As everyone knows, when a person is having a cardiac arrest, they need immediate resuscitation or they will die from a lack of blood circulating oxygen to the brain and vital organs. In your business or medical practice, the life-blood is cash. If insufficient cash is flowing into your business, then a company begins to experience the equivalent of a cardiac arrest, leading to its death or basically a business shutdown.
I realize that my analogy is somewhat dramatic, but I need to make a point here. If your practice or business is losing money each month and draining your financial resources, it is important to act swiftly to resolve the issue. Do not fool yourself into thinking that it will get better next month – it won’t – unless you are implementing significant changes to the way you operate and market your business. And don’t get caught in the trap of believing you can “bootstrap” your way to success: that opportunity passed when you entered your ninth month and still continued to lose money.
If you don’t stop the bleeding, your business will eventually die, and the only emergency care for a dying business is a very strong dose of solid management and effective marketing, both of which cost money.
Every week here at Acara Partners, I speak with practice owners who say they don’t have the resources to implement a marketing program, hire the staff they need, or contract the right professionals to help them fix their problems. Albert Einstein once said, “The definition of insanity is doing the same thing over and over again and expecting different results”. Is this your business?
It is also difficult to see so many very brilliant clinicians and business people continue to make the wrong decision: no decision. During difficult times in business, it is necessary to make decisions swiftly and precisely. If your Medical Spa is only breaking even or, even worse, losing money, then there is only one wrong decision that you can make: no decision. You must act now, implement change, but do it with knowledge and expertise. Most of the time, owners are frozen in their tracks because most decisions include spending money and typically that is a resource that may be scarce. That is the reason why your decisions need to be based upon proven industry successes. Now is not a time to “try something new” to see if it will work, instead, it is the time to implement tried and true marketing programs and management principles.
“I never worry about action, only inaction”, stated Winston Churchill. Heed his advice, don’t be a “doe in the headlights”, stuck in your tracks. Take action and do it now!
Reach out to me here at Acara Partners today! For over 30 years, our expertise and experience has been in boosting practices and businesses that need to grow. We look forward to working with you to turn your practice into a profitable, successful business.