3 Ways To Grow Audiology Practice Profits
Where are the real profits in your practice, that gold mine you’ve been looking for?
I never mined gold in California. Never walked the hills hoping to uncover that vein of gold that would make me unbelievably RICH. But even if I had a mule, pick axe and big floppy hat, I wouldn’t know where to look to strike gold and it’d be a big waste of time.
I don’t know anything about mining and not much about geology, but I do know where the profits are in your practice – where you can mine gold so you become at least comfortably rich.
The secret is simple. To grow your practice you need to know where to look, and what to fix. Typically the problem for most practice owners isn’t a lack of hard work, but they’re looking in all the wrong places.
Let me give you a quick example, before I map out where REAL profits are.
Just yesterday, Dawn called with a question about her website, wanting to know how to improve it’s performance.
Which seemed like a good question, except her website is already working as well as it can in her market, and the big problem isn’t the website but converting the calls she is getting into sales.
How about your practice? Want to know where the gold is?
Just use these 3 steps below.
1. Improve Your Marketing – 18-135% increase in sales
Yes, a professional looking and top converting website is a must, along with monthly online search engine optimization, fresh content, social media and review marketing.
But if this is all you’re doing you’re missing another 18-85% increase in revenue you could be getting from advertising, direct mail, email marketing, events and a proactive referral strategy.
2. Increase Conversions – 12-27% increase in sales
Getting the phone to ring is the first step, scheduling appointments, building loyalty, and generating repeat sales and more referrals is the second.
And while just about anyone can answer a phone, doing it to maximize appointments and increase sales isn’t something that’s obvious. Which is why we train our member’s front desk staff and work directly with practice owners to show them how to increase sales.
3. Optimize For Profits – 35-139% increase in take home pay!
While your mother may have taught you a lot about life, few of us learned how to manage a business, how to set up and structure communication systems, how to motivate employees, and how to build a unified brand for our businesses. It’s just not something anyone learns in college, or in graduate school.
But it turns out that your practice values, mission, vision, and goals matter. Your internal communication systems, even how you structure your database, not to mention your compensation – you know – which systems you use to run your business and manage your time – make a HUGE difference to your profitability. A few changes can sink or skyrocket your profits.
Ready to discover how to grow your practice? Start here >>>
Or if you’ve had your practice for a while, have a steady stream of patients but want to scale your practice, and multiply your income, Talk to Us to schedule a free consultation and discover how you can increase your sales and profits by 78% or more.
We accept qualified audiology and hearing aid practices into our practice building program on a first come first served basis. To see if you qualify, Talk to Us today.