What Every Private Practice Owner Should Be Investing In Right Now
As a private practice owner, you are faced every day with important decisions on what investments to make to grow your business. You may be considering new PPE, new signage, or even a new building. But what if we told you that there was something you were investing in every minute of every working hour right now without even knowing it? Practice development can come in many different forms but we are talking about a very important capital investment that may be flying under your radar – your human capital.
Every single person that you employ — including yourself — forms your human capital. Between payroll and benefits, you might think of your human capital as the biggest expense for your practice. But you would be very wrong if you thought that. Human capital is your biggest investment for your practice each year. It is also your opportunity for the biggest return on investment. How? Like any good investment; as you invest in your team and their abilities and talents grow, your business grows right along with them!
Practice Development Starts with Investing in your people
Human capital (a.k.a. your team) is one of your practice’s biggest assets for growing your business. But let’s face it, human capital can also be one of your biggest frustrations! In fact, we guarantee that most growth problems your practice is experiencing can be traced back to how much (or how little) attention you’ve given your human capital.
When you have an engaged and invested team, they are going to go the extra mile for what’s best for the practice every time! They’ll over-deliver for their team and their patients, they’ll be positive and results-oriented, they’ll be grateful for opportunities to grow, and they’ll actually want more training so they can continually improve — because they know that’s what is best for practice development! That kind of drive and engagement is what you should inspire in every person on your team.
You may be thinking you want that kind of team, but you don’t know where to start. Well, we do!
We are building those Dream Teams for practices around the world every day through our coaching program, our on-site trainings, The SI Team Training University, and Events. We know there are a lot of moving pieces when it comes to ensuring your human capital provides a high return on your practice development investment, so we’ve simplified three key areas you can focus on to get started:
1. PUT A HIRING SYSTEM IN PLACE
Even though great leadership and coaching can fill the talent gap to some degree, your goal should be to HIRE the very best players you possibly can. To do that, you MUST have a good hiring system in place. We see our least engaged clients have little or no hiring process whatsoever in place. They lose out on getting good talent, and the opportunity to constantly upgrade the caliber of their team because they haven’t clearly defined the roles needed or how to find the proper candidates. Consequently, they have all sorts of staff problems — not to mention “business results problems” — that are much more time-consuming and costly to correct down the road.
2. SET CLEAR GOALS
Every business needs to have CLEAR, MEASURABLE GOALS to work towards. Without targets, you have nothing to aim at and nothing to rally your human capital around. You can’t know if you’re on or off track with your practice development. Nor can you celebrate success when you hit the target… because there wasn’t one! Given all that’s gone on in the world this year, it is crucial that you reset your annual goals based on what is possible for your team to accomplish. Once you have clear, measurable goals you can create internal contests to get maximum engagement in crushing them! To motivate our SI Team to hit our goals, Jay is giving away two Tesla Model 3 cars to the winners of the Scheduling Institute team member engagement contest.
3. INVEST IN YOUR PEOPLE
Even really great people need the right training and development to comprise a great TEAM.
You have to INVEST in them — train them, create learning experiences, delegate projects and responsibilities, incentivize and reward them. These things work in tandem to provide the results you want. Your goal should be to have the very best team possible — and to do that, you have to invest in your people. As part of your annual budget, take a portion of your revenue, and set aside funds to invest in your employees throughout the year. What areas need attention in your private practice development? Scheduling Institute offers over 24 different types of on-site trainings to maximize results throughout your practice – chances are we can help boost revenue anywhere you need it.
HOW JAY INVESTS IN THE SI TEAM
At the Scheduling Institute, Jay invests dozens of hours every month with different teams individually to share lessons on how they can continually improve to reach new goals and grow to new levels. He also invests in our entire team at least quarterly with our full-day All Employee Workshops. Plus he invests in having outside experts conduct trainings with our teams, and sends our teams to conferences that will help us develop our skills and engagement. Finally, we also have specialty workshops at various times throughout the year on how to better invest our money, plan for the future, and increase our own Net Worth. Jay’s even invested in image consultants to show us how we can improve our own professionalism!
Beyond just learning new things, the Scheduling Institute puts a heavy emphasis on the importance of team building. We have amazing team bonding experiences throughout the year, morning huddles every day, quarterly outings with our teams, plus we’ve had food truck visits, Braves game outings, trips to comedy clubs, and more. It’s a true “work hard, play hard” environment. Jay has also invested in our health by providing treadmill desks, stand-up desks and a workout space which have been huge hits with our team. Now we can work out while we work if we want!
Ultimately, Jay and the management team at the Scheduling Institute are constantly working to invest in our team members and lift them up to new levels. Our time-tested, results-producing strategies are not just used inside Scheduling Institute – we have taught them to private practice teams around the world and can bring them to you and your team, too.
Let us help you get the highest possible return on your human capital investment for ultimate practice development.
Need help hiring superstars for your team? Our Ultimate Hiring Guide will allow you to avoid the cost of a bad hire and the many frustrations that come along with hiring. This 12-step process can cut the time it takes to hire in half! Check it out now, click here!