uncertainty and self-doubt.
B. I have good days and bad days, but overall I'm pretty strong.
C. I'm on fire!
I'm ready for the next opportunity.In my day to day business dealings:
A. I have multiple projects and get distracted easily by different ideas and business opportunities.
B. I'm pretty clear about my business and niche but I still find myself interested in a lot of different Ideas and possibilities. I don't focus as well as I could.
C. I'm very successful in a few select areas but still drive myself and my team to do more.
My environment (i.e. home life, business associates, personal friends, etc.):
A. Is not supportive of my work, vision and dreams.
B. I have people to talk with but they don't really support me in creating results.
C. I associate with movers and shakers in business who serve as great advisors to me.
The people who work for me (either as a contractor or employee):
A. What team? It's just me.
B. I've outsourced the basics. One to two people support me such as:
.. a business partner
.. administrative assistant
.. bookkeeper
.. web designer/internet marketing support
.. consultant or coach
.. other _______________________________________
C. I have a strong team in place that handles the business, but I know they could be utilized better.
My competency level in running a business:
A. I'm learning everything about running a business
B. I have a few strong areas but a few weak areas too. Mark your strengths:
.. Leadership (Identifying the vision and setting the pace of success)
.. Management/Operations (Business structure, plan, process, systems)
.. Marketing/PR (Brand, marketing plan, visibility to target audience)
.. Lead Generation (Prospecting, follow through)
.. Resource Development (Developing and leading team members)
.. Finance/Revenue (Financial systems, controls and reports)
.. Quality Controls (Tracking quality of product, customer satisfaction, process improvement)
C. I'm pretty strong in all facets of running a business.
My habits and actions in relationship to my professional success:
A. I'm constantly running in circles, trying to figure out what to do next. I find myself falling behind on projects, and have a to-do list a mile long.
B. I know what I should be doing for my success but I don't do it. I often feel overwhelmed and burned out.
C. I have good habits and am action oriented; these both serve me well in my success.
Review your responses to these questions, and you'll see where your highest priorities for action need to be.
TAKE ACTION NOW...
- Lead verses manage your team
- Maximize your systems so you can operate without being there every minute
- Create and implement your legacy
- Live your desired lifestyle
- Position your company for growth, selling or leadership transition
Virtually every highly successful person has a coach or mentor who asks them the provocative questions, who elicits their greatness and who expands their best efforts. A coach is your champion and reveals your gifts to yourself.
Who is Coaching For?
Coaching is right for you if you want to...
.. Succeed
.. Increase your income
.. Balance your personal and professional life
.. Work smarter, not harder
.. Build a team
.. Improve your time and people management skills
.. Be more strategic
.. Pursue what is truly important to you
.. Simplify your life
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