If it isn’t tough enough running a small business or practice, this year has really thrown business owners some curveballs. As a leader, you’re tasked with making all of the right decisions for your customers, your company, and your people. Whether you’re going through a rough year or you’re seeing great leaps in your business, here are 7 things you can do so that your small business can prosper, no matter what comes your way.
Focus on the customer experience
While you may know that the customer experience is everything, you might be able to do more to improve it. According to a study by NewVoiceMedia, 51% of customers will not repeat business with a company after a bad service experience. Other studies have shown that it takes several positive customer experiences to make up for one negative one. Dig deep into the experience at your practice or company from the moment your customer walks in the door to the minute they leave. What about everything in between? And what about those phone and email interactions? Every touch plays a role in the customer experience, which is why it’s so important that you make sure every moment is aligned with your values and goals.
Get more done in less time
It sounds too good to be true, right? It might take some research and investigation, but I guarantee you that there is something you can do to make your team and company a more productive operation. This might require feedback from your team and a deep dive into your company processes, but all of that time spent investigating will allow you to truly see where the spots are that need a little TLC. When you streamline collaboration, rethink how you fail, and improve your use of existing resources, you will find that you actually can get more done in less time, which we all know betters the bottom line.
Make room for more relationships
While we are living in an era of Zoom calls and social distancing, relationships are actually more important than ever. You might be a busy physician or a time-strapped businessperson, but there is always room for more valuable relationships. Make connecting a priority because you never know when you might need some advice from someone more experienced than you or when you’ll want to do a collaboration with someone that you trust. You never know who you need until you need them, and I’ve found that relationships that provide two-way worth are the most valuable. Continue to build your network in this time of Covid-19 because it can only benefit your business and it could push you past your competitors who are taking a break. Let’s also not forget that our customers are also craving human connection more than ever, too.
Understand what technology can do for you
If your small business isn’t tech-based, you might not be familiar with all of the ways that technology can help your company. While we often think of technological upgrades as time-consuming, expensive, and confusing, it is often none of those things. When you get the right partner or expert involved, with the right solution for your practice, it should pay for itself, save time, and make sense to you. New technology systems can be implemented to help support productivity, marketing, finances, collaboration, service, production, and more. Don’t let the intimidating terminology fool you; you would be surprised at what the cloud, social media, web-based payment systems, and tools to measure KPIs can all do for your business.
Know and study your competition
Have you heard the rumor that Michael Jackson hung up posters of Prince during his recording session of Thriller? While it’s one thing to be motivated by your competition with a desire to surpass their successes, it’s another thing to study them and put effort toward understanding what they’re doing and how it compares to what you’re doing. The answer is never “I don’t have any competitors.” There is always someone doing something, which makes it inherent to your success to know them. What can you learn from larger, more successful practices that have been around for decades? How can you make your practice stand out from them and attract a similar audience? There is a lot to be learned from those in your industry, and it’s most likely that they are looking at you, so why not look back?
See the value in delegation and outsourcing
“Your most important task as a leader is to teach people how to think and ask the right questions so that the world doesn’t go to hell if you take a day off,” says Stanford professor Jeffrey Pfeffer. It makes sense that your small business or practice is everything to you, which is why it can be difficult to let others in the room, but delegation is actually extremely important for protecting your small business. Teach your people what you know, ask the experts for their opinions, and outsource when it makes sense for another company to take over a part of your operations.
Hire people better than you
You should never worry about being outshined by your team members; in fact, that is the best-case scenario! Your small business doesn’t need a bunch of people just like you. While you may bring great skills to the table, it is essential that you look for team members who can fill in the gaps and work to take your company to the next level. When a leader looks at a team member as a threat, instead of an asset, it only hurts the success of your small business. Hiring people who are “better” than you are might force you to rethink your hierarchical business structure, let go of the innate desire to be considered the “top dog,” or admit vulnerability in order to step aside and let someone else take the wheel.
Running a small business is no small feat! Leaders everywhere are being challenged and small businesses are in a unique position to thrive. The stronger that you make your core, the better chance you have at survival when something like Covid-19 comes your way.
At Prosper RCM Solutions, we are a small business helping other small businesses. With more than 60 years of combined experience in the anesthesia industry, we provide proactive and creative solutions, deliver innovative and practical alternatives, and offer reliable and trustworthy services to help our clients improve the patient experience. We help our clients improve their billing processes and show them how to use our resources to make their practices better.
Call (913) 599-9304 for more information about Prosper RCM Solutions.