Unlocking her transformation to triumph
Meet Mary, a seasoned business owner with over 25 years of experience in the family therapy industry. Mary possessed sharp intellect, immense compassion, and a deep commitment to serving others, often putting other’s needs before her own. However, beneath her admirable qualities, Mary faced numerous challenges holding her back from achieving her envisioned business success.
A Vision for Success
When I first encountered Mary, she dreamed of building upon her mother’s legacy. This therapy business served families in crisis and provided her with financial security and independence from her practice. Her timeline was three years, and despite the ticking clock at age 67, Mary was determined to make this vision a reality.
Although Mary’s timeline presented a unique challenge, I accepted it, recognizing the growth opportunities hidden within the obstacles.
Mary’s story is a powerful example for other business owners grappling with similar issues. Her transformation journey demonstrates that it’s possible to overcome obstacles and achieve the business success you desire with the right strategies and guidance.
THE ROADBLOCKS & SOLUTIONS
The key to business success often lies in systematically addressing critical problems. Mary’s case was no different. We aimed to dissect her challenges individually and seek opportunities to bridge gaps and reverse unfavorable situations. Here are some of the challenges we tackled and the solutions we implemented:
- Unlocking Untapped Revenue: Maximizing Potential
While assessing the company’s resources, we uncovered that the practice had two additional treatment rooms that were not being utilized. Even hard-working Mary could not multiply herself further. She was already operating at her maximum capacity, overextending herself by working 50 to 60 hours weekly.
Solution: Our immediate focus was to maximize the company’s revenue potential by utilizing the vacant treatment rooms. We embarked on a mission to hire as many full and part-time therapists as needed to utilize the company’s capacity. Within just six months, and with the staffing puzzle solved Mary saw a 50% increase in revenue.
- Operating a Tight Budget: Achieving Financial Balance
Mary’s business needed to generate the revenue required to pay herself and meet expenses comfortably. She was barely keeping her head above water. Capacity and pricing were two intertwined issues. After addressing capacity, the company’s revenue increased but was still significantly lower than the market average.
Solution: We recognized that pricing was a delicate matter. Despite not raising her fees for over a decade and serving at prices below market rates, Mary hesitated to adjust them due to concerns about losing clients. Nevertheless, we successfully implemented incremental price increases that she was comfortable with while offering exceptional value, gradually boosting profitability.
- Streamlining Cash Flow: From Waiting to Gaining
Although the company generated significantly higher revenue, collecting it timely was another challenge. Heavy reliance on insurance payments affected the business’s cash flow as they had to wait for claims to be processed.
Solution: We boldly decided to transition to private pay, with clients paying by credit cards, and with the ability to request reimbursement directly from their insurance providers. Initially challenging, clients accepted this change due to the quality of care they received, improving cash flow significantly.
- Leveraging Knowledge Through SOPs
Mary was the sole keeper of every aspect of the practice’s knowledge. By being the primary source of intellectual property, Mary was serving her team and clients, which hindered the business’s sustainability and potential for growth.
Solution: To create a business where the day-to-day operations did not rely on Mary’s presence, the company must have standardized operating procedures (SOPs). With new therapists taking on a lion’s share of the client treatment, and Mary reduced her business work to one day a week, she completed the much-needed SOPs within a month. She now has more owner independence and growth opportunities.
- Efficient Team Building: Maximizing Productivity
Like so many empathetic business owners, Mary retained an underperforming team member much longer than she should have. As a result, she was performing the administrative tasks she was paying someone else to do, unnecessarily reducing her revenue-generating capacity and profit.
Solution: Anything that affects productivity, revenue generation, and cash flow will cause the business, if not the owner, to struggle. Wanting to remedy this situation immediately, we swiftly hired a new team member with the right skills and work ethic, leading to faster revenue generation, efficient operations, and more free time for Mary.
Mary’s Transformation: A Blueprint for Success
Mary’s transformation serves as a blueprint for business success. While the specific issues might differ for every business owner, the approach should be the same – identifying challenges and implementing strategies to achieve the desired results.
The hardest part of running a business is knowing when to seek help and how to implement it. Mary achieved in three years the success that had eluded her in 25 years of going at it alone. The answers to your business challenges often lie within your company, but external guidance can help identify and leverage these opportunities.
Mary’s decision to work with us, which included financial expertise with business experience, resulted in her realizing her dream business. Here’s how she benefited specifically:
- Received Expert Help
An experienced financial and business professional with a fresh perspective and expertise to help implement effective strategies.
- Invested For Success
Investing in professional guidance accelerated business growth and stability.
- Goal Setting and Accountability
Clear goals and a timeframe for achieving them provided motivation, focus, and accountability.
- Embraced Change
Making bold decisions and being willing to adapt to a different business model led to positive outcomes.
- A Plan for the Future
Positioning the business for a successful exit allows for exiting on her terms and timeframe.
If you are an entrepreneur, business owner, or CEO seeking a transformation like Mary’s, know that the resources and assistance you need and deserve to have are available.
We can help you navigate your path to business success. Your dream business is closer than you think. Mary’s story proves that with determination and the right strategies, you can overcome challenges and achieve the desired success. If you need help. Let’s Talk.