Will This Be Your Year?
10 Smart Investments for Doctors to Start 2021 Off Right:
Part 1 of 2
The month of January is filled with good intention. This is the month where most people finalize and commit to their annual goals or New Year Resolutions. Diets are started, fitness regimes are implemented, and water intake goes way up. You get the idea. Unfortunately by February, most of these things will fall by the wayside.
One way to stop this from happening to your annual goals (or whatever you have called the changes you want to implement), is if there is a financial investment backing it. That’s why we have compiled 10 smart investments for doctors that will grow your business, increase production and collections in your practice, build a more engaged and productive team, and ultimately help YOU become healthier and happier. In other words, we are confident that these investments will help almost any goal or resolution you’ve created become a reality!
This will be a two-part post – let’s dive into the first five smart investments for doctors:
#1 – Invest In New Talent
Constantly look around you for NEW TALENT. Talk to people who impress you, no matter where you meet them. Identify talented people, create great opportunities for them, then INVEST in them! A lot of people have entered the “new opportunity” market this past year because practices or businesses folded – snatch these people up!
However, do it wisely so you get maximum return. We highly recommend our Ultimate Hiring Guide, which includes our 12-step process that can cut the time it takes to hire in half. Check it out here.
Equally important to hiring the right talent for the right job, is creating the right incentive. With new hires, we suggest you pay a smaller base salary and build in incentives based on performance. That virtually guarantees profitability from your investment.
As distasteful as it may seem, you also have to identify and “displace” the UN-talented people on your current staff. Continuously invest in NEW TALENT, and your business will be a LOT healthier… and your staff a lot happier!
#2 — Invest In Reduced Debt
Accelerating the pay-down of debt is a guaranteed investment. It feels good, and it’s good business.
Use the same strategy for increasing your savings — do it every morning and do it automatically so you don’t even have to think about it.
- Make more than minimum payments.
- Convert a 30-year home mortgage to a shorter term.
- Pay extra on an office building mortgage whenever you can. You’ll not only eliminate lots of interest but position yourself to generate rental income from the building once you own it.
As with increasing savings, START YESTERDAY so you significantly reduce or eliminate debt at a reasonable age.
#3 – Invest In Signage
As Jay says, “Buy the biggest, largest, most obnoxious sign you can possibly get!” Just as you cease to “see” how your facilities look through the eyes of others, potential customers stop “seeing” a small sign, or one that hasn’t changed in years. We can’t tell you how many doctors report after investing in better signage new patients say things like, “I’ve lived across the street for ten years and didn’t even know you were here.” (Ouch! Don’t let this happen to your practice.)
The cost of signage varies greatly, but you must consider the return on your signage investment. Don’t go wimpy on your sign. It’s one of those rare investment strategies that work with absolutely no effort on your part, so invest the maximum you can.
If you’re fortunate enough to be in a location with the capacity or ability to add or change the signage, do it ASAP and reap the dividends for years to come.
#4— Invest In Family
Your family is — or should be — your most important set of relationships. Investing in these relationships will translate to business success because a happy, stable home base supports a more stable, more profitable base at work.
Plan regular quality time and activities with your spouse, your kids, your whole family. Whatever those things are for you, get them on your calendar. Never take your family for granted, or consider them “separate” from your business success. You must invest in your family relationships, just as you do your business relationships.
#5 — Invest In Self-Development
“Spend money to make money” is also true when it comes to self-development. Choose carefully how you invest your time, effort, and money, though, so you’re developing in ways that will make you more profitable. Peter Drucker would tell you to develop your marketing skills, and your ability to innovate. Paul Zane Pilzer would tell you to maximize what you’re already doing before jumping into something new or switching to a different path.
The most successful people invest in coaches to guide their self-development. Successful CEOs, athletes, and entertainers all have coaches. Our coaching program for doctors has been recognized 11 years in a row by Dentaltown as the best. Find out for yourself here. You simply must do something in the name of self-development. Invest your time in reading, invest your money in seminars and training, invest in whatever energizes you…and then maximize your return by doing it to the fullest extent.
Bottom line – Don’t Be Afraid to Invest
2020 was a tough year, and it may have you feeling afraid to make any investments quite yet. But the ones we have laid out here are all investments that will bring significant returns. Don’t be afraid to invest in your future – start with the investments listed here and read Scheduling Institute’s next post for the next five smart investments for doctors to start your year off right!