Practice Owner Burn Out or ‘P.O.B.’ is more common that you would think which is why I’m committed to supporting and mentoring practice owners to get a handle on it and fast!
Hi I’m Dr. Andrew Arnold (Chiropractor), The Million Dollar Wellness Mentor.
Today I’m talking about the #1 reason practice owners seek my services, ‘Burn out’. I’m going to touch on the 3 main reasons this happens.
- Little or no systems.
- Too much love currency.
- No or at best sketchy, exit strategy.
LITTLE OR NO SYSTEMS:
No systems inevitably lead to micro-managing which inevitably leads to burn out. Without scripted and automated systems every time to need to get a particular job done it will feel like the first time. This leads to anxiety on top of anxiety trying to manage and remember all that you need to do. If you are able to hand something over you end up micro-managing because you can’t trust anyone getting the job done properly because even you don’t know how it should be done. A recipe for madness.
TOO MUCH LOVE CURRENCY:
One thing I see all too often is practitioners and practice owners putting love currency before $ currency. You love your clients, your reception staff, and your practitioners. You over pay your reception staff, you pay your practitioners unsustainable commission and you give away or discount your consulting fees and all of this because you are so scared of losing clients, staff and practitioners. The outcome is you end of closing your practice which ultimately means you can no longer serve the clients you most love, or pay your reception whom you also love, and retain the practitioners who, you guessed it, you also love.
Quite simply, sustainable practices place $ currency first. These practice owners and their teams understand not only, it is absolutely essential to charge their clients, it is also vital for worthiness of the practice. You deserve to be paid for what you do and clients need to pay in order to appreciate your worth.
When your practice reaches a certain critical mass gross income, then you can afford to offer some pro-bono work or donate to a charity, or even leverage yourself out of your practice. But not until the $ currency is rock solid and for most practices this is between 800k and 1 million dollars p.a.
NO OR AT BEST SKETCHY, EXIT STRATEGY:
Are you clear on where you want to be in 12 months, 5 yrs., 10 yrs. etc.? Do you have an exit plan that clearly outlines your options: sell, transition, leverage…? Your practice is a means to an end, that’s it. It serves you not the other way around. If you don’t have control of your exit plan you are destined to P.O.B.
If you’re a practice owner and are feeling P.O.B. either right now or on the horizon I can help. Check the links below to find out more.
About the Author:
Dr. Andrew Arnold (Chiropractor) is the ‘Practice Leverage Expert’; Principal Chiropractor and owner, Cranbourne Family Chiropractic and Wellness Centre; Business Consultant; Founder, Million Dollar Wellness Practice. Andrew is married to Dr. Linda Wilson, the Stress Specialist and has two children, Isaac and Bella. He lives in Melbourne, Australia.