Category: Perform Practice Solutions

Don’t shut down your practice — sell it! Selling your business is a significant life decision, and asking the right questions is crucial. Here we can learn more about your motivations for selling, explore your ideal buyer profile, and guide you in understanding the financial implications of this major step. Kevin Rausch has done this scores of times — let him help you with the prep and process so you can capture your biggest returns. Book a free consultation, not only for sales questions as it relates to your practice — but anything else you are struggling with from marketing to billing. BOOK HERE.

Learn more about Perform Practice Solutions Sales Consulting HERE.

Are you considering selling your physical therapy practice? Don’t navigate the sale of your business blindfolded! Let us craft a personalized plan to reach your goals. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions.

Reference: [ https://www.forbes.com/sites/liendepau/2024/03/18/sell-your-business-3-must-ask-questions-to-avoid-regret/?sh=27433d16440c ]

Whether it’s a PT clinic, chiropractic service, therapy practice, or any other endeavor, every successful business begins with a dream – a vision for a product, a service, or a way to make a difference in the world. But nurturing that dream from a fragile seedling into a towering redwood takes more than just passion. It requires knowledge, strategy, and a willingness to adapt and grow. We can teach you how — and give you the tools to succeed.

Don’t just survive, thrive! Let our Perform Practice Solutions experts analyze your unique needs and craft a personalized plan to reach your goals. Book your meeting to speak with our CEO at no charge on the best course of action for your needs: https://calendly.com/KevinRausch and visit our IG @performpracticesolutions for more tips and info.

Reference: [ https://www.investopedia.com/articles/pf/08/make-money-in-business.asp ]

A powerful new movement is placing purpose at the center of successful businesses. Defining your company’s bigger mission unlocks a treasure trove of benefits beyond the bottom line. Here are 5 ways a rock-solid purpose can supercharge your business for the long haul!

In the ever-evolving landscape of business, success is often measured in terms of profits and market share. However, there is a growing recognition that profit is just one piece of the puzzle. In recent years, a new paradigm has emerged, one that puts purpose at the heart of a company’s mission.

In my own experience, identifying and articulating your company’s bigger mission can bring about numerous benefits that extend far beyond the bottom line. Here are five ways that having a well-defined purpose can strengthen your business for the long haul.

1. Giving Meaning To Work

In my experience, when a business defines its core mission, that mission becomes a guide for all the company’s actions and decisions, aligning the organization toward a common goal. For example, our company harnesses the power of an impact tracker to ensure our strides toward sustainability and organic achievements remain steadfast. I have found that this focus helps cultivate a purpose-driven work culture, motivating employees at every level to support our shared vision. This type of method can help ensure that work is meaningful and can contribute directly to achieving a company’s broader goals.

2. Driving Innovation

A unified mission can help foster an environment where innovation thrives. Employees motivated by a shared purpose are more inclined to develop innovative solutions that can further the company’s goals, potentially leading to sustained growth and competitiveness.

3. Clearer Decision-Making

Purpose can serve as a guiding light in the decision-making process. When an organization has a well-defined mission, it becomes easier to discern which actions align with its values and objectives. This clarity can extend across all facets of the business, from product development to marketing strategies and even in day-to-day operations.

4. Strength And Fortitude In Challenging Times

In the face of adversity, a clearly articulated purpose can provide a source of strength and resilience. It can act as a rallying point for employees, reminding them of the larger mission they’re working toward. I have found that this sense of purpose can empower individuals and teams to weather storms, adapt to change and overcome obstacles.

5. Enhanced Customer Retention

Companies that effectively articulate their purpose tend to enjoy higher levels of customer retention. When customers identify with a brand’s mission and values, they form a deeper connection and are more likely to remain loyal. A commitment to organic practices, for example, can resonate with conscious consumers who prioritize sustainable choices. This can not only help your business secure customer loyalty but also attract like-minded individuals who want to be a part of the positive change your company represents.

Implementing A Purpose-Driven Strategy For Sustainable Success

To harness the transformative power of purpose in your business, consider a strategic approach that begins with defining and openly communicating your core mission. Engaging your team in this process can help create shared understanding and alignment with your company’s goals, beyond mere profit.

Next, weave this mission into every facet of your organization, from product development and marketing to daily operational decisions, ensuring that every action taken is a reflection of your defined purpose. You can employ tools such as impact trackers to quantify and showcase the environmental, social or economic effects of your initiatives, providing tangible evidence of your commitment and progress to stakeholders, customers and your team.

Building a culture that breathes your purpose involves creating an environment where employees find meaning in their work and understand how their contributions further the company’s mission. Training programs, workshops and recognition systems can reinforce this culture, elevating employee engagement and satisfaction. Furthermore, engaging customers and partners in your purpose can not only strengthen loyalty but also open avenues for collaboration with entities that share your values, amplifying your impact.

As your business evolves, so, too, should your purpose, adapting to new challenges and opportunities in the market and society at large. This dynamic approach can help ensure that your mission remains relevant and impactful. Encourage continuous feedback from all stakeholders to refine your purpose-driven strategies, fostering a culture of innovation and continuous improvement. By embedding purpose at the core of your business, you not only set the stage for sustained success but also contribute to a larger movement toward a more sustainable and equitable global economy.

Don’t just survive, thrive! Let our Perform Practice Solutions experts analyze your unique needs and craft a personalized plan to reach your goals. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions.

Reference: [https://www.forbes.com/sites/forbesbusinesscouncil/2024/03/15/why-businesses-should-embrace-the-power-of-purpose/?sh=69c6fdf27b4d]

Feeling overwhelmed by the marketing world? Unsure how to translate those textbook strategies into real, paying clients? PT Marketing 101 is here to deliver the essential marketing knowledge you need, presented in a clear, concise way that resonates with busy physiotherapists like you. And if you want to truly kick it up a notch, we have outstanding packages with no contracts — that is how confident we are about your success. Call us!

Branding, services, promotions, products, pricing, prints, blogs, advertising, research and social media — all of this is marketing. With all the marketing options out there, it can be difficult for small businesses to know what to do. Marketing is a concentrated effort to do push your brand across a variety of platforms and hope that enough makes it through to your customer. Customers need to hear your message several times, so brand, brand, brand! Here are some simple steps to help you market your small business:

1. Get organized. Getting an organized plan is the first step in any marketing effort. Make one. Start with brainstorming, create themes and transfer action items to a calendar or to-do list. Start small, and try to get a good ROI for everything you do. Create an elevator pitch: What can you tell people about your business, products and services in 30 seconds or less that keeps them interested and wanting more? Get customer input early — if you are opening a storefront or restaurant, try hosting a soft opening or invitation-only event to get your kinks worked out and your mishaps and mistakes out of the way. Whatever you do, make a good first impression.

2. Get a website. In today’s technology-based world, the first thing a potential customer or employee does is Google your business. You need a website to show you’re real and to offer information about your business to potential customers. Make sure your website is mobile-friendly and be sure to ask for search engine optimization. Use Google Analytics to track the traffic to your website, but be leery of people who promise you top positions on search engines. While there are lots of things that can be done to increase your ranking on various search engines, unless the developer works for Google, I would be leery of a promise to get you to the top. Remember that you get what you pay for. There are a ton of do it yourself website services, but depending on the features you need on your site, some things are better left to the experts.

3. Leverage social media. Let’s face it, everyone is on social media these days, and the majority of traffic still occurs on Facebook. If you are not using Facebook for your business, create a page today. You are leaving an opportunity on the table if you don’t. There has been a shift the past few years with more and more retirees joining the social media world. I guess they realize that if they want to keep up with their kids, grandkids, friends and neighbors, they better get with the program. In fact, retirees are often my best brand ambassadors and help promote our events.

4. Set up and claim your business online. Whether you get on board or not, information about your business is and will be on the internet. Wouldn’t you rather proactively control what people read or see about your business when they Google it? Do a search on different browsers to see what information you see about your company and then claim or create a listing for your business.

5. Use Google AdWords. Try utilizing Google AdWords to specifically target the types of products or services you offer. Remember to focus on the quality of a few keywords instead of choosing too many. AdWords are great for targeting specific geographic locations and give you the ability to control your budget with flexible pricing options.

6. Create local awareness and establish a network. Join chambers, business associations, community groups, etc. Find ways to get involved. Networking is a great way to capture business leads as long as you don’t come on too strong. It allows you to meet new contacts and create more brand awareness and new referrals. Sponsor sporting events, nonprofit events or anything that is for a good cause. Get your name out there while also being a good community steward. Give away SWAG (promotional items with your business name, logo and contact info on them). T-shirts are a great example of free walking advertisements for your business.

7. Offer coupons or free products/services. Create loyalty early on. A happy customer will come back and will tell their friends about you. Create a buzz with brand ambassadors. These can be family and friends who help promote your products or services.

8. Advertise. If you build it, they still may not come. You must get out there and tell people who you are, why your product or service is different from the competition and how to find you. Advertising is not a one-size fits all solution. Find what works for you, but whatever you do, you must advertise.

More than anything, focus on consistent, repetitive branding. Many marketing professionals believe in the “rule of seven,” which means people need to hear or see your message at least seven times before taking any action. In today’s world of constant connectivity, you must make sure you’re seen and heard. The most common reason that people do not buy your product is that they do not know about it yet.

Don’t just learn, get results! Let our PT marketing experts analyze your unique needs and craft a personalized plan to reach your goals. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions.

Reference: [https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2018/01/23/small-business-marketing-101/?sh=1b1b6df245ff]

In this era of fast-paced transformation, risk management isn’t a luxury — it’s a necessity. For smaller companies, such as your practice, embracing a robust risk management strategy can mean the difference between stagnation and sustainable growth. PT practices don’t often think in this way, but pushing the ways in which you view your practice can be very useful. It’s about proactively identifying potential pitfalls, seizing opportunities, and ultimately steering the ship toward success. Learn how your smaller practice can harness the power of risk management to unlock its full potential.

There’s an unfortunate stereotype that risk management is boring. Risk managers are pessimistic clerks. Compliance officers are scaremongers. Too many managers think this way. As a result, risk management is an unloved and misunderstood discipline. Until disaster strikes, risk management is, for most, a painstaking and costly chore.

In an increasingly volatile world, however, risk management has never been so important. Nonetheless, risk managers struggle to make their voice heard in the face of more immediate and commercial pressures. This is especially true in small- and medium-sized companies — organizations with entrepreneurial cultures, fewer regulatory demands, and more resource constraints. These businesses tend to view risk management as an expensive luxury — and they may be more exposed to risks as a result.

This article presents a more enlightened approach to risk management based on two decades of applying, researching, and teaching risk management to academic and professional audiences. It will help managers — including those at SMEs — to better understand risks and apply effective, positive risk management techniques. It’s a framework that relies on three actions: designing controls proportionate to the risks at stake, analyzing the lessons from success (not only from failures), and using risk management to boost and protect business performance.

Positive risk management is proportionate

Proportionality means that small risks require small fuss; big risks demand big focus. Daily risks are acceptable, such as: forgetting an email attachment, double paying a modest invoice, missing a deadline on an internal report. Errors and slips like these simply show how busy we are. They are understandable oversights in fast-moving enterprises, especially SMEs where teams are lean and resources scarce.

Conversely, extreme risks deserve greater care: a phishing link starting a cyber-attack, the loss of key intellectual property in an innovative start-up, a bacterial infection in the water supply of a care home. Neglecting real dangers costs millions, heartaches, and lives — and that’s when we regret not being more vigilant, more careful, more boring.

Yet, organizations often miscalculate risks. Smaller incidents are the most frequent; they raise attention but do not matter. From a sample of 500,000 operational losses in banks over the years, data show that incidents from the smallest size category are the most frequent (61%) but the least damaging overall (6% of the total loss severity). The real damage comes from largest, rarest incidents: each year, the top 0.3% of incidents cause on average 63% of the total losses. Despite this imbalance, risk managers and businesses dedicate more time and attention to the small issues, rather than preventing serious damage.

Risk management is costly when over-applied. For example, excessive cyber protections slow down computers and logins, and double checks of every single payment and transactions wastes time that could be better used for creative activities. Credibility comes from restraint. Risk managers are respected when they show pragmatism in their calls for prudence. Competent risk managers prepare for severe and plausible scenarios while tolerating limited mishaps.

Proportionate risk management reduces the inefficiencies arising from either too much control or too little control. Being too cautious leads to slowness, rigidities, and opportunity costs. Carelessness causes accidents, instability, and remediation costs. Non-financial risks have a risk-return trade-off like their financial equivalents. Saving costs by lifting some operational controls to increase productivity is a reward for operational risks. Effective risk managers and astute business leaders have a clear view of how much risk they are prepared to accept, and for which benefits. The concept is widely referred to as risk appetite.

Positive risk management celebrates success

It is a good risk management practice to dissect the root causes of accidents, especially those with the largest potential damage. However, when focusing on past losses and future mistakes only, risk managers fail to recognize and reinforce the causes of success. Looking back to the causes of failures is valuable, but it can create resistance through implied criticism.

For example, a senior risk officer of a clearing house in London stormed out of a workshop when some of the causes of the loss discussed were identified as a consequence of his management style. He vetoed further exercises and was let go six months later, for other reasons. The firm in question has now closed.

Reflecting on success stories is inspiring. “Why did we win?” creates more enthusiasm for analysis than “Why did we lose?” Dissecting past achievements is encouraging and insightful. Successes are there, but often overlooked: on Monday morning, no one notices the IT migration that ran smoothly over the weekend, nor praises the absence of customer complaints, thanks to the efficient performance of staff. The negativity bias of the human brain means that negative experiences imprint on our memory more quickly and last longer than positive ones. Deliberate reflection on past victories is a welcome counterbalance to the common risk management focus on what went wrong.

There are accepted rules for effective risk management: vigilance is key, and rapid intervention reduces impact. “If you see something, say something” is the New York City Subway’s motto to prevent terrorist attacks. “See it, say it, sorted” is the equivalent for the London Underground.

For SMEs, discipline and vigilance are also essential for success. Start-ups need more than great ideas to thrive; they depend on the relentless attention of their founders, who must continually monitor performance and be alert on what could go wrong. The international expansion of a nascent brand requires rigorous planning, market knowledge, thorough due diligence, and competent managers who can fix a myriad of potential issues before they turn into disasters. Such as in personal life, the early detection of a theft, a fire, or an illness can make all the difference between a fright and a tragedy.

Praising good risk management practices reinforces winning behaviors and avoids undue criticism, and positive risk managers become mentors, not doomsayers. Welcome and accepted, risk management becomes an ingredient of achievement.

Positive risk management protects performance

Managing risks is inseparable from managing performance. Positive risk management aims to capture the upside of uncertainty, and to prevent the downside as much as possible.

Dream big, risk big: taking risks is necessary, even desirable. But it takes method. Stunt actors are great risk managers, otherwise they would not survive their first movie. Entrepreneurs must balance dare with caution, or they are destined to fail. Firms and governments must watch and respond to threats, or they will create havoc for themselves and others, as we have witnessed too many times. When risk management fails, organizations go down. The Great Financial Crisis, Covid-19, or the recent collapse of Silicon Valley Bank all find their source in the failure of risk management.

Risk management is a condition for ambition: the more ambitious the objective, the more important risk management is to achieve it. Hotels and resorts require flawless processes for a satisfactory customer experience; fintech banks must be first-class cybersecurity experts to operate; healthcare providers need impeccable patient safety procedures to survive.

Particularly for smaller firms, growth comes with risks, and fast-growing start-ups generate operational risks faster than revenues, as complexity increases more rapidly than size. Only those with sound risk management systems will become the Google, Amazon, Disney, or McDonald’s of tomorrow.

With the growing focus on climate change, financial regulators and investors such a BlackRock expect organizations to understand, assess and communicate their exposure to climate-related risks. However, what is now required for climate-related risks is valid for all types of business exposures: to protect its business model and performance, managers need to oversee all the relevant changes to their operating environment. For instance, blockchain innovations and cryptocurrencies are most relevant to payment platform providers, while the mining conditions of cobalt and the availability of rare earth elements are essential to monitor for lithium-ion battery producers. Generative AI scares many, but used wisely (with proper risk management), this tool can be a fantastic productivity booster to be embraced rather than fought.

Are you ready to empower your smaller company for success? Take the first step towards securing your business’s future and ensuring its growth with Perform Practice Solutions. We are dedicated to selling efficient physical therapy solutions and helping clinic owners achieve their goals. Give us a call at (833) 764-0178 and visit our IG @performpracticesolutions.

Reference: [https://hbr.org/2023/09/smaller-companies-must-embrace-risk-management]