Today, in Making Money in Wellness, I want to talk about how a lack of focus will literally kill your business. Let’s talk about why it’s so important to start moving those big boulders instead of pushing all those little pebbles around, getting nowhere. I’ve done this the hard way!
Let me share a story about when I was first getting started in my clinic. I had two goals:
Grow my acupuncture practice
Sublease some of my space so that I could cover some of those dreaded overhead costs
Those were my big boulders and I was pretty clear at the time how I was going to accomplish those. How, you may ask?
I networked my butt off! I was out and visible for my business.
I advertised my space and networked with other practitioners.
The good news is that by the time I opened my doors, I was blowing threw my plan. In two months I accomplished everything I had set out to do.
The bad news? I didn’t know what the plan was after that. I just kept seeing more patients, networking and just let things happen. Sound familiar?
In another two months, I came across an opportunity to purchase another clinic. I went for it. The big problem? I didn’t know if I wanted two locations. I thought I did, but wasn’t clear at all about the financial impact. Did I even have the cash flow? What was I going to do if I couldn’t make rent at the second place? I didn’t take into account that the new business was a community acupuncture clinic, which was a totally different model than the holistic health clinic that I was already established in.
Therefore, I had to create a completely separate brand and didn’t think about the opportunity cost. I didn’t think about:
Taking my valuable time and diverting it away from my existing business
The exhaustion that was sure to come from running two locations
The overhaul I had to do on the new business, including a new brand, new website, new graphics and new logo.
I didn’t have a plan. I was just on autopilot trying to keep all of these balls in the air, if you will. And there were a lot of them! And, my patient load had increased!
I was seeing more and more patients in my established practice and in the new business…up to 80 patients a week!
I was overwhelmed and I didn’t know how to fix it. I felt alone.
On the outside, I was successful. I was recognized as a leading woman in business in my area and the clinic was recognized and featured in a local magazine. But I was a complete wreck on the inside.
I needed guidance.
I was smart enough to seek out mentorship, which made me start to realize that I needed to make a change. They told me the first day that I needed to close one of my clinics, and although I resisted at the time, it was also the beginning of change for me.
My mentors were able to show me how I was lacking focus in my business. I didn’t have a plan and the result was that it was hurting both of my businesses. It wasn’t what I wanted to hear, but slowly it began to sink in.
I felt ashamed about what people would say. I didn’t want to be viewed as a failure, because that’s how I saw it with having to close a location.
But when I closed that second location, I came up with something brand new, something I hadn’t thought of before:
I converted one of the rooms in my original holistic clinic into a community acupuncture room!
I consolidated both ideas into one location!
Many patients migrated over and it truly ended up being a win/win.
All of these experiences, good or bad, are now things that I can share with you and makes me one hell of a better business coach!
This is only one of hundreds of examples that I can share with you about my own entrepreneurial journey. My main challenges back than?
Lack of planning for short and long-term
A lack of focus will literally kill your business! It almost killed me!
When I talk to practitioners like yourself, I hear over and over again how overwhelmed and exhausted you are. You’re working on too many things at once. Because you don’t know where to focus things in your business, right? Or you’re desperate to get results and just not sure how.
Results come from having focus. You’ll be amazed at how much more quickly your business will accelerate because of it!
Let me give you some tips on how to start to do that.
Define what you want to accomplish between now and the end of the quarter.
Brainstorm. Come up with all the ways possible to achieve this goal.
Select 1-2 on your list. These are your big boulders. Define specific and measurable outcomes.
Now outline the steps needed to complete these 1-2 projects.
Place all the steps in your calendar to ensure time is allocated to achieve them!