Secrets To Bringing An Entrepreneurial Edge To Your Practice
- Volume 24 - Issue 2 - February 2011
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Traction. The last and final component is the traction component. This is where you bring discipline and accountability into the practice to help you execute on your vision. It is no coincidence that vision is at the top and traction is at the bottom. As the old saying goes, “Vision without traction is hallucination.”1 Seeing what you want and not being able to achieve it is very frustrating for organizations.
These six key components make up The Physician’s EOS Model™. If you follow the system and successfully implement it into your practice, it will harmoniously orchestrate all of the moving parts of your practice, help you run your practice better and get more out of your practice as a business.
With that said, the journey is designed to help you become at least 80 percent strong in the aforementioned six key components. Obviously, 100 percent is perfection. This is impossible but 80 percent is achievable and will give you an exceptional practice.
Defining The Practice’s Values, Focus And Long-Range Targets
For now, let us focus on the first key component, the concept of vision. This starts with your partners and leadership team answering eight simple questions. To the degree you can answer these eight questions in absolute unison and be 100 percent on the same page, you will have a clear vision for your practice.
Question 1: What are your core values? Once you enumerate your core values, hire, review, promote and fire people based upon their alignment with those values. Surround the practice with the right people and ultimately build a strong, enduring culture around these values.
Question 2: What is your core focus? Also known as the mission statement or vision statement, the core focus is made up of two things: your purpose and your niche. Crystallize what those two things are, stay laser focused on those things and do not get distracted. The core focus becomes a filtering and guiding mechanism for the physician and team.
Question 3: What is your 10-year target? Most clients choose 10 years as a timeframe. This is the big goal. Once you define this, the target aligns all of your people toward that one meaningful destination, bringing more focus to the organization.
Keys To Successful Marketing Of Your Practice
Question 4: What is your marketing strategy? This question is designed to focus the team around marketing efforts, ultimately increasing patient volume and practice revenue. There are four parts to the marketing strategy.
1. Who is the target market? This is crystallizing who your ideal patient is and who you should be targeting. Define the demographic, geographic and psychographic characteristics of your ideal patients. Who are they, where are they and what do they value?
2. What are the three things that truly make the practice different from other practices and more valuable?
3. What is your proven process for consistently delivering value?
4. What is your practice guarantee or promise to patients?
Having a clear marketing strategy makes it much easier to create a marketing plan. This is the best way to get a message to your target audience. You now know what the organization does, what you do, where you are going and, with your marketing strategy, how to get there.