We often get asked, “What type of return on investment can you expect from private practice coaching?”
If you’re thinking about the outcomes and returns you want before you start with coaching, then you are DOING THE RIGHT THING.
For you to get the most out of every week, month and year that you’re engaging private practice coaching, then you need to BE OUTCOME FOCUSED.
Being outcome-focused is one of our core values.
We believe that as long as you’re getting a return on investment, you should continue working with private practice coaching. It just makes sense.
What is the return on Investment?
Return on investment is an outcome (s) that you desire for an investment (time, money, effort) that you make.
In short, it’s different for everyone.
You have different needs to the next clinic owner.
The clearer you are on the outcome or return you want, the simpler it is for the coach to design a plan that will help you achieve it.
Having said that, we’ve come to realise that there are 6 common returns on investment that you can get and should aim to receive when working with private practice coaching.
Here are the 6 ways to help you measure your return on investment
- Accelerated Results
- Improved Numbers (Clinical / Financial)
- Increased Team Engagement & Productivity
- Reduce Reliance On You
- Leadership Development & Personal Growth
- Improved Systems, Structures & Operations Efficiency
1 of 6 – Accelerated Results
Private Practice Coaching will help you achieve your goals sooner than you could on your own…
…and in a more sustainable way!
The access and use of practical done-for-you systems, policies and procedures saves you time, so you don’t have to spend hundreds of hours developing content.
You’ll have more structure and control in your diary, you’ll be able to be more productive with purposeful time working on your business instead of always being distracted by spot fires.
Coaching will help you implement the right things at the right time; meaning, you actually create change that lasts and doesn’t fizzle out after you’ve implemented it.
You’ll be able to enjoy more time for yourself, for your own health and wellbeing, as well as being able to ‘switch-off’ from business when you’re at home with family because you’ll have the structured ‘switched-on’ time.
Private Practice Coaching helps you identify and eliminate time inefficiencies and structure your schedule so you are more effective as a business owner and leader.
How to Track Accelerated Results
As part of our Business Academy, we get you to take baseline and ongoing measures like these:
- Hours working in your business e.g. consulting
- Hours working on your business e.g. leadership
- Self reported energy & stress levels
- Feeling in control of your clinic, business and life
- Clinical Excellence Indicators
2 of 6 – Improved Numbers (Clinical / Financial)
In short, you want to know that what you pay (invest) in dollars for the coaching generate more revenue and in time; more profit to you (return).
This can be measured in real time and forecasted to be growing into the future.
You should appreciate the word growing here, because a small change in systems today can result in large changes in your numbers over time.
We’ll talk about timeframes for getting a return, however, you need to realise some changes will take time to yield that change.
There’s a season to ‘Sow’ and there’s a season to ‘Reap’.
Therefore, you should be tracking short term (e.g. this week) numbers in the clinic and longer term numbers (e.g. this quarter) in the financial/business sense.
You should be working on implementing systems that influence the short term, clinical numbers.
For example, weekly new patients and weekly client loyalty metrics.
Whilst also forecasting the impact in the months to come.
You should expect that private practice coaching will help you identify cost inefficiencies in your business and help you save money or (e.g. reduce Accounts Receivable)
You can also expect that coaching will Increase cash flow and acquire money (e.g. identify profit centres)
Tracking Revenue growth and Profit trends should also for part of your review of coaching to review the growing return on investment.
How to Track Improved Numbers (Clinical / Financial)
As part of our Business Academy we get you to take baseline and ongoing measures like these:
- Attraction of New Clients e.g. Number of New Patients per week
- Retention of Clients e.g. Visit Average (3m, 6m, 9m, 12m+ averages)
- Lifetime Value of Clients e.g. Revenue Generated per Patient
- Revenue Targets e.g. Weekly Revenue per Practitioners
- Sustainability e.g. Profit Margin as percentage and dollar amounts
- Valuation eg Business multiple and valuation for exit or buy in of another partner
3 of 6 – Increased Team Engagement & Team Productivity
If you’re going to make sustainable changes in your business, you need an engaged team!
One of the most valuable structural and functional changes private practice coaching can help you achieve is the transformation of your clinic culture.
Culture includes performance, strategic alignment, team cohesion, productivity, values based actions and many other factors that create a great place to work.
Transforming your team can be a slower progression compared to other returns because you’re dealing with a number of people who may have layers of complexity to breakthrough.
However, hard it may be, the clinic owners who succeed the most in the long run are obsessed about transforming their clinic culture by making a great place to work.
How to Track Increased Team Engagement & Productivity
- Completion of activities on Practitioner Expectations Dashboard that reflect their position descriptions
- Improved Clinical and Financial numbers – see above
- Engagement in social environments, eg. Slack internal messaging or at Quarter Pow Wows
- Self reported feedback captured weekly, monthly and quarterly in ‘performance’ reviews
- Reduced reliance of operations on you because you’re able to confidently delegate
4 of 6 – Reduced Business Reliance On You
One of the most common outcomes of private practice coaching is to help reduce the reliance of the business on you, the owner.
It is also one of the most common desires of all the clinic owners who work with us in the Business Academy.
The reality is that you started your business for a number of reasons and the one thing that is true for all owners is that they want more flexibility and control over their destiny and diary.
The Challenge is that while you are building the reality of having those options available to you is that your business is often highly demanding of your time, attention and emotional energy.
When you are working with private practice coaching firms, you will most often increase your workload before you decrease it.
This is the reality of introducing, automation, systems development, role delegation and leadership transformation.
How to Track Reduced Business Reliance on You
- Decreased hours in the business
- Increased hours on the business
- Development of leadership roles and delegation to those roles
- How long you can take a holiday away from your business and the business stay the same or improve eg 8+ weeks p.a.
5 of 6 – Leadership Development & Personal Growth
After a number of months implementing change with the help of private practice coaching, clinic owners most often say to us, “I now feel much more in control of my business”.
It doesn’t mean there aren’t any problems or challenges!
What they mean is that they are more resourceful in being able to deal with those problems and not be shaken by the uncertainty at times.
What they’re able to do is go from always being reactive and dealing with spot fires, to…
…being able to work on their business by being proactive in developing their team and systems to support the business operations and client services.
What is it worth to you when you have the ability to make better decisions, take better actions, feel in control and get results quicker as a better leader and business person?
The value of feeling in control, like you have ownership over your life… it’s priceless.
How to Track Leadership Development & Personal Growth
As part of our Business Academy, we get you to take baseline and ongoing measures like these:
- Score of your business level in each of the functional areas
- Score your Wheel of life harmony between your health, finances, relationships, growth, career, business, etc.
- Proximity to your desire statement – are you living the ideal day, week, and life you desire
- Energy levels in business or stress levels – what version of you is showing up each day
6 of 6 – Improved Systems, Structures & Operations Efficiency
Do you own your business or does your business own you?
Systems and structures applied from your private practice coaching should improve operations efficiency and help you own your business.
This is one of the most fundamental returns on investment when investing in private practice coaching.
You should be able to leverage the thousands of hours and volumes of work done by those before you.
Your team will better be able to consistently provide quality standard of service and completion of operational tasks.
How To Track Improved systems & Operations Efficiency
- The volume of systems you have implemented into your practice
- The consistency of service quality as identified through client feedback
- The time to complete certain tasks should be quicker
- Clinical and financial numbers should also be improved on your business dashboard
- The reliance of the clinic and questions coming to you should decrease
The Ultimate Return on Investment
Working with private practice coaching will generate returns on investment in all of the above areas at different times and rates.
You need to appreciate that there are seasons to ‘Sow’ and there are seasons to ‘Reap’, they’re not the same season!
Just because you’ve invested in private practice coaching, doesn’t guarantee any return…
The reality is that it’s your business, you are on the ‘coal face’ everyday with the ability to apply what you learn, receive and access from your mentors….
You can try to do it yourself, however, there’s no need to reinvent the wheel. Three’s no extra benefit doing it yourself…
If you’re ready invest in yourself, your team, your clients and your business future, let’s have a strategy session.
We promise to give you clarity and strategic guidance with next day implementation guarantee and no obligation to join us on a strategy session call.