Guaranteed Results: 2016 Your Best Year Ever – Part 1
January 20th, 2016 // 1:54 pm @ Scott Manning
And so we shall begin.
3 weeks into your year, a running start at the 49 that are left, how exciting is that!
Over the next few weeks we’re going to go on an expedition, an adventure, a path to guaranteed results for 2016.
If you follow what I say exactly and you drive forward aggressively with the plan I outline in each of the three parts, you absolutely cannot fail, fall short, detour or derail.
You surely can and will face obstacles, things will get in your way, you will have to persevere and have focused, relentless determination, but you will succeed.
Here’s your first order of business…
You should have set your goals last week, well hopefully before the New Year began, and you must have one overall, comprehensive, ultimate objective. Usually this is some level of growth, income, revenue, expansion, big picture result that you want to achieve.
It must be measurable, it can be multi-faceted.
I want to earn $250,000 or grow by $1,000,000.
Look, here’s reality, whatever goals you want to achieve almost without exception have to be tied to some monetary result or lifestyle change. Usually both.
So quantify your objectives.
Now, do the following: Layout a math problem that works and makes this possible.
For my Dentists we often do something like this…
We want to produce $3,000,000. After adjustments, insurance, and other BS at 15%, that leaves $2,550,000.
We intend to collect (plus some help of Accounts Receivable) 100% = $2,550,000.
Our goal is to achieve and sustain a 45% profit margin, thus $1,147,500. After some creative Tax Strategies, proper distribution and company structure we will have 70% of that number to be investable or $803,250.
We agree to maintain living expenses at $20,000 a month, leaving us with $563,250 of which we will do the following.
Save $200,000, invest $300,000, and use $63,250 to do things on the bucket list and other ‘honey-do’ items.
That’s a growth goal math Problem. That is something that is actually laid out and projected and could be made real. You have to have a formula to live into if you want it to become reality.
Okay, step 2: You now must create the revenue.
Now we work the formula in reverse, we say $3,000,000 is $250,000 per month divided by the number of clinical days worked, divided by the number of providers in the Practice divided by the hours per day and you have the target hourly value to make your goal a measurable target.
Once you establish that number, in this case say it’s …
$250,000 / 14 = $17857 / 2 Hygienists at $2,000 = $4,000 = $13,857
Out of $13,857, production has to come from $5,000 existing patients, $2,500 pending treatment, and now we are left with only $6,000ish dollars per day from new patients which is basically 2 new patients in an advanced practice, 3 if not.
So we now have a formula and approach to getting there. This will become our checklist and method of attaching individual responsibility to each person on the team to tackle and be accountable for.
#1 – Create your Goal and Formula to achieve it.
#2 – Reverse engineer your Formula to daily actions of each revenue producing component of your business.
#3 – very easy…and you already know I’m going to say this.
Make a list of 12 specific things that have to happen to make this possible, 12 systems, actions, decision, development steps, tactical training or whatever you want to call it.
And then put them in the order of priorities that best creates momentum and compounds one onto the others.
Final step for this week…each one of the 12 becomes your “weekly challenge” and to-do/obsession list that must happen.
No exceptions, no excuses.
Lots of work to do, deep thinking, serious stuff here, and it’s going to be incredible. Let’s get it done and I’ll be back next week with Part 2.
If you want me to look over your stuff, this is your one shot, send it this week and as we finish the next few weeks I’d be happy to weigh in and make sure you are on the right track.
Category : Blog
