It’s that time of year. We thought we’d hop on the bandwagon and throw a few suggestions out there that you could and probably should add to your list of new year resolutions.
10 New Year’s Resolutions for Audiology Practice Owners
1: Start using your software as a tool for improving your practice. Most practice owners use their software to run their practices but few use it to improve their practices. You can use your software to not only understand what is happening in your practice but why it is happening. Go to the reports section of the software and start to look at every report that is available. Then take that information and evaluate how it can make your practice better.
2: Become 20% better at selling. When evaluating closure ratio don’t just base it on new patients. Factor in patients with older technology who should upgrade and subtract your return for credit. Once you establish your closure ratio set a goal of improving it by 20%. A 20% improvement in your closure ratio will double your net profit.
3: Set a goal of doing 2 marketing activities per month that put you in front of your demographic. The best way to establish yourself as an expert in your field is to do it face to face. And since you probably haven’t done a lot of marketing previously any revenue generated from it should flow directly to your bottom line.
4: Establish one new referral source per month. The best way to market referral sources is through face-to-face meetings. When conducting those meetings focus on what is important to the person you are talking to. Define what set’s your practice apart from your competition.
5: Become better at staying connected to your established patients. Don’t rely on recall letters as a way of staying in touch with your patients. Have them on routine scheduled visits and use your software to identify patients that have not been it to see you in over a year. Those patients should receive a phone call from the practice.
6: Improve your online presence. In an age where the Internet is such a useful communication tool, a lack of a good online presence can lead potential patients to bring their business elsewhere.
7 Get more referrals from your existing patients. The cost of bringing a new patient into your patient is 3 to 5 times what it was just 5 years ago. Word of mouth is not only one of the best ways to grow your business but also one of the least expensive ways.
8: Reward employees that offer ideas on how to make your practice better. See #7.
9: Establish goals in Key areas of your practice and then come up with a plan for achieving them. More is a poorly defined goal, so if your first thought regarding a goal for your office was “more…” it’s time to sit down, define “more” and then create a plan to accomplish that well-defined goal.
10: Do more of what makes you happy. This is a sign in our home. It may or may apply to your practice, but its definitely good advice.