E696 | How To Gain Business Momentum

In this episode, Dr. Danny explores the concept of momentum and its importance in both business and life. He emphasizes that momentum is not just about consistent progress, but also about the hard work that goes into achieving your goals. Using his son's experience in 6th grade as an example, Dr. Danny shows how overcoming challenges and setting specific goals can build confidence and skills.

Dr. Danny highlights a common mistake made by entrepreneurs - focusing too much on outcomes and not enough on the work required. He advises against celebrating wins too much and getting discouraged by losses. Instead, he suggests using objective metrics like the Net Promoter Score (NPS) to track small improvements over time. He shares a success story of a clinic that increased its NPS by creating informational videos for new patients, demonstrating the power of consistency in achieving long-term success.

Furthermore, Dr. Danny acknowledges that the infrastructure-building phase can be discouraging, as growth percentages may decrease despite expanding the business. He emphasizes the importance of focusing on skill development and maintaining a larger vision, rather than getting caught up in immediate numbers. He encourages viewing setbacks and slower periods as opportunities for future growth rather than failures.

In conclusion, this episode provides valuable insights on gaining and sustaining momentum. Dr. Danny emphasizes the need to establish baselines, make incremental process improvements, stay patient as gains take time to manifest, focus on work over outcomes, and view setbacks as building blocks for future success. With the right mindset and continuous effort, listeners can learn how to achieve momentum in both their personal and professional lives.

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Podcast Transcript

Danny: 

Hey, real quick. If you were serious about starting or growing your cash based practice, I want to formally invite you to go to Facebook and join our PT entrepreneurs Facebook group. This is a group of over 6, 000 providers all over the country. And it's a pretty amazing place to start to get involved in the conversation.

Hope to see you there soon. Hey, are you a physical therapist looking to leverage your skill set in a way that helps you create time and financial freedom for yourself and your family? If so, you're in the right spot. My name is Danny Matei, and over the last 15 years, I've done pretty much everything you can in the profession.

I've been a staff PT, I've been an active duty military officer physical therapist. I've started my own cash practice. I've sold that cash practice. And today my company physical therapy business helped over a thousand clinicians start growing scale, their own cash practices. So if this sounds like something you want to do, listen up, cause I'm here to help you.

Hey, Dr. Danny here. Welcome to the PG entrepreneur podcast. And I wanted to hop on here to let you know that this podcast doesn't have. The audio that is quite as high quality as we typically have, um, is a complete user error and shows you, uh, what a tech idiot I can be. And, uh, I, I put a lot of prep into a podcast, uh, that I wanted to put together and I recorded it and I got a new computer in my hands.

And realized that my mic, uh, was not defaulting to what I typically use and the computer audio picked up instead as a backup. So we are going to try to make this sound as good as we can, but if it doesn't sound all that awesome, I apologize. That is a, that's on me, but I didn't want to scrap it because I thought this was a pretty good one and wanted to share it with everyone.

So as always, thanks for listening and we will see you on the next one. What's going on. Doc Danny here with the PT entrepreneur podcast, and. Today we are talking about one of the most elusive things that anyone, it's an entrepreneur or business owner or whatever, anybody that is in our space that's trying to do their own thing can possibly, uh, find and grasp onto and, uh, work towards.

And that's momentum and momentum is something that I've talked about a handful of times. Um, but you know, it's really something that it is. The best like I'll kind of describe the way that I view momentum and this this happens not just in business, but any part of your life. It's just the ability where you feel like you're making progress.

You feel like you're growing towards a, uh, a goal that you have or, um, some sort of change you're trying to make or whatever it is, but you're, you're making positive progress, forward progress. Uh, and you see that, that traction that you're gaining. And in business, and momentum is elusive and addictive and also very frustrating.

Once you feel what it feels like to have momentum in your business, and then for you to feel like you sort of flatline and you get stuck. And there's periods of times where you're going to have, you're going to feel like you're Just clicking everything is just like, you know, it's all firing on all cylinders.

You're, you're just, everything's going right. Um, and then there's going to be periods where it feels like there's nothing you can possibly do where things work out. Um, and that's normal, you know, that's the undulation that is Life in general, but definitely entrepreneurship. It is a very much a roller coaster, especially early on because you don't have a lot of perspective, uh, and experiences when things have gone well and things that haven't gone well.

So you think when something goes well, that it's like the greatest thing in the world. And then you think when something goes bad, that it's the end of your business. So the peaks and troughs. And the early stages in particular are really, really, um, they're big. So when we look at momentum, I wanted to give like a relevant example just personally that I've seen.

Um, and then I'll, I'll kind of talk about, you know, how can you apply that to your own, uh, to your own business. Um, and maybe like wherever you're trying to make progress. So, um, I have a son and he's in sixth grade. And for those of you that can remember middle school, uh, from, I don't know, many people that were like, yeah, middle school is awesome.

Especially sixth grade. Uh, I definitely didn't enjoy middle school a whole lot. I went to three middle schools. in three years. Uh, so that sucked, but the, the sixth grade year, I think, is the hardest one. And here's why I say that. You are the smallest in the school. Um, you're changing classes, like, for the first time usually, so there's a, there's a learning curve there.

Uh, the requirements of you increase quite a bit in terms of uh, different classes and assignments. And, uh, now there's a lot of technology that, um, is utilized in classrooms with, uh, you know, with, with my kids that they have to learn as well. So they're learning all these new things and they're oftentimes they're around like more new kids and stuff like that.

So sixth grade can be tough. And. You know, when I, when I saw my son beginning of the school year, like he just looked like a deer in the headlights with knowing what class to go to and all this stuff or whatever. And you're very unsure of yourself. Cause again, you're like, you're the smallest one there.

Um, and you know, so we sat down and there were certain things between him and. My wife and I that we said, all right, cool. Like, where do you feel like you're struggling? What do you need help with? What do you want to get better at? And then, you know, what can we do to start to improve that? Right? So he was having a hard time with, um, you know, figuring out when to turn assignments in.

So cool. So we, you know, create some structure around that so that he has, uh, you know, he knows when assignments are due and to check things that he needs to check on a weekly basis. He's got two different classes, an A day and a B day. So what do we do? We get two different backpacks. So he knows, all right, A day, I take this backpack.

B day, I take. Uh, this backpack, right? Um, what do you feel like you're struggling in? Okay, math, uh, Spanish, like whatever it is. All right. Well, what do we need to do? What extra work do we need to do? What, um, things you need to ask your teachers about to make sure that you are, you know, on the right track and learning the right things.

And, um, and then it's about, uh, focusing on the work and putting, putting effort into it. Uh, one thing he got really into this year, which he'd never played before, is Ultimate Frisbee. He, he, uh, It's like his favorite sport and he wants to play, you know, um, for the middle school, but also, um, the high school, which allows middle schoolers to play, uh, on the JV team.

And, um, so that was a goal of his. And we said, all right, cool. So if you want to do that, what do we need to do? So again, it's bigger now. What are you trying to, um, what are you, what are you trying to do and what work do you need to put in, in order to work towards that? I think this is where most people, especially when we're looking at the entrepreneurial community of people that, I mean, primarily the people that I work with and that we work with at P.

T. Biz, I see a lot of people, and I'm guilty of this by the way, as well. They focus on the outcome. I haven't hit my, you know, whatever, revenue goal for the year. Let's say you want to be at a million dollars for the year, right? So you have to. Make around 83, 000 a month in order for that to equate to a million dollars in a year in gross revenue top line revenue, right?

So you fixate on the revenue you fixate on visits and and all that stuff But it's what you're looking at is the outcome And you're not looking at the work that needs to be done. And if you really want to gain momentum, you have to work on, uh, you, you have to learn and develop skills and put in the work and focus on the work, not on the outcome.

Because if you focus on the outcome, you'll get far too sucked into the ups and the downs associated with whether you're achieving that goal or not. Right? So like in this example, let's say you want it, that was your goal, you want to hit a million dollar business. Let's say you had a month where, you know, you're at 60, 000, which is a great month for most people.

But in your case, you're 23, 000 short of where you need to be for that month. The sky is falling. Everything is falling apart. It's the worst thing in the world. You're frustrated. And next month, maybe you hit 120, 000 and you're like back on track. Uh, and, and, uh, it's averaging out. So now you're the smartest person on the planet and you've got everything figured out.

And this up and down, this, this, uh, just bouncing around in terms of how you're feeling and viewing yourself is just like exhausting. It's so hard to do and it makes you, you know, really, it makes you difficult to be around because emotionally you're constantly up and down. There's this whole concept of the golden mean, um, or like the, the middle path.

Um, and, and thinking of how can you, uh, manage the ups and downs of, of life or whatever you're trying to do, uh, and stay focused on what the goal is without letting that bother you too much. One way or another or or that you get too overly excited or overly confident about where you're at And confidence is a funny thing because confidence comes off the back of momentum typically So i've seen this with my son, right?

So like he's put all his work in he got asked to play for the high school team as a sixth grader The only one this kid's strutting around like, you know, he's A professional athlete now and for his confidence, it's a great thing for him for his confidence The thing is It came off of a massive amount of hard work that he put in after understanding that I need to get better at X, Y, and Z.

And I'm going to focus on doing these things three times a week, you know, or whatever it is that you're trying to improve. And if we want to kind of draw this back to momentum and confidence, like you really need to understand what you're trying to improve. So let's say you want to get more new patients.

Let's say that you're struggling with that and you don't know where to start, right? You're like, I, I get, Eight new patients a month like clockwork. That's it. No matter what I do or don't do. That's all that I get Well, you have to know where you're starting right? So let's say all right. My baseline is eight Now how happy are your customers?

That's a great place to start. You know, what do they think about your business? How likely would they be to send somebody else your business because I mean the heart the hard truth for most people is Your business is okay. It's not great. It's not terrible. It's like, it's okay. You know, it's enough to be in business, but not so bad that people are going to, you know, leave a terrible review on your business.

Um, but that's not necessarily what really grows and scales. The things that scale and grow are the things that are awesome. And that takes work and intentional effort. To be able to improve. So as an example, let's say you have eight people that come in like clockwork. That's what you always get. I would recommend starting with some objective data, right?

There's something you can do is called the net promoter score. It's a simple one question survey. How likely are you to refer a friend or family member to this business? And it's a scale of zero to 10 nines and tens mean that they are promoters. They love your business. And then six is in below are what are called detractors or meaning they really don't like your business.

They probably are not coming back and they probably are not going to tell anybody to come your way. Most likely they might say something negative about your business. So this gives you a really good place to start. Okay, my NPS score is 4. On these like first ten people that I tracked is a eight and a half.

Okay, that's your baseline So now you know where to start like where are you starting eight patients with an average NPS score of eight and a half? All right that that might make you feel like you're kind of stuck I guess we're not as good as we thought and I don't know what this means for me and getting morning patients well Now you have a baseline, you can start to add things in to help improve the likelihood that people are going to have a great experience.

Because if they have a great experience and you deliver a great outcome, which most clinicians do. Most clinicians that are going to go into business for themselves, they feel competent. They feel like they can help people and they probably can. But you getting somebody an outcome is half of it. The other half is how'd you feel or how did they feel with interaction with your company?

Little things. Were you on time? What did your place look like? What did it smell like? What was the uh, communication prior to them coming in? What was the communication after them coming in? Did you check in on them? Did you not? You know, did you do anything personalized for them? Did you use their name?

You know, did everyone on your team use their name? Little things like this can make a massive difference. So you can sit down and you can say, Okay, we have an 8. 5 NPS score. That's my objective data. What do I, I want to get better. I want to raise this. So what do I need to do around that? We could take any of the things that I just mentioned, you know, which will help with the experience side of your visit.

Assuming your clinical skill set is great, because that should be a check the box to even open up your own practice. Uh, you know, if you're not good at that, you can have the best marketing in the world, but if you can't help, we'll get outcomes. They're not coming back and they're not going to send anybody away and you're going to have a really hard time with your business.

Um, but let's say you have that, right? So, all right, cool. First things first, we're going to start, uh, making sure that everybody knows exactly what they can expect when they come in to see me. All right. So you make a video of where you're located, how they get to your office, how they, you You know, where do they wait?

What should they be wearing? And you send that out to everybody before they come in. All right, change that one variable. All of a sudden, next 10, your NPS score is a 8. 8. All right, awesome. We've made progress. This is momentum. We're starting to move towards something that we want to improve, that we want to get better at.

No more new patients, eight, eight more new patients come in the next month, but your NPS score is going up. Hey, sorry to interrupt the podcast, but I have a huge favor to ask of you. If you are a long time listener or a new listener and you're finding value in this podcast, please head over to iTunes or Spotify or wherever you listen to the podcast and please leave a rating and review.

This is actually very helpful for us to get this podcast more clinicians and really help them develop time and financial freedom. So if you would do that, I would greatly appreciate it. Now back to the podcast. And you start to think, ah, shit, this isn't working. Well, we're seeing an objective measure go up.

We're seeing the work you're putting in improve and pay off. So what's next? All right, well, maybe you need to do a better job after the fact, following up with people. You send a very thorough followup email, explaining what happened at the visit, you know, in verbiage that their spouse could understand.

So, when they get home and they explain to them why they just dropped 1, 500 with you for a plan of care, that it's, you put them in a great spot. And their spouse is fully, fully, you know, aware of what's going on and supportive of what they're doing. And they understand how to get in touch with you and what the next steps are.

And you check in on them and maybe you send them a text a couple days later to see how things are going, if they have any questions, uh, little things like that. All of a sudden, the next month you do your NPS score and it jumps. And let's say you said a nine and a half. All of a sudden you're like, whoa, I'm making progress.

And now you've got nine new people that came in instead of eight. And that one more new person may not seem like a lot, but percentage wise, it's a pretty decent difference that's starting to happen, especially considering a lot of this stuff takes time to really improve and make changes because people don't just turn around and spew how awesome you are on them all the time.

They want to see as they work with your business, reliability of that and consistency. People are very slow to want to refer people to another business. Because their reputation is you can't buy that you can't buy trust from your Friends from your community you have to earn that so if you recommend businesses that are subpar or just average Then your reputation gets watered down as well and people don't want that so they very much protect What they're willing to recommend or refer or not so you keep doing the same thing You notice awesome my nps score staying really high people really like this the next month you got 11 people that come in three more than where you started all of a sudden the next month you're at 12 So now you've increased your New patient volume by focusing on one very specific thing, tracking it, and making progress in that one area over an extended period of time and focusing on the work, not necessarily on the outcome.

Because for some people, they may make these positive changes, but a month in, there's no change in the number of new patients that they have. And they think to themselves, well, this isn't working. I am going to stop this. This is extra work I don't need to be doing. I'm busy enough. I see an improvement in my NPS score, but there's no new patients.

I'm going to stop doing this. And what you just did is you started to work towards a solution to a problem and gaining momentum and seeing that happen and then all of a sudden you stopped because you were focusing too much on the outcome and not enough on the work. And this is where everybody gets stuck.

And if you can understand this, this is going to help you in so many ways. scenarios in your business, probably in your life. I mean, just think in terms of health and wellness, right? You've got people that maybe you're working with. Maybe it's a family member. Maybe it's, maybe it's yourself. You're trying to make a positive health change.

Maybe you're trying to lose some weight and you say, okay, I'm not drinking, you know, sugary drinks anymore. I'm, I'm not eating, you know, dessert seven days a week. I'm only doing it two days a week. Um, I've cleaned up, you know, a lot of, uh, processed foods that are in the house. I'm eating more vegetables and, and fruit and, uh, food that will go bad if it sits out for, you know, a few days.

I'm walking more, you know, I'm, I'm objectively moving more. I see it on my step count and you're a month in, right? And you, you, you just don't see the change on the scale that you want to see. You stand on it and you're two pounds different. You're like, damn, what the hell is this working? Is this not working?

And for a lot of people that kind of a change, they're not going to make in four weeks. They may, it may take two, three months for them to really start to see a big change on something like, like what they actually weigh. Not only that, but we know that that data can be skewed. Maybe you've dropped some non useful tissue and you've increased, you know, the, the amount of, uh, muscle that you have.

Maybe your bone density has increased because you're, you're, you're lifting, you know, uh, more. You know, and you're starting to see these changes that are occurring to you, uh, internally, but you can't see it with the, the metric that you're tracking. So, but in actuality, we know if you focus on these things, Things will change for the better unless there's some sort of, you know, systemic underlying problem, which is, which is rare in the grand scheme of things.

That's going to help the vast majority of people improve their health, how they feel, how they look, um, just their general health overall, but it's the ability to be patient. And focus on the work that is what most will struggle with. So instead of looking at the scale, focus on the workouts that you said you were going to do.

The, tracking the food that you said that you wanted to avoid or maybe add more of. And see for yourself, it's like, oh man, I've had four weeks in a row now where I've worked out, uh, four days a week. And I've gotten 10, 000 steps, five out of seven days. But over, over each of these first four weeks, when prior to that, maybe you're very sedentary.

You rarely got any movement in at all. That is progress. You focus on that. That's going to make you feel better about what you're doing. The outcome might make you feel worse because it's not happening as fast as you would like. This happens constantly with business owners that I get a chance to, you know, to work with that I'll talk to our coaches that are working with them, all kinds of stuff where it's like, yeah, but this isn't happening fast enough.

I'm sorry, that's not the way it always works. You know, to have rapid explosive growth, that might happen, but it's typically in stages and it has to do with the groundwork that you've laid and the amount of work you put in before that stage. But during that stage where you're putting all that work in, it can feel like you are stuck.

It feels like you're, you're not making any positive change, but you are. It's just, it's. It's, it's infrastructure is what you're laying. And then all of a sudden we see a big jump and this is usually what happens. We see businesses go up, then they sort of flatline and then they go up and then they flatline and they go up and they flatline because you have these growth stages and you have stages where you're basically building, right?

So you can't jump to the next stage until you have the infrastructure in order to do so. I see this constantly with people that are moving to, uh, like their first standalone spaces. They, they see fast growth because their schedule gets filled up. They have really, they don't have a lot of constraints except for their own schedule, which they might max out really fast, but to get there can happen quickly.

And then if we look at the next stage, it's they have to move to a standalone space. But part of that is hard because they have to find a space while they're still seeing a bunch of people, they have to save the capital up to do so. They might have to do a build out or equipment, all this, right? So they move into this new space.

They hire another person on. And during that stage what they're going to see is, they're going to see that their gross revenue is going to grow, it's going to grow slower, percentage wise, than it was when it was just them. Their profit is going to be lower than it was just them. And they're going to feel like they took a step backwards.

But they didn't take a step backwards, they're building infrastructure. They have the infrastructure now to bring on four other staff members, so five people. including themselves. And that could be a difference of, you know, going from maybe you're maxed out at 15, 20, 000 a month in revenue by yourself to all of a sudden now you're at 100, 000 in revenue with this facility fully outfitted with all the people that you need in it.

But you're just like one little step of the way there. And you've had to do all this building and all this infrastructure development before then you can go and try to hire and bring on other people and then really scale past yourself. And that stage can feel tough. It can, it can feel like you're stuck in the rut and you're, you know, you're not gaining momentum.

And for a lot of people, they find this stage very frustrating. So what do you focus on? Focus on the work, look around your fricking facility at the awesome space you have now. Yes, maybe you're not at the revenue levels you want to be at, but you have a, you you've built a home for your business. That you can, you know, build into more people than just yourself.

And each additional person that you bring on means that you're working more and more towards being able to have efficiency. You need in that facility to justify it. So focus on the things that are going to get there. Hi, uh, finding and hiring great people, training those people up, being a great leader.

You know, continuing to remind them about what your mission and vision is and why they're working with you and what you're working towards and how fortunate you are to be able to help people with their physical health, which is just such a personally rewarding thing to be able to do. Like beat the drum of why you do what you do on an ongoing basis, you know, focus on your business, focus on your people, focus on helping them grow as individuals and then gaining momentum in the areas that they're trying to improve in.

Learn new skills, learn how to be a better leader, learn how to be a better business owner, learn more about finance and marketing and sales, grow into the business owner deserves that space. Focus on those skills, not necessarily just what the visit volume is and the revenue. And if you focus on those skills.

The other things will come, but you have to be patient and not give up on them before they actually happen. And that's what happens for a lot of people. They get frustrated. This isn't working. I'm going to go back to what was working before. I get it. I almost did the same thing. I remember when we moved into our standalone space, it was like, A, it took way longer than we thought.

It cost way more than we thought. We had no idea what was going on as we worked through that and I remember just thinking I was like, God, please I wish I could go back to my my little office in a CrossFit gym. Life was so much easier It was so much more predictable. I had less stress I had less things to worry about But you know if I had done that if I had been given the option to do that There's a reason why they lock you into leases over extended periods of time.

It's probably so people can't just jump ship Easily and it's a good thing long term But if I could have done it, man, I really, I feel like I would have given you some serious thought because it was so hard. It was so difficult. And it felt like we took a step backwards in business for extended period of time as we were growing.

And I didn't focus on this stuff. I focused on our net profit, focused on our revenue, almost exclusively. And it was an unhappy time for me, like just frustrated, difficult person to be around, just grumpy. Cause I thought things were, were not going the way that I wanted to go. What I didn't realize was.

What we were building was going to end up being far bigger than what I thought, and I didn't focus on the work as much as I focused on the outcome. So I lost all my momentum, you know, until you realize, oh shit, this is working. Like one day it's going to hit you. You're like, wow, this is all working. You get that momentum back.

Now all of a sudden you're happy. You're the kind of person that people do want to be around. You know, you're not, you're not, uh, short with your kids. You're not, uh, short with your spouse. Like you have patience. You're enjoyable, you know, to be around. You're a happy person. Like you can keep that. You can maintain that and still go through these, these difficult business cycles.

Just by understanding of what you're focusing on. That's the key, right? There's a, there's a saying I love and it's, it's that you have to work harder on yourself than you do on your job. And that is the freaking truth. And as you start to realize that you're building towards something that is going to be bigger than you, you have to really focus on the work that you need to put in to make, make you be the best business owner, the best leader you can possibly be.

Focus on improving those skills. Focus on getting help where you need help. You know, my son wants to play Ultimate Frisbee. Alright, cool. I, we found him an Ultimate Frisbee coach that worked with him on some things that he didn't understand about the game, things he could get better at. All of a sudden, you know, he's got drills, he understands what to work on.

There's a, there's a reason why there's coaches. There's a reason why there's people that know, you know, what you're trying to do and they help you get there. It's because it works. You just have to be able to find those people, find the right resources, have the right plan in place, and stick to that plan over a long enough period of time.

If you can do that, you can pretty much accomplish whatever it is that you want in business, outside of business, whatever. So I thought this was a cool little scenario I saw with my son, um, you know, it's, it's fun to watch him go from, you know, just unsure. It's so funny. It's like, it's like the stage of somebody starting a business, right?

It's just like, you're unsure, you don't know what you're doing. You feel like you have imposter syndrome. And, uh, but as you start to get some wins and you build some confidence and you gain some momentum, all of a sudden you start to see like, whoa, look at all these possibilities, look at all these things are in front of me that I can do.

And it's just, it's been interesting to watch him kind of grow and go through this first year in this new school. And with the people that I work with, uh, in all different stages, it's so similar. So. So, you know, don't get frustrated, focus on the work, chase that momentum, try to find that momentum, keep that momentum.

If you feel like you don't, if you feel like you're stuck in a rut, learn something, learn something you can apply to your current situation that's going to help you progress and move forward to the goals that you have. And that right there will help get you back on track, gain some positive momentum, move towards whatever it is you're trying to do.

And uh, and, and that's probably the most important thing is slow, consistent progress and understanding that this is a. It's a long game. It's a game you want to play for as long as you possibly can. Don't try to rush it. You know, put the work in. Don't focus on the outcome and don't make yourself, you know, completely unhappy because you're not getting what you want fast enough.

What would you tell? What would you tell your child if they were frustrated because they weren't getting what they wanted fast enough? You probably tell them to relax, be patient, focus on the things that are going to move them towards that. Not so much on the outcome, you know, and just chill out, put the work in, focus on that and everything else will fall into place.

And the same thing will happen for you.

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Then we share with you the sales and marketing systems that we use within our mastermind that you need to have as well. If you want to go full time in your own practice, and then finally we help you create a one page business plan. That's right. Not these 15 day business plans. You want to take the small business Association a one day business plan.

It's going to help you get very clear on exactly what you need to do and when you're going to do it to take. Action if you're interested in signing up for this challenge, it's totally free head to physicaltherapybiz. com Forward slash challenge get signed up there. Please. Enjoy. We put a lot of energy into this.

It's totally free It's something I think is gonna help you Tremendously as long as you're willing to do the work if you're doing doing the work you're getting Information put down and getting yourself ready to take action in a very organized way You will have success which is what we want to head to physicaltherapybiz.

com Forward slash challenge and get signed up today.