Our world is constantly changing and evolving, and you must account for this as a nurse practitioner entrepreneur. One of the reason entrepreneurs fail in the long term is that they assume the world is static. They assume “things won’t change” or they become comfortable and content. This is a recipe for demise. You MUST account for change for long term prosperity. You MUST be prepared to change with the world. If you do not, the world will pass you by and your business will end up closing.
Look at great businesses and innovations of the past that people barely even remember anymore. Remember Blackberry? Remember America Online? Remember pay phones? Remember Kodak? Remember Blockbuster?
There are literally thousands of businesses, innovations, and products that ended up FAILING because they did not change with the times. When they did decide to start changing, it was to late. Because of this, you need to ALWAYS be accounting for change.
When it comes to your medical practice, you must always be on the look out for innovation and the constantly changing healthcare environment. Healthcare regulations can change rapidly (look at what is going on with telemedicine). New medications are being developed on a daily basis. Peoples habits change. People get older. Essentially, we work in a field that is CONSTANTLY changing. You need to account for this if you want to succeed in the long term.
Never, and I mean, NEVER, become complacent with your business. As soon as you do that, it will start to decline. I have been there. Once you stop creating new services, changing around your marketing campaigns, or stop scaling/growing your business, it will slowly decline. You must ALWAYS be growing, never just settle in.
With that said, how do you account for change? You must be one step ahead of the market!
How do you do that?
You must always be researching what your competition is doing.
You must always be reading about new innovations within your niche service line.
You need to be paying attention to trends within society.
You need to stay up to date with current events.
You need to learn and be aware of what new marketing avenues there are.
If you do these simple things, you will always be one step ahead of the market, and most importantly, your competition!
If your competition is following trends and staying “up to date” with what is hot and you are not, they will blow you out of the water eventually.
Look at Blockbuster! While Netflix was DESTROYING the market and setting the new standard, Blockbuster Video just sat there with their dumb video rental stores… They did not account for the changing market, and this eventually led to them declaring bankruptcy.
This can and WILL happen to your medical practice if you do not account for change. You need to ALWAYS be one step ahead if you want to build real, long term financial independence.
One thing is for certain folks, telemedicine is here to stay. I saw the writing on the wall back in March which is why I created the telemedicine course. If you are operating a brick and mortar practice or you are considering opening one up, you need to ensure you have some sort of telemedicine functionality or service line built into it.
The market is changing, and you need to change with it.
There are A LOT of older practice owners out there that will FAIL to change with the market. This is where you come in. It is time for YOU to reign supreme, and let the old blood be forced into retirement.
You are reading this blog; therefore, YOU are one step ahead of most nurse practitioners, physicians, and other practice owners.
Never forget: Do not become content with your practice. Also, never forget: Always be accounting for change! If you do these two things, you will be wildly successful.
This is so true! I actually remember going into blockbuster and paying $5 for 1 video & $6 for a DVD rental. I asked why were they so expensive compared to the $1 Redbox for the same movie. They said “bcuz we let you have it for 5 days”..but i didn’t want it for 5 days & certainly didn’t want to pay for it. I knew then that they were going to crash and it didn’t seem like they cared. My mantra “Give the people what they want NOT what you think they need”
EXACTLY! Do not shove things down peoples throats… GIVE THEM WHAT THEY WANT!
I really love this post today! I felt it a wake-up call.
You are welcome! We definitely all need to make sure we are staying ahead of the game… Things change!