E206 | How To Double Your Revenue In 90 Days
Jul 16, 2019
If you're not tracking things within your business you might as well be driving a vehicle while blindfolded to a place you've never been. You can be a great clinician, but without proper organization and business skills you will find it difficult to scale your business.
This can also be applied when you want to start a physical therapy clinic.
Ready to elevate your practice? Book a call at the link below with one of our expert consultants today and start your journey to delivering unparalleled physical therapy.
Episode Transcription:
Hey, what's going on, guys? Doc Danny here with the PT Entrepreneur Podcast. I'm coming to you again with a little bit of knowledge that, I want to share with you in regards to getting yourself organized in your business for your next 90 days or the next quarter at whatever you want to call it, kind of we look at these corridors or 90-day sprints and the ways that we want to look at our business.
And to give you a little backstory on why I'm going over this. I was just in Charleston for the last, and I guess it was about four or five days. One of our business partners, Yves Gege, lives there. And, our other business partner, Jared moon, came in from Texas. And, so we, we got a house at a Isle of Palms, which is a beach there and one of the beach areas there.
And, all of us came in and our families. So we had. Six adults, seven kids, and it was a lot of fun. We, we, we had a blast. Our kids are roughly the same age and, they all get along for the most part, as much as, as kids do. And, it was cool just to get everybody together and for all of our spouses to, to get to, to hang out, as well.
And, and, and for us, it's, it's an opportunity to get together and knock out a lot of work in person. And we had quite a bit of stuff that we ended up doing. Well, while we were there from a, from a business standpoint, and one of those things was our quarterly planning for a Q three, which it's already started, but we kind of held off on planning this stuff out.
And, and it was great. It was preferred to do this stuff in person if we can. Jared, our business partner that lives in Texas, he led this, and this is a perfect example of like, knowing when to lead and then knowing when to follow. Like, You know, for me, I owned the majority of the company, but it's, my role is, I'm not great when it comes to like organizing a 90 day, you know, goals, quarterly goals and, and sprints that we try to accomplish within the, within the company.
And Jared great at that stuff. So, you know, for me to sit there and just be part of the process while Jared, you know, leads it. Is awesome. And, and he did a great job going over an exercise that I'd never done quite the way that, that he had, lay that he laid it out. But, I want to kind of talk about what we did and how you can do something similar in your business to help establish some bright things to track and variables to keep an eye on.
As you. As you go into this third quarter, or maybe you can do this for, you know, your fourth quarter, you can do the same thing for the entire year. But what I can tell you is if you're not tracking things in your business, you're going to make a lot of mistakes on, you know, ideas, things dropping off that shouldn't, errors that are made, that can be costly for you.
And also just have, you'll have a lot of them. Anxiety and stress associated with your company because you know, it's kind of like trying just to drive your car. Drive your car with your eyes closed. Like not only that but drive your car with your eyes closed to a place you've never been before. Like that's basically what it is.
If you're not planning, if you're not tracking things and it can get super sketchy and force a lot of people out of business. That just is missing, frankly, business skills and a, and this is what we see so often, and one of the reasons why I wanted to start this podcast. I mean really, the main reason I want to start this podcast was that I feel like a profession, we're terrible at business, we're great clinically and helping people and caring.
Like it's just as a profession. I think that overall we are right. Just people. You want to help people, and we want to, you know, see them make this transformation in their life that betters all the relationships they have with people around them like that's what we want. And as high as that is, we tend to be crappy business owners.
And really. Poor entrepreneurs because it's not necessarily a trait that many people have to look at the business as a way to support, you know, what you want to do in life as well. Like, we want to help all these other people. Get back to the things that they want in life. And we are the vehicle to help them do that.
By empowering them to, you know, understand how to improve themselves over long periods. If it's a chronic issue or, you know, use our skill sets, however, that you decide to use that I don't care. As long as they're getting results that they want, and you're helping them achieve these things if you know physically and emotionally within their own life.
Now that's great. But we spent all this time clinically trying to improve our skillset and. Our business skillset is terrible. And I talked to a lot of people on the phone, about their businesses and, and, I, one of the questions I love to ask is like, okay, clinically, on a scale of zero to 10, where are you at?
Do you know? And then, from a business skillset standpoint, a zero to 10, where are you at? And usually, people I've talked to are somewhere around like an eight or nine clinically. And like a, a one to three business, skill set. So you have this imbalance in terms of, you know, going into business for yourself.
Just having clinical skills is not enough and it's enough to get you sort of busy. Still, it gets you to a point where you get frustrated because then these things that you don't understand start to stop you from making any progress, in particular, exponential growth where you start to be able to bring on employees effectively and then scale your, your company.
Well past, you know, where you can, you can bring it yourself. So, you know, as we look at this, the reason I, the reason I bring this up is that I want you to understand. That these, this kind of approach, and I'm going to talk about this is just part of your skillset. I imagine that it's just like you learn how to, you know, I don't know, do dry needling or something to that effect.
Maybe it's a skill that you had to learn, you weren't very good at initially, and you got better, and you help people get better results with it. And, and, you know, an organization within your business and tracking the right things is also something you can learn, you know, and you just have to put some effort into it.
And I hope that this gives you some context, not just content. Like I want clarity. Provided, you know, for, for, for this. And, and this should help you a lot with tracking the right things. So, so here's, here's what you'll do. So in a whiteboard or a piece of paper, and, at the very top of that, you're going to write what your quarterly goal is.
Okay? So like our quarterly goals, don't have anything to do with physical therapy practices. But like, let's say your quarterly goal is you want to go from $5,000 a month in revenue. To $10,000 a month in revenue. Okay? Let's say that's the goal, but in the next three months, you want to, you want to increase your income from $5,000 a month to $10,000 a month.
Maybe that is enough money for you to go from a side hustle. To a full time, cash-based practice business where all your efforts are going towards that, you don't have to go to that home health job, that you don't like going to anymore. You don't have to work at the hospital anymore. You don't have to work PRN on the side or whatever, and you're just focusing on the practice that you're, that you're mostly trying to, to develop.
Right? So your quarterly goal, let's say it's to go from $5,000 to $10,000. Now underneath that. You're going to have three columns. So you're going to have marketing, sales, and fulfillment, or. You could say, you know, retention or operations, any of that stuff would fit in here. But let's say marketing, sales, and fulfillment.
Okay? So from there, underneath that, you're going to have three bullet points. You can do as many as five, but let's just, we'll have you do three. So you're going to have a quarterly goal at the top. So let's say it's going to be to go from 5,000 to $10,000 a month. And then underneath that, you're going to have three columns.
And the top of those columns, it's going to say marketing, sales, and fulfillment. And then under that, you're going to have three bullets. So three bullets under marketing. Three bullets under sales and three bullets under fulfillment. Now. The reason this is important is that usually, the only thing that we focus on for increasing our practice is more new patients.
Now, new patients are incredibly important. It is, you know, one of the main drivers of revenue fluctuations in your business. So, you know, under marketing. You might want to put, you know, okay, maybe we need to increase our new patients, let's say from five a month to 10 a month, right? So let's say you're five a month doing $5,000 a month in revenue, and then.
You moved to 10 new patients a month, and you know, theoretically, that should increase your revenue pretty significantly. So, okay, we're going to grow from five to 10 new patients. Now, what do you necessarily need to do to increase from five to 10? So let's say, you know, in marketing it's maybe you have to teach.
Two workshops each month, for, you know, each month for those three quarters. Maybe it's set up, two meetings each week with a local business owner. It doesn't have to be in the health and wellness field, but another local business owner gets to know who they are. Maybe it's joining a networking group, you know, it's perhaps, right.
More content and target that content effectively on, you know, on social media and, and getting the right people to see that stuff. Maybe it's more video-based stuff and getting more involved in things like—video production work. For exercise, you might be doing education-based things, Instagram, all kinds of, these are all the things that you're going to put under marketing that is going to be the right fit for you to get that practice, to increase new patients.
So you can get your revenue from five to $10,000. Now, anything in there, we pick three. The three biggest ones you think are going to help the most, and those are the ones you're going to work on from a marketing standpoint. So. The beautiful thing about this is once you say, okay, I need to teach two workshops a month, then you write that down, and you say, okay, now I need to plan.
What am I going to teach in August, September, October, like over the next three months? What are you going to show a, where are you going to explain who you need to reach out to you? All of those things are now you have at least an idea of what direction you need to go from a marketing standpoint. The same thing will happen in sales, right?
So are you tracking sales? What's your percentage of people that reach out to you. They'd come in to see you. So if you're not following that, you need to know that. Let's say it's 50%, and let's say you have, let's say, ten inquiries each month, and only five of them are coming in. So now this is where we have some clarity about like, okay.
Is there some inefficiency here? We don't necessarily need just to chase new patients. It could be great for us to get, you know, five more new patients in the door via these marketing ops we already talked about. But what if your conversion rate is 50% about people who are already reaching out to you and you get better at converting.
Those people. So now, let's say you bring it up to 80%, and all of a sudden, three more new patients are coming in with no additional inquiries coming in, literally the same amount, but you've gotten more efficient at that. So maybe it's you need to increase your front end conversion into a new patient from 50% to 80%.
Maybe it's, you have people dropping off in your, in your practice, and a package a is an excellent opportunity for them to commit to you to solving the problem for you to determine to them and to be able to have that, cashflow on the front end as well. So what's your package sales percentage. If it's at 30% and you can bring it up to 60, that will dramatically change your, your revenue.
So for you, maybe you need to track that. Now, what are the things you need to improve in sales? Well, perhaps you need to do some study work. Maybe you need to enhance your skillset there. Perhaps you're, you're not so great at, Front end conversion or in-office conversion. So what do you need to do? You need to invest in yourself.
So I need to, you know, buy one course. I need to read three books about sales. I need to join a mastermind. I need to get coaching. I need to do something to reinvest in myself to improve this skillset so that my business will have the corresponding revenue change associated with this. And this is why I buy a ton of courses I'm involved in.
Multiple business groups. And it's because I always am trying to reinvest in myself cause I know I'm the biggest limiter to my ability to grow my businesses or not. So when I'm not growing personally or from a business skillset standpoint. Then you will flatline. Things won't increase. You'll get frustrated.
And how do you expect to like this is the this is the real question, like how do you plan to get better at sales if you know you're not good at it and you didn't learn it in school, do you? I mean, do you expect that you're going to be amazing at it if you have no guidance, no support, no structure of what's already working, and being able to leverage that information?
Like. It's so hard, and it will be tough for you to figure it all out on your own. So you have to use these other resources that are out there and then adapt it to your specific skill set, your particular setting. And then you can have these exponential changes in your skillset, which then you can teach other people.
So sales can be a huge driver. And then on the backend, it's fulfillment, right? So the last column would be fulfillment. So what things could help increase your revenue? Well. Maybe it's that you need to write a handwritten card to every single person that comes in thanking them for coming to work with you to come in and work with you and that you're very excited to help them, you know, get the specific result that they say that they want it.
And you send that out to every single new patient. Maybe you give them a tee shirt. And a tee shirt as well as a thank you card, as part of your, kind of like new patient onboarding to help improve their experience. Maybe it's before you have an admin, you text everybody, or you call everybody before they like 24 hours before they come in to see you.
To make sure that they remember when their appointment time is and that they're ready to go to come and see you on time. You know, the next day, how do you improve show up rate and cancellation rate and people finishing a plan of care. All of these things are things you can put in the bullet points under fulfillment that will increase your revenue by having better achievement on the backend.
Now though, these three, pillars are mostly the main things that you would need to focus on, and there's a lot of other things you can focus on, but the main things you need to focus on right now to move the needle of going from 5,000 to $10,000 a month in revenue right now. And there are all kinds of complexity and depth of knowledge and things you can get into with each of these bullet points.
But for now, having an idea of what you need to work on. And what goal you're moving towards. It's like taking that blindfold off, and now you know where you're driving. Maybe you don't exactly know how to drive the car. So great just yet, but you know where you're going, and you can see. And that's a huge step forward for many people in their business.
So when you look at clarity in these things, it comes down to you spending some time, and you might spend one to three hours working on this and getting into a better idea of like, what is you need to work on? You know. Where these, these opportunities lie. What you're missing maybe, and this is where it can be so helpful to have a group like our mastermind group, to be able to have a conversation with other business owners and a coach to be able to say like, okay, here's what I'm working on.
Like, what do you guys think? And it's super easy to see somebody else missing something. But it's tough to see yourself missing something because when you're in it, you don't see the 30,000-foot view and say, you can't see the forest through the trees. You're stuck in it. You're doing the work every single day, your bias, you know, and
That's where something like that can be constructive is to have a, a group of other people, you know, be able to take a non-biased, look at your business and help you miss the low hanging fruit and, and avoid some of these catastrophic things that can, can pop up as well. So, you know, as we look at it.
You are planning for these next 90 days. What you might need to do is get some help. You know, and if you guys are, if you're listening to this and you have a practice. This sort of sounds like you're trying to move from like 5,000 a month to 10,000 a month, maybe trying to move from 10 to 20 perhaps we're trying to move from one to five, you know, and you're just trying to prove that it works, that you can make this work and you're in that kind of proof of concept phase.
We should have a conversation because we can talk about this stuff. We can help you figure out what it is that you need to work on and give you a better idea of, you know, how you can best reinvest in yourself and both time and you know, monetarily, to get the result that you want, which is really.
To be honest with you, most people are to make enough money to replace their income. And ideally, more have to say over how they work with, and people have to say over when they work and how much they work, how much they charge, and what they can do with people and not let insurance dictate that to you. And if that's what you sound like, then we should have a conversation.
You can have to physical therapy, biz.com forward slash call, and you can set up a time to chat with me if this sounds like you, if you have a practice. Now I'll, I'll preface this. If you don't have a method. Don't set up a call because we'll figure out that you don't have a practice, and it won't be the right fit for you.
You won't have anything to talk about. You don't have any numbers to dig into. We can't clarify anything in your business. But if you have a practice and you're looking to try to get some clarity, and you're in your business and look for ways to help, you know, make massive changes and double that revenue in a short period.
Had to physical therapy, biz.com for slash call, and let's chat. I'd love nothing more than to be able to help you kind of figure out what you're doing, your business, and where you can have some improvements along the way and get some that low hanging fruit that can make these. Yeah. Significant changes in short periods.
So guys, hope this helps. This is how to do a 90-day sprint, quarterly planning. If we'll end of quarter three, but you can still do a nine-day dash. Okay. August, September, October, however, you want to set it up. It doesn't matter as long as you have a plan. I hope this is helpful. If you like this, let me know.
If you enjoy this episode, shout it out on Instagram. Let me know if you listen to it, put it on your stories, tag me in it. I'll reshare it, and I'll know that, that you're, that you're listening to this. I got a lot of positive feedback on the passive income. One that I did. If you haven't heard that head back and listened to that one, I hope I didn't get too angry, in that, in that episode.
But, that's a new topic as well. And one that I think a lot of people mess up, and this should be huge for, you can get a little bit of clarity in your business, a little bit of a direction of where you need to go. It can dramatically improve your industry over the next 90 days, and really set you up to tear your business up for longterm success, and to grow your team, and then eventually getting some of your time back to work on building your business and some of that passive revenue, I guess, in a way less active income and put it that way.
In your life as your business continues to grow and improve. So guys, as always, thank you so much for listening. I appreciate it. We'll talk to you next time.
Do you want more cash, PT, biz help? If so, get a copy of my book. Fuck insurance. It's your playbook to successful performance PT practice and never having to deal with insurance again. You can get a free copy at finsurancebook.com. Inside this book, you'll learn the direct techniques that we've used to become one of the fastest 100% cash PT practices in the country.