Did you know that seven of the ten most popular days to get engaged all fall in December? Perhaps not surprising given the pandemic’s impact on practically everything in our lives, the traditional engagement season (Thanksgiving to New Year’s) looked a little different last year. In fact, Valentine’s Day dethroned Christmas as the most popular day to pop the question in 2020 (most likely because it took place pre-COVID).
So, what does this mean to your business? Did you get engaged there as well? Do you have plans or are you alone? Are you feeling stressed or uncommitted? For the unattached or unengaged, the future can seem lonely. That’s why below, we outline the steps you can take to get engaged, plan the perfect spring wedding, then ultimately marry your plan for success!
Step 1: Meet someone.
Are you lonely? Can you meaningfully discuss your profit and loss statement (P&L) with your employee(s)? Office “romances” don’t work – find someone outside of your practice. A trusted business advisor like your Consult Account Manager brings perspective from the industry, shares what similar practices are doing right (and wrong), and minimizes the trial-and-error method of running a business. This was particularly true during the COVID crisis. Many of our members have reported that the sense of belonging and knowing someone cared—about them, their staff, and their business—were some of the most appreciated services of 2020. Talking to yourself in the mirror, brainstorming ideas, and trying to convince yourself everything was going to be “ok” probably did little to actually relieve any of the loneliness or confusion you may have been feeling. Fortunately, you don’t need to be alone.
Step 2: Pick out your ring.A clear sign that you’re getting engaged soon is the conversation about what the ring will look like – the shape, the style, the size, and, of course, the price tag? Have you picked out your business’ “ring” yet? Think about the following:
- Will you sell more private hearing aids or participate in more third-party administrator plans?
- Are you expanding your business or selling it?
- Do you have enough space?
- Are you fully staffed?
- Do you have the right employees in the right positions?
- Do you want to be a low-cost/low-value or high-cost/high-value provider or emphasize diagnostic care?
- Do you have a revenue goal for 2021, 2022, 2023, and beyond?
- If someone came in and offered to buy your practice tomorrow, do you have a price in mind?
Step 3: Make a plan.Did you look at your calendar on February 13th and realize you didn’t have plans for Valentine’s Day? Do you operate your business each day without plans for the next day? Despite the many industry changes, too many practice owners fail to adjust accordingly. For example:
- Have you seen your marketing become less effective? Make plans to adjust your marketing budget and strategy to focus on more effective messaging and mediums.
- Tired of shifting piles of paper charts off your desk? Make plans to convert to a practice management system (PMS).
Step 4: Commit.
An engagement is a commitment, so treat it accordingly. Define your business lifecycle. Make plans to attain any goals you set. Work with someone outside the business but commit to the people in your business as well. Are they being developed? Are they reaching their goals? Review your business regularly—you should study your financials monthly, not just at tax time. Spend time understanding the relationship with your business and make it work. Successful marriages don’t just happen—they take a continuous, concerted effort.