Stupid mistakes. We’ve all made them. In this latest episode of Practice Growth HQ, let’s dive into the six common errors that can stifle business growth and learn how to avoid them, as shared by Micah Logan, an award-winning entrepreneur and business coach. Here’s a quick acronym to remember them by: S.T.U.P.I.D.
S: Slow to Implement
Oftentimes, business owners invest in solutions, but they end up collecting dust on the shelf. The day-to-day operations can overwhelm us, pushing implementation of those solutions aside. To combat this, focus on prioritising and scheduling time specifically for implementation. Recognise that forward movement is inevitable if we stop ourselves from going backward.
T: Too Complicated
Business owners frequently overcomplicate solutions. Instead of tackling first-order principles, we tend to dive into convoluted fixes. Simplify the problem and the solution will often present itself. For instance, if late payments are an issue, simplify the process for clients, rather than instituting a multi-layered solution. Keep it straightforward to see effective results.
U: Unaware of Numbers
Simply understanding gross revenue and expenses isn’t enough. Dive deeper into KPIs. How many leads convert into paying clients? Which services generate the most revenue? This awareness allows for strategic adjustments. From tracking referral sources to understanding the profit margins on each service, knowing your numbers arms you with actionable insights to drive growth.
P: Poor Planning
Lack of planning is a consistent issue. Many don’t know their revenue streams for the next quarter or beyond. Develop a robust planning routine including cash flow management, marketing plans, and employee training. Start small if needed. Even an hour or two spent quarterly planning with your top team members can steer your practice towards better outcomes.
I: Ignoring Feedback
Patients and employees often provide valuable feedback, but it gets ignored. Create feedback loops to gather insights regularly. Encourage immediate feedback from clients post-interaction and hold regular sessions with your team to capture their experiences and suggestions. Taking this feedback on board can drastically improve both patient satisfaction and employee morale.
D: Distracted Focus
Distracted focus happens when business owners chase too many ideas at once, diverting their attention from core operations. The key is to ensure you’re 80% revenue optimized and that your team is operating at 70% capacity before venturing into new projects. Maintain focus on your primary practice, and only pursue new ideas once your current operations are running smoothly.
Avoiding these six mistakes can dramatically shift your business trajectory. Remember, it’s not about avoiding growth but doing it wisely. Are you within that 80% revenue optimization? Is your team working at 70% capacity? Focus on these to avoid distraction and ensure your business reaches its full potential.
For more insights from Micah Logan and detailed discussions on these topics, listen to the full podcast on growth HQ.
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