Tips and Ideas Weekly Letter: Lucky You!

Lucky You!

Years ago, you made a wise decision. You invested in yourself.

No matter what happens to the economy, this investment is safe. It earns you money.

If instead you had invested in something else, your investment might not be paying off right now. Your investment might even be gone forever.

Fortunately, as a health-care professional, and as practice owner, you own an outstanding asset. It helps you prosper in good times and bad.

This asset is your ability to provide an important, valuable service.

It’s your golden goose. It constantly lays golden eggs.

Thanks to Aesop’s fable about the golden goose, you know the best way to maximize golden egg output is to take special care of that goose. You get it the best goose food, the most comfortable goose nest and the nicest goose pond that money can buy.

You take care of your skills. You use them whenever possible. And you constantly invest money to improve them.

Your Investment in Knowledge Pays the Best Interest

It’s safe to say you earn $100,000 more per year because you went to school. If you had spent $100,000 to $200,000 for that education, your investment pays for itself in 1-2 years. Few investments can claim that!

So why not repeat your successful investment? For example, you pay $12,000 for the classes and travel costs to learn a new technique. If you then use that technique to increase your production by just $2,000 per month, your investment return is 100% in the first year and continues year afer year!

You might be unhappy that you only get one good idea from a $499 management seminar. But if that one idea improves your bottom line by just $1,000 in the first year, your return is 100%. Your applied knowledge can pay off year after year for the rest of your life. You only need a small improvement to get an excellent long-term return.

Investing in your staff’s knowledge is also a great investment. For example, you invest $12,000 for ten employees and your production and income increases by $2,000 per month as a result. Even if three of these employees quit, you still gain much more than any investment outside your practice.

Your opportunities for increasing your knowledge are everywhere: seminars, webinars, consulting, etc. For example, with ExecTech, you can improve all your practice-management skills and thereby increase your life-long wealth and happiness. Because you get some improvement from nearly every opportunity, you have lots of upside potential with no real risk. To top it off, the IRS lets you deduct the costs!

Recommendations

1. Make a list of all the abilities you or your staff have that make you money. For example, “My ability to treat child patients.” “Jill’s ability to keep my schedule full.”

2. Next to each item on your list, write down how you can improve each ability. For example, “Learn how to make all children delighted with their visits.” “Train Jill to increase productivity with smarter scheduling.”

3. Add new investment ideas to the list. What knowledge or skills would help us earn more money?

4. Next to each of these ideas, write down what you can do to obtain them. Examples: “Read every book I can find on marketing” “Have Jill learn to manage staff so she can become the Office Manager.”

5. Now using the list, write your “Knowledge and Skills Investment Plan.”

6. Take action. Invest your spare time and energy into you and your staff.

Have A Great Week!

Brian Rakestraw, Managing Partner