Every year I sit down with my clients and we create a plan to grow their private practice. And the framework that we use to create and accomplish this plan is the 4 Disciplines of Execution. Here’s how I do it.
Step 1: We set a Wildly Important Goal or a “W.IG.”
To determine your W.I.G. ask yourself, “What is the one thing you could change that would have the greatest impact on your private practice?
Here’s the formula:
1. Start with a verb,
2. Define the lag measure (which tells you if you’ve achieved the goal) using an X to Y
3. Include a deadline.
For one of my clients, we set the WIG Goal: Increase Client Appointments from 5,800 to 8,000 by December 31, 2020.
STEP 2: Create 3-4 Lag Measures, but act on the Lead Measures attached to the Lag.
Now, you might be asking, “What’s a LAG measure and a LEAD measure? “What’s the difference between the two?”
A Lag Measures tracks the success of the WIG. For example, your monthly revenue can be a lag measure, or appointments per month could be a lag measure. These are fixed. By the time you see a lag measure, you can’t do anything to fix them.
Lead Measures, however, track the activities that drive the lag measure. They PREDICT the success of the lag-measure.
So, for my client, if we’re going to accomplish the W.I.G. goal to grow the practice by an extra 2,200 appointments this year, we need to set some Lag and Lead Measures.
For example, say we set a Lag Measure of 10 speaking engagements in 2020. With a lead measure of, “Write 10 local school counselors to offer free in-service training and write 10 local businesses for free lunch and learn on mindfulness & productivity.”
This lead measures (networking with school social workers and local businesses) will PREDICT the success of the Lag Measure of 10 speaking engagements.
STEP 3: Create a Compelling Scoreboard.
People perform best when they know the score, whether they know they are winning or losing the game. It’s a way to motivate yourself and your team.
If you and your clinicians know the score, and they can influence the lead measure, which moves the lag measure, then you have a winnable game.
So, a simple way to do this is to create 10 boxes to cross off. Each time my client has a speaking engagement you cross off a box!
I do this with my clients and it works.
You can download a sample scoreboard that I’ve created in the blog post linked to this video.
STEP 4: Create a cadence of accountability.
While I have a weekly coaching meeting with my clients to hold them accountable to move their private practice forward, you will have a weekly meeting with yourself or your team to hold your practice accountable to the WIG.
Now, I only showed you one Lag Measure, but I typically have 4-5 lag measures for our WIG so I always end up asking every week which one or two to focus on.
I typically ask, “What’s the one thing you can do this week to have the biggest impact on the scoreboard?”
Or, “What’s the one thing you can do to make forward progress on the W.I.G.?”
So, in review:
STEP 1: Create a Wildly Important Goal for the next 6 months to a Year.
STEP 2: Create 3-4 lag measures that support the WIG, but focus on executing the lead measures;
STEP 3: Create a compelling scoreboard. STEP
STEP 4: Create a cadence of accountability.
Why is this important to have a plan to grow your private practice?
It takes the guesswork out of what you should be doing to grow your business.
It’s like going to the grocery store without a list of the food you need to make meals for the week. You just walk up and down the aisle just staring at the food, try to strategize in the moment what you actually need or, because you’re hungry, you just buy whatever feels good in the moment.
Look, you’re a busy therapist with lots of demands on your time. You need to have a plan with clear laid out goals. It will keep you from just wandering around wasting time thinking about what you should be doing to grow your business.
With this formula, you’ll already have a recipe for growth, you just have to follow it!
WRAP-UP: Many of my clients who utilize this formula have seen double-digit, and even triple-digit growth year over year.
You’ll never grow your income or your impact in your community without a plan. If you’ve never done this type of planning before, just set a simple 3 month WIG and SMASH IT!
“IF YOU HAVEN’T YET CHECK OUT MY VIDEO ON “The #1 Mistake Business Leaders Make” and check out my free video training on how to grow and market your private practice. The link is below.
If you need help growing your private practice schedule a free 15-minute consultation and we can grow your private practice!