What Would Your Practice Look Like if Revenues Increased 50 % over the Next Two Years?
A direct reflection of the practices’ relationship with the market
Earlier this year I met with a prospective client projecting a five percent (5%) increase in their practice revenues for the current year. His reasoning was that “the economy is still affected by the recession. Business is not expected to grow.”
How many times have you heard this excuse for the lack of growth in a business?
By the way, the client’s practice revenue increased by over 50% in two years and is growing by fifteen percent in 2014!
Revenue is a direct reflection of the practices’ relationship with the market and, more particularly, meeting or exceeding the market’s demands. On an ongoing basis, consumer-demands for products or services change dependent on their own personal circumstances, which in turn are influenced by what is occurring their lives or the local economy.
I found it interesting to read, in the Bayer Veterinary Care Usage Study, the reason many pet owners did not take their pets to the veterinarian or took them less often was because they did not understand the need for or value of routine wellness examinations. Their study further confirmed clients would visit the veterinarian more often if they clearly understood the health benefits for their pets and the economic benefits for themselves (ie: avoiding expensive treatments later) associated with such visits. Unfortunately to date, I have not seen one web site that explained the benefits of wellness examinations!
With extra ordinary growth as your practice objective, your desire to achieve will instill curiosity and creativity to reach out and objectively see what your practice is not delivering in client requirements (ie: meaningful information) and react timely to move in meeting their demands.
The recession did not change the market place’s spending. It changed the way consumers viewed spending. Their definition of perceived value changed and companies that reacted to this new way of thinking grew.
Moving a business forward is like planning a vacation. Once you have decided on your destination, you can then begin to plan how to reach it. Planning a zero increase will undoubtedly result in a zero increase. Planning a 50% increase could result in a 50% increase and then what would you do?