One topic that often comes up in my live seminars is the issue of price – and how many health professionals are worried about increasing their fees.
There are few – if any- sections of the business world that have such a hang-up about price – as health professionals.
Maybe it is because many of us come from a system that provided free health care to it’s citizens.
Maybe it is because we became health professionals because we are healers and nurturers – and are not really motivated by money.
Maybe we feel that we should not be financially benefiting from the poor health and issue of our clients.
Who really knows.
Regardless of why we have issues about money – it is something we need to overcome – and fast – if we are to have long and successful careers as health business owners.
As wages and the other running costs continue to rise – you need to be aware of the impact these increases are having on your business – and react accordingly.
Make sure you are constantly tracking and monitoring your profit and loss reports.
Ensure that you are getting the best deal possible on your business expenses – such as telephone, printing, and advertising.
Research all requests for wage increases from your team before simply agreeing to the wage rise.
But most importantly – always be looking for ways to increase the average transaction value – whilst at the same time providing excellent results to your clients and patients.
This may involve simply putting your prices up regularly.
I spoke to one health business owner who had not put her prices up for 3 years – wow.
You can also look to develop premium services – such as long consults, VIP packages , or combination treatments that involve more than one therapist – that can be charged accordingly.
Or you can more actively on-sell other goods and services – that assist your client achieve their health and rehabilitation goals.
So take an active role in the profitability of your business.
Work on your attitude to money and realize the impact this attitude may be having on your business.
But above all – remember this most important point:
Your current patients want you to be financially well rewarded.
They want you to succeed in your business.
Because the consequence for them is that you close the doors and do something else to pay your bills – leaving them high and dry – without access to your incredible skills and expertise.
I welcome your thoughts and comments.