If you go to coaching college, you discover that success should be virtually guaranteed when following an agreed upon strategic plan. The year often succeeds or fails based on whether or not that plan is present, how well it’s put together, and the coach or client’s willingness to stay the course.
When training a few years ago to get my Executive Coaching certification, I discovered that no real company would ever go into a week, month, or quarter without an aggressive strategic plan in place; never mind a whole year. This was made clear to me in order to help me realize that smaller or less successful companies rarely have a professional, strategic plan.
Here are the basics you need to be like a real company:
#1 You’d create a strategic plan. Very conservatively, this is worth 5-6 figures, depending on the size of your company. 7-9 figures if we’re talking about a larger corporation. I’ve paid and have been paid by companies $10,000 to come in for 1 day to do strategic planning.
#2 Plan at a minimum: On the right side of the page of your strategic plan is the profit. On the left side is the necessary algorithm to hit that number. If you don’t know this, you are unlikely to hit the number. As an example; if you want to generate $360,000 in re-sign in 2020 and you charge $1500/year for re-signs, then you need to average 20 people each month.
#3 The gap analysis. This is the difference between what you averaged in 2019 and the number you’ve committed to in 2020. In the example above; if you currently generate only 12 re-signs per month, then you need gap tactics to get 8 more and reach the 20 on the other side of the gap. (Alternatively, you could also charge more as part of your gap tactics and require less than 8 more people.)
2020 Algorithm Example
Goal 1 million/year in chiropractic.
20 re-signs/month @ $1500/year = $360,000
20 conversions @ $3200 for 90 days = $768,000
Total: $1,128,000
Gap analysis example:
Re-signs
Practice currently re-signs 10 each month and needs 20. Gap = 10
Plan to close the gap: Add re-exam, improve re-call system, compliance/show-rate plan
Conversions
Practice currently converts 15 patients to a plan each month from 20 new patients coming in. 20 new care plans a month would require 27 new patients coming in. There’s a gap of 7.
Plan to close the gap: Lunch & Learn program, 13-part referral program, add social media campaigns.
If this is done well, you really can’t help but improve. If 2020 goals are S.M.A.R.T. goals, with any of the right guidance, tools, and strategies, it becomes almost impossible not to have your best year yet.
Let’s get focused on our algorithms for next year and addressing each week. The world needs our help.
Have fun saving the world
Dr. Ben
Make sure to watch below video for more detail about the topic.
