E669 | Why Your Company Vision Is So Important

In this episode of the podcast, we dive into the essential topic of maintaining a strong company culture and reducing staff turnover. Doc Danny draws from his own experience running a successful PT clinic as a "testing ground" for other businesses. However, despite its profitability, the lack of stability and frequent changes led to frustrated staff members who were unable to develop new roles and subsequently left to seek positions with more growth potential aligned with their futures.

Doc Danny emphasizes the importance of articulating a compelling long-term vision from the very beginning, even when starting small. It is crucial for business owners to paint a vivid picture of where their company is headed, whether it be developing multiple locations or specializing in a niche. People want to work for a company that is growing in exciting ways and offers opportunities for advancement over time. Owners must provide employees with the chance to see themselves progressing through roles such as education director or clinic manager. Ambitious individuals will naturally seek new challenges and increased income.

However, it is essential to acknowledge that not everyone can be immediately granted all the opportunities they desire. Some employees are content staying put, while others are always seeking growth and change. The latter group requires more management, but if their growth is accommodated, they can bring immense value to the business. Recognizing when someone is outgrowing the company helps avoid frustration on both sides.

Throughout the episode, Danny emphasizes the importance of regularly reminding all staff members of the company's vision and impact. By highlighting how the business helps clients achieve meaningful goals, a powerful motivator to focus on excellence is created. For instance, in a PT company, directly improving people's lives can serve as a driving force for the entire team. Ultimately, keeping the end goal and future potential at the forefront is key to retaining talented team members for the long term. Tune in to gain valuable insights on maintaining a solid company culture and reducing staff turnover.

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Podcast Transcript

Danny: Certain people are rivers and other people are ponds, right? Ponds, you're going to get what you get there. They're not moving anywhere. They're slow. They're what we consider like more B players in some ways, right? Like they're not as motivated to make changes or add things to the company and, but they're steady.

And you got these rivers and these rivers move and they're fast and they're they, but they'll move on if, especially if you can't if you can't manage them. Hey, are you a physical

therapist

looking to leverage your skillset 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's Danny Matet and over the last 15 years I've done pretty much everything you can in the profession. I've been a staff uee, 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 because I'm here to help you.

Hey, what's going on? Doc. Danny here with the P. T. entrepreneur podcast. And today we're talking about how do you keep your staff around? How do you keep your team around longer and maintain? A solid culture, as well as just focus on the right things as a leader to make sure you don't have a ton of turnover in your company.

Now, if you haven't hired yet, it's still going to be important for you because the ability for you to focus on a long term goal and a vision is really the most important thing to keep in mind as you're growing your company and as you're scaling past yourself. Now, as you Gain employees as you're building a team, here's something you have to keep in mind.

And I heard this at a recent conference that I was at, and it really resonated with me. The speaker said something to the effect of if your vision isn't big enough for your team to see their vision within, they will leave and go somewhere else, or they will leave and go do their own thing. And I think the way to really view this is, are you Growing something that is big enough to provide enough opportunity for really great people that are working with you to grow into the vision they have for their life.

And we saw this on the serious, the not so great side of it when we decided to run our practice. As more of a testing ground for people we were working with in PT biz than actually trying to grow it past a certain stage. So we felt that the size that our practice was at was great. It was very easy to manage.

It was very profitable and what we decided to do was really to leverage the practice that we had to test things that we could then share with other people that we were working with in PTBIS and by doing so. It, you can imagine this maybe isn't the greatest place for an employee to work, right? Because it's a lot of change things are being tested.

There's not as much stability aside from the fact that obviously like our revenue and our numbers were always solid. It just was, it was a lot. Moving parts and what happened for us was we ended up with, turnover from with really good staff members because of frustration of not wanting to just work at a clinic that probably was just going to continue to test and vet things for other people's clinics.

And they wanted to grow into additional roles. And we didn't really want to take on the additional effort of doing so because we were working so much on PT biz. So by doing so, we. Put herself in a place where we didn't cast a big enough vision for people that we worked with to see themself staying there.

So in order for them to move towards whatever their future vision was, they had to either go do their own thing or go find a job in a bigger business that had more growth potential that aligned with what they're trying to do. And this is something you have to keep in mind at really all stages of your business, because even if you're hiring.

You're, you might be on your first hire, which I think is like the hardest one to make, especially for a staff clinician, you might be in a subleased space in a gym or, a small clinic and it doesn't really look all that appealing to them, right? Like it looks like a small clinic that you're subleasing from a gym.

Keep that in mind. Like you may think this is awesome and you love where you're at. They view it as a little, a little room connected to a gym. It doesn't really look like a real business to them. So you have to be able to articulate and cast this huge vision of what you're moving towards and get them excited about wanting to be a part of that, not a part of the current business that you have, because the current business that you have is a subwoofer office in a gym.

You moving towards this like holistic, Whatever multidisciplinary center that you want to grow into and however many locations and changing whatever the health of whatever niche you're into. That's a bigger vision that people want to be a part of. They want to grow within that, right?

And maybe for them, they see themselves growing into an education director role or a clinic director role or an owner operator role that they can grow into within your own practice. And people that are growth oriented individuals, they're going to seek. Change and they want to evolve and they want to take on more responsibility and they want to be able to make more income.

And all of these things are possible. If your vision is big enough to absorb their visions into it, because everyone has a vision for their own life. Everyone has goals for their own life. They want, certain things from their life. They want to be able to do things like buy a house or. Have enough stability where they can start a family, or maybe they want to be able to have enough disposal income where they can travel, or maybe they just want to they want to excel in something and be able to be in a leadership position within a company that they respect and.

If you do not give them that opportunity to even see themselves within your business, that's where we start to see turnover. That's where we start to see people get frustrated. And we've seen this, I've seen this now with multiple companies. And you can't, the other thing is you can't always. Keep everybody around.

That's actually impossible. Just not going to happen. Certain people are rivers and other people are ponds, right? Ponds. You're going to get what you get there. They're not moving anywhere. They're slow. They're what we consider like more B players in some ways, right? Like they're not as motivated to make changes or add things to the company and, but they're steady.

And you get these rivers and these rivers move and they're fast and they're they, but they'll move on if, especially if you can't if you can't manage them and these are people that can be incredibly valuable to your company, but they take more effort on your part. They take more management and, you need a healthy mix of both of them because you need both.

Honestly, you need ponds, you need rivers and you need people that are just really bought into your culture. And what you're trying to do, but the only way to really keep those people around, especially the rivers, is to give them a really big vision that they can move towards with you and be a part of and feel like they're really a part of something exciting, something that gets them close to what they're trying to do within their life and giving them opportunity.

And as soon as you stop giving people opportunity and don't get me wrong, sometimes. You can't give everyone all the opportunities that they want. And you shouldn't necessarily do that either. You shouldn't compromise where you're at in your business to make room for somebody that maybe is growing faster than you can, because that happens too.

And those people will move on and they'll do their own thing, or they'll go and get a job somewhere else. That's normal. You just got to understand the difference between, you. Playing too small for somebody to stick around and you working towards your goals at the pace that you have and somebody that maybe is trying to go faster than that, that maybe isn't the best longterm fit which can be hard to decide what they are, but either way, it all comes down to what are you trying to accomplish?

What's your vision? What are you changing? What are you impacting? Who are you inspiring and continually reminding people of what that vision is like I've heard. People say business owners, main job. You're the chief reminding officer. You're reminding people of what you do, why they're here, who you're helping what positive impact you're making on the world.

And in our businesses, it's so much easier. Or could you imagine selling something like, I don't know notebooks or something, fidget spinners or just something that is, that's not necessarily tied directly to somebody. Changing how they feel and the things you're able to do in the world, like in these businesses, we have these practices we have, and we legitimately get to help people get back to activities they love with the people that they love doing them with and experience the world in a way that they want to experience it for as long as they possibly can.

Holy shit. How awesome is that? Like that alone right there is enough to excite somebody to want to, stay. Focus on the mission of being the best that they can possibly be at their profession and all the support roles around it are the same, right? What a, what amazing thing to help people do.

So you got to keep reminding them of that. You got to keep reminding them of them, of where your company is going, because if they can't see themselves. In your vision, then they're going to move somewhere where they can.

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