Managing your practice for growthArticle added by Russ Wagner on December 12, 2013
West Des Moines, IA
Joined: January 19, 2009
Ranked: #140 (449 pts)
Positioning for growth is the practice of incorporating specific practice management techniques into your business that result in:
1. Reduced expenses
Disclaimer: You can have access to all the techniques available, but if you never implement them, it won't make any difference. The following spells it out: Winners never quit and quitters never win. You must believe in yourself.
2. Increased activity
3. Enhancing your bottom line
Learning to create activity from the relationships you already have is paramount. Ask yourself the following questions:
1. How often do you touch your clients? (A minimum of 22 times a year is what your clients expect)
Creating a program that maximizes your client relationships will result in a significant increase in activity, reduced expenses and the enhancement of your bottom line. You will simultaneously build your credibility, image, brand and value to your clients and community.
Low cost/high impact tools you can use:
2. How many referrals do your get per week?
3. How many clients do you have?
4. How many client-driven educational events have you done in the last quarter?
5. Do you know which groups, clubs and associations your clients belong to?
6. When was the last time a prospect called you for an appointment that resulted in a sale?
7. How much new money business did your write from current clients in the last 30 days?
8. What has your average daily appointment schedule been during the last 60 days? One appointment? Two? Four?
9. On how many days each week do you have three or more appointments per day?
10. If a client calls your phone, who answers and how often?
11. At what time do you start and finish your day?
12. What does your schedule look like two weeks from today?
13. Are you calling your clients every quarter?
14. How well do you know your clients?
1. Customer relationship management (CRM): free
Using a client relationship management (CRM) tool that allows you to email, quote multiple product lines, have access to forms, and drip a professional online newsletter to clients and prospects at no cost to you will substantially reduce the hard costs of mail (print, postage and paper), personal time, and staff expenses.
2. E-newsletter: free
3. Website: $120
4. Educational events: price of the mailer only; no food
5. Referrals: free
6. Quarterly calls: seven minutes
7. Groups, clubs and associations: trade the cost of lunch for 25 minutes of their time
These systems have the ability to sort a specific set of parameters so you can target your message to a group of clients and/or prospects with a specific end result in mind.
Having a personal website is important as a means of identity. What are you doing to drive activity to that site? A website cannot create activity if people don’t know it exists.
Public educational events draw very well and by not providing a meal, you attract a more qualified and content-focused audience. It is important that you use the correct demographics or responses will be diminished.
Optimizing your marketing efforts depends on implementation. Surround your practice with activity-generating techniques that produce results week after week and month after month.
Referrals work, and that’s a proven fact. If they aren’t working for you, change your approach. There are tools available to walk you through an effective process.
Learn to utilize the single greatest asset you have: your current clients. Stay out of your own way and don’t fall prey to the naysayers.
Track your results and key in on areas that produce consistent revenue. Focus more time on these areas and continue to let the system run.
Lastly, believe in yourself! You can make whatever income you want, if you set your mind to it.
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