5 Essential Parts of a Chiropractic Business for Long Term Success

5 Essential Parts of a Chiropractic Business for Long Term Success

by | May 17, 2024

I have a question for you: would you say that you know what it takes to run a true business and not just a practice?

Running a chiropractic business

As hardworking chiropractors, we often focus on providing excellent care to our patients, dedicating ourselves to the craft of healing. However, what many of us may not realize is that running a successful chiropractic practice requires more than just our clinical skills. Our education doesn’t often include training on the essential components of running a business.

Today, I want to share with you a set of principles that I’ve learned from studying Fortune 500 companies – the most successful businesses in the US. By implementing these principles in your own practice, you can build a strong foundation for long-term success.

The Right Departments:

To lay a solid foundation for your practice, it’s crucial to have the right departments in place. Consider organizing your chiropractic business into departments such as marketing, operations, services and sales, and accounting and finance. This ensures that every aspect of your practice is well-supported and can thrive. By nurturing each department, you create a well-oiled machine that can drive your practice forward.

Building the A-Team:

Your practice is only as strong as the team behind it. Invest time and effort into developing a proven hiring process. Create a step-by-step approach that includes onboarding, a 90-day training program, and a training schedule. As you build your team, ensure that you have an organization chart in place, allowing you to assess if everyone is in the right places. Having the right people, who share your vision and values, is the key to creating a passionate and high-performing A-Team.

Teamwork

Commanding Your Statistics:

Understanding your practice’s statistics is vital for making informed decisions and forecasting future growth. Keep track of daily, weekly, and monthly stats to identify trends and areas for improvement. Developing financial forecasting skills enables you to gauge the potential for growth. Imagine the impact on your practice if you knew it could grow by 10, 20, 30, or even 50% in the next quarter. By commanding your numbers, you empower yourself as a chiropractic business owner.

Running the Right Meetings:

To truly operate like a successful business, it’s important to run a variety of meetings beyond the typical weekly staff meeting. Consider implementing quarterly and yearly meetings, where you can evaluate your progress and plan for the future. Performing a SWOT analysis, like Fortune 500 companies do, allows you to identify your strengths, weaknesses, opportunities, and threats. Additionally, individual meetings provide valuable one-on-one time with both upper management and junior staff. These meetings promote open communication, trust, and development within your team.

Embracing Core Values:

At the core of any successful business are its core values. These values drive everyone within the organization, providing motivation and direction. Take the time to define and articulate your practice’s core values. Create a culture that not only delivers exceptional healthcare but also fosters a supportive and fulfilling work environment. By aligning your team with shared values, you create a sense of purpose that inspires everyone to push towards greatness.

Core Values

As chiropractors, we are drawn to the healing arts, but that doesn’t mean we can neglect the essential parts of running a successful business. By applying the principles derived from Fortune 500 company models, you can build a solid foundation for your practice’s success. Remember, success isn’t just measured in financial gains but also in the fulfillment and balance we find in our lives.

If you’re feeling inspired by the principles I’ve shared on building a thriving chiropractic practice, I’d love to connect with you. CLICK HERE to schedule a call with me, and together, we can work towards creating a practice that not only thrives in the business realm but also supports your personal and family aspirations. I can’t wait to speak with you and learn more about your unique journey. Let’s take this step towards success and fulfillment together!