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I recently finished a consulting project with a client who was interested in a practice tune-up for performance and strategy. The practice was a one therapist operation.
One of the first things we did was go back and review a few key agreements the practice had signed. One of those agreements was a contract with an outsource service provider.
SURPRISE!
The service contract referenced a certain deliverable that the provider had not delivered and that resulted in the practice assuming the cost for the overlooked service. It was an incidental clause that had remained overlooked for 5 years during which it had approximately a $76,000 ($15,000 annual) negative impact on the practice's bottom line!
We are hopeful those dollars will be recovered from the outsource provider. Return on investment for the practice owner? About 3,700% - not a bad investment in a punk economy!
What is being overlooked in your practice? What's right there just waiting to be discovered? In my experience with hundreds of practices, every practice is overlooking something! Most are overlooking multiple things. Every dollar discovered is new found profit.
"Thar's gold in them thar hills!"
It's a good time to go prospecting! And, that is particularly so in a down economy. It's all about knowing where to dig - a reliable map and experience has proven helpful. At Performance Builders we have both - could you use some help digging?
Bob
(c) copyright 2009
Performance Builders
Showing posts with label Client Stories. Show all posts
Showing posts with label Client Stories. Show all posts
Monday, September 7, 2009
Saturday, August 22, 2009
Compete
I had an interesting conversation with a new client this week about market competition. The challenge was this... The client's practice was in a midsized market with many competitors, plus additional competitors in surrounding communities. The conversation wasn't about how to survive but rather how to grow and thrive! To the client's credit they wanted to grow! I love spunk!
Its tough to grow in a crowded market in which referral patterns and loyalties are well established. It's unlikely they are going to grow using traditional "me too" strategies of yellow pages advertising, newsletters, prescription pads, office calls - you know the drill. Such activities may be an incidental part of one's marketing activities but they are not the seeds for growth when everyone else is doing the same things.
There's an old marketing truth that says, "When everyone else is zigging there can be a lot of value in zagging." What does zagging look like in your market?
For this client we identified two unique high impact growth strategies that taken together hold strong potential for being a game changer in their market. Both were chosen because of their potential positive impact on growth in a crowded market and because they were a good fit for the practice's long term vision, values, and resources. The concept behind the strategies was simple, "If you can't win the game everyone else is playing, create a new game that you are uniquely equiped to win."
Our marketing conversation took place in the context of a larger discussion that included benchmarking the practice's current performance operationally and financially, establishing new performance expectations, implementing a real-time performance tracking and management system, and the formation of a long term marketing strategy. Their team is motivated, competent, and willing to work hard. I think their prospects are good despite a competitive market.
Only time will tell, but I've got advice for this practice's competition - "Keep an eye on your lunch because I know a practice with an appetite that is getting ready to eat it for you!
Bob
(c) copyright 2009
Performance Builders
Its tough to grow in a crowded market in which referral patterns and loyalties are well established. It's unlikely they are going to grow using traditional "me too" strategies of yellow pages advertising, newsletters, prescription pads, office calls - you know the drill. Such activities may be an incidental part of one's marketing activities but they are not the seeds for growth when everyone else is doing the same things.
There's an old marketing truth that says, "When everyone else is zigging there can be a lot of value in zagging." What does zagging look like in your market?
For this client we identified two unique high impact growth strategies that taken together hold strong potential for being a game changer in their market. Both were chosen because of their potential positive impact on growth in a crowded market and because they were a good fit for the practice's long term vision, values, and resources. The concept behind the strategies was simple, "If you can't win the game everyone else is playing, create a new game that you are uniquely equiped to win."
Our marketing conversation took place in the context of a larger discussion that included benchmarking the practice's current performance operationally and financially, establishing new performance expectations, implementing a real-time performance tracking and management system, and the formation of a long term marketing strategy. Their team is motivated, competent, and willing to work hard. I think their prospects are good despite a competitive market.
Only time will tell, but I've got advice for this practice's competition - "Keep an eye on your lunch because I know a practice with an appetite that is getting ready to eat it for you!
Bob
(c) copyright 2009
Performance Builders
