It’s natural to want to find a quick or immediate solution to a problem.
Take marketing: we’re probably all guilty of looking for a ‘silver bullet’ solution which will magically attract more clients without us having to do any work or spend any money.
The problem is, these ‘silver bullets’ don’t exist outside of sales letter hype and over-the-top sales pitches.
And whilst we’re secretly hoping one will appear, we’re not only deluding ourselves but we’re missing the opportunities already in front of our nose.
The Alternative Approach
It may be less sexy than a silver bullet, but checking you have the fundamentals in place is a great place to start if you want to get more clients and grow your practice.
There are three essential elements of a profitable practice and if any one of them is missing or broken then it’s like trying to accelerate a car with one foot jammed on the brake – you won’t get very far very fast.
To check if any of the essential elements are missing or broken in your practice, ask yourself these questions:
- Are you clear on your target clients and what they want or need most?
- Have you created a compelling message for those target clients so they understand why they need your help and why they should choose you?
- Do you know how best to get your compelling message in front of your ideal clients, so they can see it and take action?
- Do you have a reliable system for converting enquiries into paying clients without giving away free advice or spending too much time?
- Are you helping clients see the value of your service (for them) so that they are willing to invest their time and money in your solution?
- Do you have a fee structure that is attractive to your target clients (which doesn’t mean offering lower fees)?
- Are you (ethically) maximising the fees you get from each client (for example by offering other services that the client needs?)
- Are your processes and systems set up to minimise the time spent on frequent tasks (in order to maximise the time you can spend generating income)?
- Are you making the most of the other opportunities in your practice such as getting referrals from existing clients (so you can make more profit from each client you have)?
You may look at this list of questions and think “I already know I need to do all of that…..”
Whenever I hear a business or practice owner say that I always ask “But are you doing it?”.
The answer is usually no.
But even if you are doing all of these things (in which case, congratulations!), if you want to take your practice to the next level ask yourself “Am I doing them as well as I can?” or “How can I get even better results from what I am already doing?”
Paying attention to these three essential elements, and improving them whenever and wherever you can, is the quickest way to see an increase in the number of clients you have and the amount of profits you are generating.
You don’t even need to make a big increase to any individual area, as small increases in each will add up to a big increase overall. For example, if you increased each of your Attract, Convert and Maximise elements by just 10% or 20% then you could see results like this:
Current yearly results
1000 Enquiries x 25% Conversion Rate = 250 Clients x £1,000 Profit per Client = £250,000 Profit
Add 10% to each element:
1100 Enquiries x 27.5% Conversion Rate = 300 clients x £1,100 Profit = £330,000 Profit = Increase of 32%
Add 20% to each element:
1200 Enquiries x 30% Conversion Rate = 360 Clients x £1,200 Profit = £430,200 Profit = Increase of 72%
Stop Waiting, Start Growing
If you’ve been waiting and hoping for a silver bullet to grow you practice, I recommend you stop waiting and start taking steps today to improve your Attract, Convert and Maximise.