The Best Place To Invest Your Money

Stock Exchange

I was listening to a podcast the other day.

They were asking ‘what is the best place to invest your money to get the biggest return?’

If you have a profitable business and you have http://1conn.com/?binarforexar=كي٠-اشتري-اسهم-٠ي-بنك-الراجحي surplus cash, where is the most cost effective place to invest it?

  • Pay off your mortgage or other loans?
  • ISA?
  • Property?
  • Crowdfunding?
  • Stock market?
  • Cryptocurrency?
  • Gold?

http://gl5.org/?prikolno=%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A%D8%A9-%D8%A7%D9%84%D8%AE%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AB%D9%86%D8%A7%D8%A6%D9%8A%D8%A9-%D8%A3%D9%81%D8%B6%D9%84&9d8=c1 You’ve guessed it – none of the above!

Why would you put your money in to something that you don’t know much about in the hope that whoever you have given it to will make it grow.

If you think about it, the chances are that you don’t know a great deal about stocks and shares or property investing and so you are pretty much gambling.

منتديات الاسهم السعودية The best place that you can invest your money is in the business that made you the money in the first place.

Warren Buffet is known for making successful investments, but he doesn’t just invest in a company, he gets involved in how the company is run.

…his business is investing in businesses

…and he makes sure that they are successful by helping and promoting them (have you heard how he has a McDonalds breakfast every day – he happens to own significant shares in McDonalds).

If you already have a profitable business (and most doctors do, unless they do something stupid like open their own clinic), you should الخيارات الثنائية أخبار التجارة invest your profits in to growing your business.

  • This could be hiring staff – like someone to answer the phone or a nurse to support you
  • …or investing in technology, like CRM software so you can keep in touch with your patients.
  • It could be paying for advertising (although you may know my view on this in that this should be the last thing that you do)
  • It could be paying to go on a course or a conference
  • التداول بالخيارات الثنائية سهل …or joining a Mastermind Group

Whatever you choose to do, this is the mindset to have and the way to look at it.

You are investing in yourself and you business rather than giving the money to a stranger and expecting a better return.

Don’t think of these things as costs or liabilities.

You should think of it as developing assets.

مباشر الراجحي للاسهم Your Private Practice should be an asset.

I know it is hard to shift your mindset, but once you have, it becomes a lot more rewarding to see your Practice grow and accept that it is a فتح حساب re-investment of profits rather than a cost.

If you would like your Private Practice to grow, then you need to invest, not only money but also time.

If you want any help with that, schedule a call.

Why Doctors Need A Coach

coaching

It was only after opening my own clinic when I started running my practice more like a business , that I realised the importance of http://asect.org.uk/?ilyminaciya=%D8%AA%D8%AF%D8%A7%D9%88%D9%84-%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D8%A3%D8%B3%D9%87%D9%85-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A-%D9%85%D8%A8%D8%A7%D8%B4%D8%B1&8f2=b0 coaching and mentoring.

I joined a http://theiu.org/?alisa=%D8%A7%D9%84%D8%AE%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AB%D9%86%D8%A7%D8%A6%D9%8A%D8%A9-%D8%A7%D9%84%D9%86%D8%B8%D8%A7%D9%85-%D8%A7%D9%84%D9%85%D8%B3%D9%8A%D8%B7%D8%B1&415=08 Mastermind group and had regular calls and meetings with like-minded business owners and my business turned a corner.

Until then, I was http://investingtips360.com/?klaystrofobiya=%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D8%A3%D8%B3%D9%87%D9%85-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9&75e=70 سوق الأسهم في السعودية losing money because I had just set up the clinic and the hospitals had stopped sending me patients, so everything that I earned (and more) was going out in costs and expenses every month.

It was difficult to see how I could do anything about it and the more desperate the situation got, the more go to site paralysed I was to do anything.

watch It was a vicious circle

I don’t know what led me to join the Mastermind group, I certainly couldn’t afford it, but that is when I started to take control of my فوركس haram finances and my metrics.

It was no good just feeling sorry for myself. I had to look at my figures and work out where the problems were and how I could improve them.

I now realise the value in having someone have a look at your business and tell you what you should be focusing on

…and holding your feet to the fire to make sure that you do what you say you will do!

For some reason, the الخيارات الثنائية مراجعة السوق اليومي concept of coaching is not established in the field of business, and definitely not in medicine!

Yet, if you think about it, we could all benefit.

Obviously, it is in الخيارات الثنائية عطلة نهاية الأسبوع sports where it is an accepted and embedded part of the culture.

If you want to do well, you need a coach.

Even the source link best sportsperson in the world needs a coach to give an external eye and to push and make sure that they get up in the morning and be the best they can be

No matter how motivated you are – everyone needs a push

I saw this clip at one of the conferences I went to and to be honest, it made me a bit http://1conn.com/?binarforexar=Щ…Ш§Щ‡ЩЉ-Ш·Ш±ЩЉЩ‚Ш©-ШЄШЇШ§Щ€Щ„-Ш§Щ„Ш§ШіЩ‡Щ… emotional, but it demonstrates why a coach is so important:

Why You Need A Coach

Private Practice can be a lonely business and no one really gives guidance on what we should be doing to make our business run effectively, which will ultimately result in a دعوة ثنائي صيغة الخيار better service for our patients.

Certainly in Plastic Surgery, this is why there has been a growth in commercial clinics which are run effectively as a business

…but perhaps don’t have the underlying principles and values that a clinician might have.

This is why I believe it is important for us, as clinicians, to look at our Practices and think about what sort of service we are offering to our patients.

We need to look from the outside in, and that is what a coach can do.

…and that is what I do.

I love to help other Consultants, who have spent their lives working in the NHS perfecting their craft and giving the best clinical care to their patients – to optimise their Private Practice.

…because Private Practice is not like the NHS and you need to think a lot more about the service that you are giving to your patients, not just the clinical outcome.

If you would like to have a chat about how I see your practice and some tips on how to improve it, then schedule a call and we can work something out.

Why Doctors Should Not Pay For Advertising!

Advertising

I don’t think that doctors should pay for advertising.

I have got no problem with doctors advertising.

It is just paying for advertising that I think is unnecessary and wasteful for most of us.

I actually think that advertising is to be encouraged, although it seems to have a bit of a bad name.

My version of advertising is different to what most people might consider advertising to be.

I see advertising as letting people know that we exist and what we are able to do to help them.

Advertising is not coercing people to buy things that they don’t need or pushing a buy one, get one free offer.

When the NHS gives out leaflets about prostate cancer or runs a television commercial about heart disease, this is advertising.

So I think that advertising is good and we should all raise awareness by providing information to patients to allow them to make an informed decision.

…but I don’t think that we should be paying for advertising.

Not because of any moral or ethical standpoint, but because it is a waste of money.

I don’t think that advertising in general is a waste of money, in fact it is a very powerful and effective way to communicate.

It is just that if you’re a doctor in private practice and you want to communicate your message, there are much more effective ways to do this rather than paying for advertising.

Most doctors think that the problem with their private practice is that not enough people know about them and so paying for advertising will remedy this.

When the problem is usually that they are not looking after the people who already know about them .

When I look at doctor’s private practices I am shocked at the lack of processes around dealing effectively with enquiries.

This is the most basic area to focus on and in fact is just the tip of the iceberg.

We all have a database of patients:

  • who have enquired but not come to the clinic,
  • who have come to the clinic but not gone on to have a procedure
  • and who have had a procedure but not had a repeat procedure or left a review.

Not to mention our database of GPs and other doctors.

There is gold in the database and we just need to nurture it to find it.

There is no point in paying to put more patients into the database if you are not looking after those that are already there.

It is easy to put an advert in a magazine or pay for SEO or online advertising – and there are certainly enough companies out there who will convince you that this is what you need to do.

….but don’t be surprised when you realise that the £1000’s you put in, comes back as only a handful of enquiries worth only a fraction of what you put in.

And then you think that advertising doesn’t work.

It is not that advertising doesn’t work, it is just that you are not maximising your opportunities.

I have mystery shopped many doctors practices and it is very common for emails not to be responded to or the phone not to be answered.

So don’t be surprised that if you put an advert in, you don’t get a return on your investment if you are not answering the phone when someone calls!

You’re much better off making sure the phones are answered and the enquiries are followed up on before trying to get more enquiries.

Not only does this make good financial sense, but it also leads to you building a better practice which is giving a better service to your patients.

Money spent on improving the infrastructure and systems in your practice is much better than money spent on advertising.

So start by looking at how you can improve your communication and engagement with the people who already know about you, before taking an ad out on the back of a bus!

Why You Should Take A Deposit

take a deposit

I take a deposit from patients to secure the booking.

I used to be against this because if felt a bit ‘hard sell’ but I actually think that patients feel reassured by it.  

It is a big deal for patients to book surgery and they have to make a lot of arrangements in their life to plan for time off work and their recovery.

Taking a deposit can give patients the security that their booking slot is confirmed and believe it or not, once some patients have saved up the money for surgery, they are often keen to start paying for it as they fear they may spend it!

The hospitals do not tend to take a deposit and so we feel that it may seem a little forward to ask for one, but one thing that I have realised is that just because everyone else is not doing something, that doesn’t necessarily mean it is not the right thing to do.

Warren Buffet is a big fan of doing the opposite of what everyone else is doing:


be fearful when others are greedy and greedy only when others are fearful

Warren Buffet

The main benefit of taking a deposit is the security and peace of mind that it offers but there are a couple of other benefits.

  • On occasions there are patients who are unsure about surgery and may book a date and then cancel it at short notice. Taking a deposit adds a level of commitment that may make someone who is not sure if they are ready to commit to surgery to think twice about securing a date. This helps with your planning and scheduling.
  • If patients go on to cancel or postpone their surgery, you can offer an immediate and no quibble return of their deposit (of course you can make your own terms and conditions and stipulate that they forfeit all or part of their deposit if you like, but it is probably not worth it).  This can help to support your brand values as being an ethical and trustworthy surgeon because a lot of patients are worried that we are all charlatans who would have no hesitation in keeping their money once we have got our hands on it.  By giving the money back immediately, with no questions, the patient will then feel a lot better about you and your practice and it will increase goodwill and make them more likely to re-book or recommend you to a friend.
  • Taking a deposit also helps with cash flow. This may or may not be a concept that you are aware of or is important to you. It is certainly something that can make or break a business and something that I became very familiar with in the early years of opening my clinic!

Cash Flow

Cash flow is the money coming in and the money going out of a business. When you run a business, you have set costs and bills to pay every month – payroll, rent, rates, etc.

If you cannot pay your bills, you go bankrupt.  

The weird thing is that you can run a very profitable business and still go bankrupt.  

If you have to pay for raw materials or services in advance but don’t get paid for what you do until later, you can find yourself in a position where you are unable to pay your bills and you go bankrupt – even if you would have made a good profit when you did get paid.

Cash flow is essential to running a business, but fortunately most doctors who have a regular NHS income do not have to worry about going bankrupt, so this may not be at the front of your mind.

Nevertheless, it can often take weeks to months to get paid for an operation if you are waiting for the hospital to pay you, so it might be nice to get some money in advance and you can just let the hospital know that your surgical fee will be less because you have already taken a deposit.

Why We Take A Deposit

The main reason that we take a deposit is because it is giving better customer service.

Our mission is to develop a world class service that stands for quality and service and I believe that taking a deposit is actually part of delivering a better service.

Taking a deposit will cost you money, because you will have to take the payment and will be charged a fee.

The process is not difficult, it is very easy to take payments these days, you can set up a PayPal account or use something like Square Up where you can take payments over the phone or in person, but these companies will take a percentage and so, while it does help with cash flow, there is a cost associated with doing it.

If you are not sure and you think that this might be a good idea, I would encourage you to try it out

What's The Worst That Can Happen?

If someone doesn’t pay the deposit for any reason, it is just the same as what you are doing now.

If you find it too hard to keep track of it or if you feel the costs outweigh the benefits, just stop.

Everyone’s practice ethos and design will be different, but you need to spend time thinking about what sort of practice you want to have and start doing things that are in alignment with your vision.

Otherwise, you will just keep doing what you have been doing and you will keep getting what you have been getting.

Let me know what you think.

7 Yeses To Make A Good First Impression

7 Yeses

You have spent years in Medical School training to be a good doctor.

But in Private Practice you need to demonstrate to prospective patients that you are a good doctor before they come to see you.

If you can get 7 yeses before the patient has met you, they will already be confident that you are a good doctor.

…but if you start getting ‘no’s’ before they have met yet, then they will start to doubt how well you will be able to treat them, even if you are the best in the business at what you do. 

You can watch this excerpt from one of my Discovery Days below:

7 Yeses To Make A Good First Impression

If you want to find out more about how you can start to give your patients a better service and develop a better private practice.  Read about our coaching and mentoring packages.

Medical Conferences Need To Be More Relevant

medical conference

I have registered for a couple of conferences in the next couple of months (the BAAPS and ISAPS conference in London and CATBBAS in Belgium).

These conferences are enjoyable because you get to see old friends and you may pick up a titbit or a nugget that you can take back to your practice.

However, I am becoming more and more frustrated as I look through the programs of these conferences as I think they are missing a huge area when it comes to practice development that none of these conferences really tend to address.

There is a small section about practice management where clinic owners talk about their experience of owning their own clinics, and of course this is of interest to me because I own my own clinic, but I don’t think it is particularly helpful for the majority of surgeons who do not have the desire to have their own clinic.

It is not about owning your own clinic

…the struggle that most of us are facing can be boiled down to one sentence –

how do I get and keep customers?

Since opening my clinic, I had to rapidly start thinking of my practice as a business.

I spent a lot of time going to seminars and meetings with other business owners, and I have realised that it doesn’t matter what business you are in you need to spend time working on getting and keeping customers.

This is true for car mechanics, shopkeepers, accountants, lawyers, builders and doctors. 

When it comes to getting and keeping customers, of course doing a good job is a crucial part of it.

…and medical conferences cover this aspect very well.

However, the gains that you come away with are marginal and will often be aimed at making your clinical work more efficient or easier in some way

…only rarely will there actually be a tangible effect on the outcome experienced by the patient.

I would like to see more time spent on looking at the patient experience as a whole.

This would encompass a much wider remit and would mean looking at all aspects of customer service,

  • how enquiries are dealt with whether they are by telephone or e-mail
  • what can you do if you miss a call or can’t get hold of someone
  • what your system for reminders are
  • what details are sent to patients before consultation and before their procedure
  • how patients are treated during and after their consultation
  • what ongoing contact you have with patients before, during and after their operation

These are areas that we never talk about but I strongly believe will have a much more profound impact on your patient’s satisfaction and ultimately your patient’s result.

The stunning thing is, that by looking at these aspects and by engaging with patients at every level, you will actually achieve a better outcome.

This is because, results are so often subjective,

…so it is not enough to just give good clinical outcomes,

…it is important to make the patients feel they are being treated well and that they are being looked after

…and if you combine this with a good clinical outcome – rather than just having a happy patient you will have a raving advocate that will spread the word and promote your services better than any advert ever could.

We all spend a lot of time learning how to do surgery and perform procedures, and I think it is quite right that we continue to develop professionally and keep up-to-date with the latest techniques and products.

However, in my experience, most patients are happy with the results of their surgery and whether we like it or not, the fact is that most patients will get an average surgical result.

I have found that the difference between the poor, average and good results, comes with the other aspects of their care.

For instance,

  • if they have spoken to someone on the phone or at the hospital who has been rude or unhelpful
  • if they haven’t been sent the right invoice or been treated well on the ward
  • or haven’t got the appropriate information following their discharge

…these are things that can turn a good surgical result into an unhappy patient

…and the flip side is true, that an average surgical result can be turned into a happy patient when all of these things are done right.

I am constantly thinking of ways that I can get and keep customers and dedicate large portions of my working week to this end.

Yet I find that many doctors give absolutely no consideration to this aspect of their practice at all, and are subsequently delivering less than optimal results for their patients.

I believe that this is all part of good medical practice and that doctors in the independent sector need to spend a lot more time considering the service that they are delivering and making sure that their patients are happy with the whole process.

It is the lack of this kind of support and information that is currently available that has led me to offer support and mentoring to other consultants in private practice.

If you are interested in finding out more and would like to come to a discovery day at my clinic in Birmingham, you can find out more here and we can arrange a time to talk.

In the meantime, I am looking forward to the conferences, but am not looking for any major breakthroughs.

…the only major breakthroughs in my practice in the last couple of years have been from learning about how to run a business rather than how to do surgery.

Know Your Numbers – That Is The Game

As doctors, we tend to focus on the clinical work and don’t like to think about messy things like our financial figures.

…but in private practice, you need to have more of a mindset that you are running a business if you are going to be successful and when you are running a business, it is essential that you know your numbers.

In this video, I talk about why you need to know your numbers and what numbers you need to know:

 

If you are interested in learning more about running your private practice more like a business, then you can read about the P.E.C.A.N. Approach to systemise and automate your private practice and allow you to deliver a consistently high level of service.

What Is The Point In Having A Website?

what is the point in having a website

It really helps if you have a focus on what the purpose of your website is.

If you think that it is there to showcase the procedures you offer or to demonstrate your training or qualifications or to make you look good, think again!

The purpose of your website is to get leads.

It may be that you will get more leads if you showcase your procedures, demonstrate your qualifications and look good, but focus on the goal.

This is why I have produced my course ‘How to build a website’

Not because I am particularly talented at building websites, but because I have realised what I need my website to do and I think it is important to share that.

I was on a consulting call and the surgeon I was talking to had a beautiful website.

It was really classy and you would be proud to show it to your mother.

But I thought it was terrible.

The contact form was hidden away, there wasn’t a call to action on every page, there was no clickable phone number. I could go on (and I did).

The point is that you have got to look at it from the visitors point of view.

Why are they looking at your website?

Most people want to see before and after photos, prices and testimonials, then they want to know more information or book an appointment.

This should be the starting point and the framework you build your website on.

On the testimonial page, this surgeon had a form for patients to leave a testimonial.

NO!

This is not the point of the website!!!

The website is for prospective patients.

Of course you need to get testimonials, but this is done by engaging with patients after they have had surgery by asking them directly either at your clinic, by email, text or post.

He also had a fancy slider on the testimonial page which would show a different testimonial every time you visited the page.

NO!

If patients don’t see why they want to see, they are not going to come back.  Put all of your testimonials on the page for all to see.  Not only does a fancy slider increase the page load time, it is a triumph of fashion over function.

KEEP IT SIMPLE STUPID

So if you haven’t got a website, for goodness sake get one.

It is probably best to get one built professionally but this takes money (and more importantly, time), so you can build one yourself in the meantime.

My course ‘How to build a website’ goes through step by step how to build a website from scratch and all outlines the strategy for the content and structure of your website, which is so easy to get wrong.

Focus on the goal and you will find that things are a lot easier.

Good luck!

Can You Afford Not To Take On More Staff?

I’ve got a few members of staff here at the Clinic.

I’ve got a PA, a clinic manager, a front of house manager, a nurse and an IT guy.

We are having a bit of a rocky time at the moment with the front of house manager and are currently trying to recruit someone in to this role.

I have to say that I have found recruitment of staff to be the most challenging aspect of running my clinic.

The interesting thing is that it has been a month or so since we have been without the front of house manager and everyone has stepped up and is covering the work, but I have noticed a significant drop in revenue.

When I look at January, February and March, we were doing a lot better than we are now.

When I speak to other doctors about building their practice, they often feel that they cannot afford to take on more staff.  They think they need to share their secretary or can only have them on a part-time basis.

Because I have been in the position of having a full-time front of house manager and I know that she was always busy – I realise that I can’t afford not to have someone in that role.

It is great that everyone is chipping together to cover the work and on the face of it, you might think that I would not need to spend another person’s full-time salary on the post, because we can cope without them.

…but the numbers don’t lie and I have seen a definite drop in work.

The thing is, whenever I went to speak to the front of house person, it was difficult to get a word in, because she was constantly on the phone and so who is making those calls now?

We are coping with calling up enquiries and answering the phone just fine, but what about all of the other stuff?

…the stuff that it is more difficult to see.

Things like calling up the enquiry from a few weeks ago or having a chat with the person who came to clinic last week.

What about the fact that more calls are going to the call minders and we are having to call them back because everyone is busy.

It is hard to put a value on these things and I wouldn’t know what it was worth if I hadn’t already had it and lost it.

You don’t know what you don’t know

…but I would urge you to think about these things.

It is really important to make sure that initial enquiries are answered and dealt with promptly and sometimes you might be on the phone for an hour chatting with them – your staff has to have the time to do this.

It is absolutely essential to FOLLOW UP with people.

This means calling back if you can’t get hold of that enquiry when you first ring.

…or catching up with the person you spoke to last week to see if they have any more questions or would like to come to the clinic for a consultation.

…or checking that the patient you saw in clinic on Monday has received the quote and the copy of the GP letter and see if they need any more information or would like to come back for a second consultation

This stuff can take hours and it is very easy not to do it – it would not be missed.

…but as I have found – it can have a profound effect on the bottom line.

I have found that my bank balance is going down since the front of house post has been vacant, and rather than thinking that I need to save money on that salary, I am actually desperate to appoint someone because I know that they will make more money than they cost.

The next trick is to find someone good.

…and that is another story.

How I Got Out Of The Hole

 

How I Got Out Of The Hole

Over the last few years, I have gone from doing OK, to doing really badly and now I am doing better than ever.

I have been in a really bad place and maybe I was naive, but I really didn’t expect it to be so bad.

I left the NHS five years ago and I thought I would make things even better for my patients by opening my own clinic.

If I had known then what I know now, there is no way I would have opened my clinic at that time.

My private practice was doing OK, so I felt that I could cover the overheads of the clinic.

What I didn’t realise was that as soon as I opened my clinic, the local private hospital stopped sending me patients. 

I went from having two busy clinics a week to nothing.

I had a five years lease with permanent staff and payroll to fulfil.

I had to equip the clinic not only with tables, desks, computers, phones, sofas, and consulting couches, but carpets, paint, window-dressings – I could go on.

It was grim.

I was desperate and I needed to do more work.

I didn’t know where to get help.

I went to plastic surgery meetings and conferences and they talked about the latest advances in implants and devices, which was all very interesting, but it wasn’t going to help me.

I needed to get more patients.

No one was really talking about how you go about getting more patients or keeping the patients that you have already got, which is what business is all about.

I started to go to business meetings and seminars and I found that this had a profound effect on my practice.

In fact, it got me out of my hole.

I realised what I need to do to start making my practice more profitable.

In fact, what I learned was that it was all about delivering a better service to patients.

It is all very well learning about the latest devices and implants, but that is not going to have an immediate and tangible effect on your practice today or tomorrow.

I learned about how to stand out in a crowded marketplace and how to make sure that patients wanted to come and see me rather than just a.n.other surgeon.

I have put together what I have learned in a free ebook ‘5 Steps To Build a Valuable Practice’ and you can get a FREE copy here.

I talk about what you need to focus on in your private practice that will make a difference to the outcomes that you get for your patients.

We are all focused on getting good outcomes, but it is surprising how little many of us think about the whole experience we are giving to our patients:

  • how we handle patient enquiries
  • what information we give to patients before and after they come for a consultation
  • how we can be distinctive and make patients feel special
  • how we can make sure that patients don’t forget about us and encourage them to write reviews and refer their friends to us

It is not about advertising or special offers.

It is about looking after patients.

Please feel free to download a copy and let me know what you think.