Having met with over 5,000 practitioners one-on-one to analyze their practices during the last 27 years, I have routinely asked each practice owner, “What are your goals?” Now, you would expect that at least some of them would have said, “I want to be rich.” After all, having lots of money is supposed to make one happy, right?
Instead, I have gotten a huge variety of answers, such as:
- Increase the new patients/clients
- Be a better, more effective boss
- Handle staff issues
- Increase efficiency and productivity
- Get busy enough to have an associate
- Move into a better location
- Buy or build a building
- Take vacations more often (or at all)
- Work fewer hours per week
- Run the practice more on time
- Do more effective marketing
- Get patients/clients to accept ideal care
- Have a happier, motivated team
- Have well-paid staff
- Get a bonus system in place
- Take home more net income
- Be able to go home happy
- Have enough money to retire comfortably
- Spend more time with the family
- Have time for more CE courses
- Do an Exit Strategy.
No one ever said out loud, “I want to be rich.” And I think I know why!
I believe that the word “rich” needs to be defined. The Random House College Dictionary has the following definitions:
1. having wealth or great possessions;
2.abounding in natural resources;
4.of great value or worth; valuable.
If you were to look at the above goals and envision each one of them having been met, I think you would see they all fit into definitions #2 and #4.
Every person who comes to see you and receives service exceeding their expectations and leaves the practice happier than when they came in – that is “of great value or worth,” right? A team that is well-paid, well-run and happy is a natural resource and yet is one that you can create. Your skills as a provider are great possessions, wouldn’t you agree? More time with your family is valuable beyond money, true? Feeling certain about yourself and your decisions as a boss or practice owner will give you satisfaction and inspire you to come to work every day and that is of great worth too!
So if your main goal is to get rich, maybe you are looking at it from the wrong angle. In fact, we have found that by enjoying the riches of all of the above being done well, the money will follow. But if you go after only the money single-mindedly, you may be missing all the riches to be had for real.
Be rich in the fullest sense of the word!