Welcome to the Planning for Practice Success Newsletter

November 13, 2006

ISSN 1934-3248

You see things; and you say, "Why?" But I dream things that
never were; and I say "Why not?" -- George Bernard Shaw

In this issue:

Working the 80/20 Rule
Online Business Resource: from REGIONS Bank What's New: The Practice PowerPlan Marketing Tip: Coupons Associate Contract Tip: Watch for "hold harmless" clauses

Startup Resource: Many banks and lenders are starting to put together resources for business owners. REGIONS Bank (with locations in 15 states) has created a nice online resource center, with short presentations on a variety of business startup subjects, like valuing a business and finding a legal form of business. These resources don't specifically apply to chiropractic practice, but you may find some useful information. Here's the link:
http://www.regions.com/business_resource_center/online_workshops.shtml.

What's New: The Practice PowerPlan - It is a short,
concise, POWERFUL loan proposal you can use as a standalone document with spreadsheets and other appendixes, or to create a dynamic Executive Summary for your Business Plan. It's not a substitute for a competent business plan and certainly you will still need to prepare all of the financial spreadsheets that banks want to see, but it might enough to get you a business loan. For a short time, we're offering the Practice PowerPlan to you at no cost. To receive this resource, just send me an email (jean@dcpracticesuccess.com) and let me know your greatest concern about startup. I will send you the file by return email.

Working the 80/20 Rule: You are probably familiar with the 80/20 Rule, sometimes called the rule of the "vital few and trivial many." This principal states that 20% of anything (the few) is responsible for 80% (the many) of the results.
It works in many areas of business and society. For example, 80% of your billings will come from 20% of your patients, and 80% of your problems will come from 20% of your employees (I know firsthand about this particular one!).

Most important, 20% of what you do every day is vital, the rest is trivial. The trick is figuring out where the 20% is.  In marketing, 20% of your marketing efforts will bring in 80% of your new patients. That's why it's so important to keep track; figure out where your new patients are coming from. If your work day is getting too hectic, stop and look at what you really need to focus on; find the 20% that's vital and leave the rest to another day.

My coach says "You must be willing to start doing less than half of what you're currently doing." It's the 20% he's talking about. Every day, think about the most productive things you could be doing, and focus on them. See if you don't have a dramatic turnaround in productivity...and income!
 

Marketing Tip: I talked to a new DC recently who said she had had good success with coupons included in a local coupon mailer. The company that puts together these mailings is ValPak.. It's basically a combined direct mailing by several advertisers to a defined market. I am looking for more information from them, will keep you posted....
 

Associate Contract Tip: "Hold Harmless" Clauses Every time
I think I've seen it all, I get handed an associate contract with something new in it. This time it was a clause in an associate (employment) contract that stated that if the employee ("associate doctor") was "solely responsible" for some accident/injury, the employer was to be held harmless.  Nope! An employer is responsible for the work of employees.  The employer can not get out of this responsibility. Only if the employee does something that is outside the limits of the job (like stealing money from patients), can the employer be held harmless. Also, this employer wanted the employee to pay court costs. Again, not going to happen. You should never sign a contract like this.  If you have questions about this, contact me.

Ask Dr. Jean Murray a question: email her at jean@dcpracticesuccess.com
Order Planning for Practice Success or one of our other
products or call our toll free number at any time (24/7): 1-866-940-7526

Best wishes for your continued success,

Jean Murray
Planning for Practice Success
Online at http://www.dcpracticesuccess.com

The most absurd and reckless aspirations
have sometimes led to extraordinary success.
-- Vauvenargues

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