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I learned that you have to organize yourself. And when you hire somebody you better know their job position before you put them in place. Back then too when the business was not systematized what will you say was one of the lowest points and describe how bad it got. It got pretty bad, I grew up in New York City, my parents were teachers and they always emphasized to me that you had to be educated, you got to be a doctor.
I worked really hard and became a doctor, went to medical school, did the residency. About years into business I was going under. It was that bad. What happened was a friend of mine who was about 20 minutes away from. Yes, he was a podiatrist and was 20 minutes away from me. We knew each other casually but I knew his area. Here was something that was really sort of a scary moment for me, to go out to this company and doing one of the….
The Company was called Sterling Management. I had gone through my second business loan. I spent the 15, and flew out on the plane, pretty much crying the whole way out there, bucks left in the bank. Lucky for me I did do that. It was pretty crazy and rough time. What exactly was the main thing that you learned from going through that program?
The first thing was to really define what it was that I did as a podiatrist. What was the product that I produced? Once I had actually learned with that, which I figured what that was, it was most of them to figure out what things I could measure on a weekly basis that I would actually have as a sort of a directional compass if you would. I need to know my production and my collection.
I actually started graphing those, then I started [Unintelligible But putting in statistics so I can actually measure where I was, was an eye-opening experience for me.follow url
Free Podiatry Clinic Business Plan
One of the most important things I would say to people out there that are interested in systematizing their business is put a lot of emphasis on getting the right staff there. You got to get the right people in and you have to eliminate the wrong ones. What does it mean? The willing may not always be the smartest. These are people that are defiantly negative. The third type is called the wholly shiftless. The trick in business is to eliminate the defiantly negative and the wholly shiftless and surround yourself by willing people.
Now, the first thing you did is you defined what you did as a podiatrist and then figure out the different parts of the business so they can stop tracking the data and the next thing you started looking for the right people. People that are willing to learn your system.
What other steps did you take to systematize the business? I was never trained as a business owner or business executive. What I found is that every business has certain components to it that carry through and they have to be working. One component is there has to be an executive division that are writing the policies. In this case it would be the doctors. Every business has those seven areas.
Look at your own business and define those seven areas. What is each one of those areas responsible for as a product? Anyway, these seven divisions were never taught to me at medical school. What was taught to me is that the production division, the doctor division. At that time when you were trying to systematize the business. What was the decision making factor of which areas of the business is systematized first and which one is next? You have to understand. The first thing I have to do is look at what my resources were. I realized quickly that the resources I did have was 5 years of patients that had already went in to see me.
They liked me to some degree. I put a major emphasis on actually getting on the phones, calling people personally. You started with getting those people on board first and I guess you also tried to get referrals from them. Back then how exactly did you document procedures and processes for the business. What tools did you even use? I just discussed with you those seven divisions. I actually put all those divisions on the big board. I have those in my office today. The board is about 8 feet by 3 feet, and it defines those divisions.
I also bought a software program that I could then graph those divisions. I think it was called Mastertech. Then what I would do is once those graphs were… I learned how to actually battle plan out what I was going to be doing for the following week based on the trends of the graph.
This was interesting and very important thing. If every week the number of new patients was getting slightly better, we would call that a normal condition. There were certain steps that if you did in normal it would bring it to a next higher condition called the [Unintelligible And then any time it was doing a little bit worse figure out why it was getting a little bit worst.
It was very specific. As you go in there, dive in, and fix that, and everything starts moving again in the right direction. It starts to move. But now you know… that correct tells you. At that time when you were working on systematizing and automating your business, what books and mentors had the most influence on you and why?
Free Podiatry Clinic Business Plan
The Hubbard Management System to me was the most fundamental thing. There are great books too. There was a book by Jim Collins [Unintelligible One thing I realize is really great executives they say read 60 books a year and most people read one book a year. I always try to read a lot. At that point what were the biggest challenges you experienced when you initially tried systematizing your business and how did you solve them? The biggest problem for me was always staff. I was just learning these things.
But there was a word. I love this word. This word changed my life. It was the definition of the word operational. It does not have to be continually watched. That is a different level. You mentioned during the pre-interview at that point trying to implement the system so that they could understand and figure it out without you having to be there. One of the problems there was how to teach it to almost anybody.
How exactly did you do that? Absolutely, that is a big problem. Because everything I look at, when I set it up to be operational I also want to be able to make it at such a professional level that I can sell. What we ended up doing is we made a video series. We educate them in specific aspects of their job. After that we would have a workbook that would attach to it and they would watch those videos and they would do the workbook.
It was so simple that anyone that could not duplicate it instantly popped out and we knew at that point that they would probably not work out. What was the second biggest challenge that you experienced initially when you were trying to create the systems? Sort of both actually, interestingly enough it was sort of both.
We put in systems to market and promote… As they got more and more successful what you would get is an attack by people out there. It will be internally and it will actually be from a marketing standpoint extra. We would get people calling up saying would you please stop sending me OS stuff? Your natural inclination is to collect yourself. You push harder in that direction. So for me when I got really trained at this with Mark, when I would get stuck on [Unintelligible It would get me more excited because I recognized that I was actually pushing at a hard enough level.
Did you have any other challenges besides what you mentioned so far regarding systematizing the business that you want to share?
It sounds like I really know my stuff and I do at this point. When I started to put this stuff in believe me, I would second guess myself at every turn. It would always be difficult. Am I doing the right thing, am I not doing the right thing.
Financial Projections for a Startup Medical Practice
Whenever you have an organization that you are trying to put order into, whether your business or whatever. Just keep your head up and just keep putting order in. And eventually all the other chaos that surrounds you will blow away. Given all the challenges you were facing at that point, why did you even stay committed to the goal of systematizing your business? One was obviously, was I going to go bankrupt or anything like that? I probably more persistent than I am talented. He speaks about people that are successful and really what defines them, what is it about them that makes them successful.
It is persistence of about everything else. But at what point in time were you able to… Did you feel like the business was systematized and it can run without you? I sold them in and it was systematized at that point. I started the consulting company around and started my practice up again. I actually retired from podiatry for a little over a year and I missed it. Working two businesses from scratch, the effective management, the consulting company, and the podiatry practice.
It took me about years to really get the up to the point that they were really systematized and I could sit back and go, all right, I did it again, so to speak. You went into consultancy and then came back after realizing that you miss the business, and started over again. The nice thing now is you could throw me into any environment or business for the most part. I took the time at the beginning to really learn it.
I can systematize any business at any point. What is the consultancy about, the one you have? What we do is we make these training products. One of them is called basic staff training, and you could see it a basicstafftraining. The whole process is basically train your staff 20 minutes a day. The videos I talked about is minute videos with a training routine that goes underneath it. The staff watches the minute video and then they actually take the application of that in the workbook part which is about 15 minutes.
Into 35 days it really spits them out as your team. Below is a breakdown of how these funds will be used: Doe is not seeking an equity investment from a third party. If the business is very successful, Dr. Doe may seek to sell the practice to a third party for a significant earnings multiple. Most likely, the Company will hire a qualified business broker to sell the business on behalf of the practice. Based on historical numbers, the business could fetch a sales premium of up to 2 to 3 times earnings. Below is a description of the services offered by the Podiatry Practice.
As stated in the executive summary, Dr. Doe will render podiatric services to his patients which include the treatments of all foot and ankle disorders. Doe is properly trained, certified, and licensed within the state to provide these services to his patients.
The Company will receive a bulk of its payments from Medicare and private insurance reimbursements as well as co-pays directly from patients. The secondary source of revenue for the practice will be the sale of appliances related to the treatment of foot and ankle issues. The Company will carry a limited inventory of these products, which will be provided to the patients during their course of treatment.
This section of the analysis will detail the economic climate, the podiatry industry, the customer profile, and the competition that the business will face as it progresses through its business operations. Currently, the economic market condition in the United States is in recession. This slowdown in the economy has also greatly impacted real estate sales, which has halted to historical lows. Many economists expect that this recession will continue until mid, at which point the economy will begin a prolonged recovery period. However, podiatry practices operate with great economic stability as people will continue to require care despite deleterious changes in the general economy.
There are approximately 10, private podiatry practices in the US. The industry is expected to grow faster than that of the general economy as many baby boomers will require a greater level of foot and ankle care over the next ten to twenty years.
Podiatry Clinic Executive Summary
In this section of the analysis, you should describe the type of customer you are seeking to acquire. In this section, you can also put demographic information about your target market including population size, income demographics, level of education, etc. This is one of the sections of the business plan that you must write completely on your own. The key to writing a strong competitive analysis is that you do your research on the local competition.
Find out who your competitors are by searching online directories and searching in your local Yellow Pages. The Podiatry Practice intends to maintain an extensive marketing campaign that will ensure maximum visibility for the business in its targeted market. Below is an overview of the marketing strategies and objectives of the practice.
Doe intends on using a number of marketing strategies that will allow the Podiatry Practice to easily target men and women within the target market. These strategies include traditional print advertisements and ads placed on search engines on the Internet. Below is a description of how the business intends to market its services to the general public. The Company will also use an internet based strategy. This is very important as many people seeking local services, such as podiatrists, now the Internet to conduct their preliminary searches.
Doe will register the practice with online portals so that potential customers can easily reach the business. The Company will also develop its own online website showcasing Dr.