12 Week . Challenge
Week 11 – Think of Your Business Like an Iceberg If You Want to Be More Profitable
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Sabrina Pelech, Chief Profiteer
July 2020

11 MIN READ

As a chiropractor, the main focus is on providing quality care to patients. However, it’s easy to overlook the essential work that keeps a practice running smoothly. Running a successful chiropractic business requires attention to every detail. 

This includes everything from marketing and finance to administration and appointments. Focusing only on visible problems is a common mistake many practice owners make. Often forgetting the hidden issues that can significantly impact their business.

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A financially healthy company is a result of a frugal business owner not a cheap one.
Mike Michalowicz, Author Profit First

To avoid going under, it is essential to take a step back and look at the entirety of the practice. By addressing these hidden issues, chiropractors can ensure the longevity and success of their business. So, it’s time to take a closer look at the big picture and make sure the business side of chiropractic is getting the attention it deserves.

“Success is like an iceberg, What people see is only whats on the surface.”

What’s above the surface?

As a chiropractor, your business is more than just the visible part patients see when they walk through your doors. While it’s important to have a professional and well-designed office, the most crucial part of your practice lies in the foundation. Like building an ocean liner, you must complete the hull before adding luxurious furnishings. This is where the processes and procedures come in that streamline your practice and allow it to operate efficiently. Focusing on your chiropractic business’s hull, or the foundation, sets you up for long-term success. You ultimately benefit your patients, staff, partners, investors, and, most importantly, yourself.

Like an iceberg, what’s under the water keeps the top afloat. This analogy can be applied to a chiropractic business. While superficial factors like the clinic’s appearance may initially attract patients. Ultimately, what’s beneath the surface determines the success or failure of the business. Similar to how hitting an iceberg below the waterline can cause catastrophic damage to a ship. Neglecting the foundation of a chiropractic business can lead to irreversible consequences. Patients don’t just want a beautiful clinic. They want a well-run and effective chiropractic business to provide them with the necessary care.

What your patients experience

When it comes to a chiropractic business, it’s essential to consider the mid-section of the iceberg. This is the part that is hidden below the surface, only visible once you dive in. Patients typically only experience this part of your practice after completing a few appointments. Yet, it’s an area that many businesses tend to overlook. However, as with any business, inefficiencies can easily be exposed through reviews, ratings, and social media. It’s important to take note of any areas that need improvement. The success of your chiropractic business depends on the satisfaction of your patients. So, while the mid-section of the iceberg may be hidden, it’s an essential part of your business that needs to be attended to.

The Power of Reviews

Reviews can make or break your potential for new patients in the chiropractic business. It’s about more than having the best skills or beautiful offices. The mid-section of the iceberg is the part that controls how your staff interacts with patients. It is crucial in delivering a positive experience. This means having excellent customer service and providing high-quality care.

Without it, your business could be unsustainable.

Crafting Exceptional Experiences

So, to attract and retain patients, it’s essential to focus on providing an exceptional experience from start to finish. Don’t let negative reviews sway potential patients. It is causing you to miss out on valuable business opportunities.

Beyond Marketing: Patient-Centric Focus

Running a chiropractic business is more than just promoting an image of a well-equipped office with friendly staff. It is about providing excellent service that matches the expectations of your clients. After all, your business’s success lies in your patients’ satisfaction. It can be tempting to focus solely on marketing and building your brand. Although ultimately, it is the quality of care and service that will carry more weight. So, make sure that you not only meet but exceed the expectations of your clients. Do this by delivering exceptional services in a welcoming and calming environment. By doing so, you can ensure a successful and sustainable chiropractic business.

The foundation of your business

As a chiropractic business owner, you know that the foundation of your practice is what keeps everything else together. From policies and procedures to marketing plans and inventory management. Only you and your staff are privy to these nuts and bolts of your business. Like the foundation of an iceberg, it may be hidden beneath the surface.

However, it is the most significant and complex part of your chiropractic business. It is where the responsibility lies, and it is what ultimately leads to your success. Without this foundation, your practice couldn’t function. So take pride in the work that goes into building it because it sets your chiropractic business apart from the rest.

In the world of chiropractic, providing excellent patient experiences can be challenging. However, it can also set you apart from your competition and help your business thrive.

To succeed, you need to prioritize the foundation of your practice. This means constantly innovating and streamlining your operations. The goal is to become more agile and efficient than your rivals.

Unfortunately, too many business owners overlook the importance of their foundation. Sadly, this neglect often leads to their downfall.

Think of it like a ship’s hull – the entire vessel will sink if it fails. Investing in your business’s foundation allows you to keep your practice afloat and sail toward success.

Improving the efficiency and effectiveness of your business

Gain Clarity

As a chiropractic business owner, it’s easy to get caught up in the misconceptions about your numbers. You may think you’re bringing in more profits or spending less on costs, but this can lead to serious financial trouble down the line.

To avoid this, it’s essential to get accurate information about your business’s profit margin and costs. Only then can you make informed decisions and develop effective strategies to grow your business.

Don’t be afraid of your numbers – they can be your compass to steer your business in the right direction. By regularly reviewing your key performance indicators and formulating a plan, you can ensure your business stays on track and avoids financial disaster. After all, you wouldn’t set sail without a compass, so why run a business without performance indicators?

Be Agile

As a chiropractic business owner, staying ahead of the competition is crucial to success. A continual improvement strategy can help set you apart and stay innovative in the ever-changing industry. You can confidently deliver excellent patient care by constantly evaluating and improving your processes and services. It’s essential to remain open to change and embrace new techniques or technology that could improve your business. With this approach, you can ensure your chiropractic business stays successful and continues providing exceptional patient care.

Streamline Streamline Streamline

In any Chiropractic business, it is crucial to streamline workflows and processes. Doing so not only saves money but also increases profits. More importantly, it makes staff more productive, allowing work to get done faster and with better results.

Reviewing procedures regularly and adapting them to new technologies is essential. Doing less and scaling what works well is another useful technique to improve workflow and business dynamics.

However, it’s important to remember that the focus is not on cheapness. Instead, focus on achieving the best results with the least resources necessary. All while maintaining high-quality standards. By streamlining and optimizing processes. Chiropractors can deliver greater value to their patients. Thus ultimately increases their bottom line.

Master Your Money Management

Running a business can be challenging, especially if financial management isn’t your forte. As a chiropractic business owner, you may focus more on providing quality care to your patients rather than pouring over financial statements. However, maintaining accurate accounting records is crucial to the success of your business.

Fortunately, a simple solution can help ease the burden of managing your cash flow. The Profit First for Chiropractors, cash management method, is a game-changer for small business owners. You’ll remove the guesswork from your bottom line and get immediate insight into your business’s financial health. Say goodbye to the stress of managing your finances, and hello to more time to focus on your patients!

Grow an Empowered Team

Running a successful chiropractic business can be both rewarding and challenging. While you may have the skills to heal your patients, managing and growing your business on your own can be overwhelming. This is where finding the right support team can make all the difference. It’s essential to let go of the fear of trusting others and delegate tasks to your staff. Even if they can only do 80% of what you can, it’s better than nothing getting done at all.

Contrary to popular belief, finding help doesn’t have to break the bank. Many affordable options can help elevate your business to the next level. Don’t hesitate to ask for help; it can be a crucial stepping stone towards success.

It is important to have people who can help you achieve your goals. To make this happen, it is essential to empower your team members. Please give them the necessary tools and let them make decisions without constantly asking you. Set goals for them and hold them accountable so that they know what to do. This will help you reach your business objectives without feeling stressed or burned out. Empowering your team will help ensure you succeed in achieving your goals.

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