Podiatry Legends Podcast

If you want to perfect the art of customer service, then Disney Institute's book, BE OUR GUEST, is exactly what you need to read.

Nothing at Disney happens accidentally, and guests' happiness is their priority. Everyone in health care can learn from this fantastic book. (reviewed by Tyson E Franklin and Carly O'Donoghue from Stepping Out Podiatry).

Available from Amazon

If you have any questions about this episode, email me at [email protected].

Podiatry Business Coaching

Hi, I'm Tyson Franklin, and when it comes to one-on-one podiatry business coaching and mentoring, I believe I am the best in the business, and most importantly, I have a proven track record to back me up.

If you'd like to learn more, please email me at [email protected]; otherwise, you can go directly to my online calendar to schedule a Zoom meeting.

Upcoming LIVE Events

If you're interested in attending one of my LIVE marketing or business events, details can be found at https://www.podiatrylegends.com/upcoming-events/

Podiatry Business Owner's Club

Are you a podiatrist or podiatry student with an interest in business?

If you are, all you need to do is answer three simple questions to join my Facebook Group – https://www.facebook.com/groups/podiatrybusinessownersclub.

YouTube

Have you checked out my YouTube Channel – Tyson E Franklin? This is where I uploaded the UNCUT videos of each podcast episode and short career and educational videos.

I want to share a story from my childhood and how my mum's Cherry Ripe chocolate taught me a great lesson about systems and why small system changes can have devastating long-term effects on your podiatry business if you don't keep an eye on them.

FOR SHOW NOTES VISIT - https://www.podiatrylegends.com/282-what-mums-cherry-ripe-taught-me-about-systems/

If you have any questions about developing systems after listening to this episode, please email me at [email protected]

Podiatry Business Coaching

Hi, I'm Tyson Franklin, and when it comes to one-on-one podiatry business coaching and mentoring, I believe I am the best in the business, and most importantly, I have a proven track record to back me up.

If you'd like to learn more, please email me at [email protected]; otherwise, you can go directly to my online calendar to schedule a Zoom meeting.

Next Event

Have you checked out what's coming up next? - https://www.tysonfranklin.com/events

New Podiatry Legends Podcast website - https://www.podiatrylegends.com/

FREE DOWNLOADS:

First 16 Pages of My Book – It's No Secret There's Money in Small Business.

12 Secrets to Get More People Through Your Front Door.

Andrea Gledhill is a UK Podiatric Surgeon, and at the age of 18, she knew that becoming a Podiatric surgeon was always going to be her career path.

In this episode, we discuss her career development from graduation, having two children, commencing her MSc in Theory of Podiatric Surgery in 2011, her surgical fellowship in 2019 and beginning her Specialist Registrar post in 2021.

We also discuss her role as the Project Officer for The Royal College of Podiatry and why she continues to build her research and leadership portfolio.

Tip for New Graduates

Explore, network, look for what you enjoy in podiatry, seek out opportunities, and consider a mixed working model that gives you work-life balance.

If you have any questions about this podcast episode, please email me at [email protected].

Podiatry Business Coaching

If you'd like to learn more about One-On-One Business Coaching, please email me at [email protected]; otherwise, you can go directly to my online calendar to schedule a 30-minute face-to-face Zoom meeting with me.

Live Events & Online Courses

If you're looking for podiatry education, please look at my LIVE EVENTS and current ONLINE COURSES I endorse.

YouTube

Have you checked out my YouTube Channel – Tyson E Franklin? This is where I upload the UNCUT videos of each podcast episode and short career and educational videos.

Podiatry Business Owners Club

On Facebook, I have created a group called the Podiatry Business Owners Club. If you're a podiatrist or podiatry student and you own a business or would like to own a business one day, this is the group you'll want to join.

Today I want to talk about cash and cash flow. It doesn't matter how much money you make; what's important is how much you keep after paying all your monthly expenses.

Many podiatry businesses struggle in their first few years because they've entered their business venture full of enthusiasm and wearing rose-coloured glasses, but when the dust settles after all the excitement, they realise there are a lot of expenses attached to running a podiatry business properly.

Worst case scenario, they start to run out of money before they run out of month because the money going out is far exceeding the money coming in.

Having a negative cash flow cannot be sustained long-term.

I personally know a couple who spent over $200,000 to set up their podiatry business on the Sunshine Coast, and they went broke within 12 months.

Was it because they were dumb? Well, the jury is still out on that, but from the outset, this is what I observed.

• They began their business venture with limited capital and therefore borrowed too much money, resulting in larger than normal monthly repayments, which immediately ate into their monthly cash flow.
• They purchased equipment they did not need. There was no delayed gratification, they wanted everything from day one.
• They made purchases for their home and added them to the business repayments. That was really dumb.
• They gave out a lot of accounts and didn't chase them up.
• They also gave discounts unnecessarily.
• They took financial advice from unqualified family and friends.

Right from day one, they were trading with insufficient capital, and their cash in was far less than their cash out, which caused them a lot of stress, and lead to dumb and dumber decisions.

Starting a business this way is ridiculous.

I'd like to point out that running out of money before running out of month is not just a problem for new podiatry businesses, it can also happen to establish podiatry businesses if they do not pay attention to their cash flow and monthly expenditure.

I recall talking with an insolvency expert, and he said you'd be surprised how many highly intelligent health professionals declare bankruptcy. After watching the couple from the Sunshine Coast and seeing it first-hand, I knew he was not exaggerating.

If your business gives out accounts, you need to have a strict account policy, and everyone needs to adhere to it, and if a patient is ever late with a payment, you should have processes in place to follow them up. And you should never give them additional credit, hoping they will pay.

When I had my podiatry business, I had a zero-account policy, the same policy as most grocery stores.

Yes, a few patients did complain, but after complaining they paid for their treatment in full and made their next appointment. When they returned for their next appointment, they never asked for an account a second time.

After 30-plus years, and tens of thousands of patients I had no bad debts.

If you're catching yourself saying, I COULDN'T DO THAT WITH MY PATIENTS, at least give it a go and see what happens.

Every business should also work towards having enough cash in their bank account to cover all their expenses, including wages, for at least three months.

You may or may not agree with this three-month cash flow tactic, but lack of money is stressful, and stress affects your judgment and decision-making capabilities.

You want to build your podiatry business with a clear head, not a cloudy head concerned with paying next month's rent, wages and other expenses.

Good cash flow allows you to:

• Pay all your accounts on time, which suppliers love, and it builds trust. And if you do get in a financial pickle at some stage, your suppliers will help you where they can.
• Purchase in bulk and make significant savings.
• Save money on freight because you're ordering fewer times throughout the year.
• Build trust with your team. Your team sees everything, and nothing destroys confidence in a business more than ongoing phone calls and emails from creditors.

So here's my warning: DO NOT OPEN your podiatry business if you don't have enough capital and the cash to sustain the business.

If money is tight, consider waiting another 12 to 18 months and do it properly because you also need to allow money for marketing, which will be crucial to your podiatry business's long-term success.

Many businesses do not allow for marketing in their budget, and when their cash flow is tight, marketing tends to be the first thing business owners want to cut, which is a huge mistake.

1. Cash is King
2. Cash flow is also a King and you want to see your cash flow going upwards.
3. If your business does give accounts, limit the payment terms, and get paid faster.
4. Aim to have enough cash in your bank account to cover three months of expenses so you can think clearly.
5. A good payment history with your suppliers builds trust.
6. Don't rush into business ownership if you don't have the capital and cash flow to start correctly.

If you have any questions about this episode, please email me at [email protected]

Upcoming LIVE Events

If you're interested in attending one of my LIVE marketing or business events, details can be found at https://www.podiatrylegends.com/upcoming-events/

Podiatry Business Coaching

Hi, I'm Tyson Franklin, and when it comes to one-on-one podiatry business coaching and mentoring, I believe I am the best in the business, and most importantly, I have a proven track record to back me up.

If you'd like to learn more, please email me at [email protected]; otherwise, you can go directly to my online calendar to schedule a Zoom meeting.

Podiatry Business Owner's Club

Are you a podiatrist or podiatry student with an interest in business?

If you are, all you need to do is answer three simple questions to join my Facebook Group – https://www.facebook.com/groups/podiatrybusinessownersclub.

Before you purchase a podiatry business, the revenue and profits of the business are essential; however, they are not as important as understanding the dynamics of the neighbourhood, traffic patterns, and the psychology of the patients in that area, and this is why large corporates buying up podiatry businesses fail; they fail to look beyond the numbers.

Dr Patrick McEneaney owns Northern Illinois Foot & Ankle Specialists, which has 14 locations in the Northern Illinois/Chicago area, and he has mastered the art of understanding patient and clinic dynamics; he has developed what he calls the Good Bag Approach.

In this episode, we discuss the following:

• Fostering relationships within the podiatry profession.
• Not every podiatry practice is run well, and the more clinics you own, the more overheads you'll have; therefore, consolidating overheads should be a priority, but you need to know a lot about the clinic and the patients before you consolidate. For several unknown reasons, some patients won't travel in a particular direction or go to a specific town.
• Continually evaluate all aspects of the business, town and patients before you expand.
• Being prepared: If you expand, what if someone leaves? Could you still cope with more than one business?
• When possible, cross-train your team.
• Why you should always be interviewing for new team members.
• If you're not a good communicator, go and do some courses to get better because it is a skill you need.
• The key numbers you should look at each month and the importance of having appointments available for NEW PATIENTS. Your business won't grow if you only rely upon existing patients.
• The Per Visit Value number is crucial to measure because it shows the communication skills of the podiatrist. A patient will never say yes to an additional product or service if it is never offered or communicated to them correctly.
• Why being booked out too far ahead is costing your business a lot of money.
• Change your marketing for the seasons, don't run the same ad every month for twelve months and expect it to work. Look at your numbers; they will tell you whether your marketing is working.
• What is The Goodie Bag Approach?

Is there anything else I can help you with today?

This question should be asked at the end of every consultation because it will let you know if you've met the patient's expectations and allows them to say what's on their mind. For example, they may be looking at purchasing new running shoes, and they want your expert advice.

If the patient doesn't ask you now, they will surely ring your receptionist later, meaning you will be interrupted or be required to call them back at some stage. In the end, it will cost you more time.

Final Tip

To be a good doctor, you've got to learn to develop and train your team. The time you take training your team will save you more time long-term, and they will value it as well.

If you have any questions about this episode, please email me at [email protected]

Upcoming LIVE Events

If you're interested in attending one of my LIVE marketing or business events, details can be found at https://www.podiatrylegends.com/upcoming-events/

Podiatry Business Coaching

Hi, I'm Tyson Franklin, and when it comes to one-on-one podiatry business coaching and mentoring, I believe I am the best in the business, and most importantly, I have a proven track record to back me up.

If you'd like to learn more, please email me at [email protected]; otherwise, you can go directly to my online calendar to schedule a Zoom meeting.

Podiatry Business Owner's Club

Are you a podiatrist or podiatry student with an interest in business? If you are, all you need to do is answer three simple questions to join my Facebook Group – https://www.facebook.com/groups/podiatrybusinessownersclub.

After every podiatry visit, you need to know that your patients will be headed to one of five places; straight home, back to work, catching up with friends, seeing another health professional, or heading to their lawyer's office, and when they do, how will they describe their podiatry experience?

Will they say you were FINE, TERRIBLE OR AWESOME? Most patients will not run around town singing your praises if you are fine, but they will talk about you if you're terrible or awesome, so you're better off being awesome.

If you have any questions about this episode, please email me at [email protected]

Upcoming LIVE Events

If you're interested in attending one of my LIVE marketing or business events, details can be found at https://www.podiatrylegends.com/upcoming-events/

Podiatry Business Coaching

Hi, I'm Tyson Franklin, and when it comes to one-on-one podiatry business coaching and mentoring, I believe I am the best in the business, and most importantly, I have a proven track record to back me up.

If you'd like to learn more, please email me at [email protected]; otherwise, you can go directly to my online calendar to schedule a Zoom meeting.

Podiatry Business Owner's Club

Are you a podiatrist or podiatry student with an interest in business?

If you are, all you need to do is answer three simple questions to join my Facebook Group - https://www.facebook.com/groups/podiatrybusinessownersclub.

This episode opens with me explaining why a good friend calls me the Mexican Fisherman and ends with Dave James talking about tits and gits. It's a fun episode that will open your mind and change your thinking about podiatry and life.

"Life moves pretty fast; sometimes you've got to slow down and take a look". - Ferris Bueller (1986)

In this episode (PART 2), Dave and I discuss the following:

• Developing a better relationship with your work and family.
• The reason why some people own big houses.
• The difference between safety and safeness.
• You cannot compare success: Everyone's journey in life is different, and there is no right or wrong, and there is an element of luck.
• THE POWER OF THE PAUSE.
• Habits and automatic responses.

If you want to connect with Dave James, you'll find him lurking around and adding value on Linkedin.

If you have any questions about this podcast episode, please email me at [email protected].

Podiatry Business Coaching

If you'd like to learn more about One-On-One Business Coaching, please email me at [email protected]; otherwise, you can go directly to my online calendar to schedule a 30-minute face-to-face Zoom meeting with me.

Live Events & Online Courses

If you're looking for podiatry education, please look at my LIVE EVENTS and current ONLINE COURSES I endorse.

YouTube

Have you checked out my YouTube Channel – Tyson E Franklin? This is where I uploaded the UNCUT videos of each podcast episode and short career and educational videos.

Podiatry Business Owners Club

On Facebook, I have created a group called the Podiatry Business Owners Club. If you're a podiatrist or podiatry student and you own a business or would like to own a business one day, this is the group you'll want to join.

Why is post-conference time blocking such an important topic? Two weeks ago, I was at our national conference in Brisbane, and after the conference, quite a large number of podiatrists posted how good the event was on social media, but it got me thinking; I wonder how many have taken action on what they've learnt since returning home. How many have set time aside to review their notes and put together a game plan or plan of action?

Taking action after a conference, workshop, or seminar is more complicated than you'd like to think.

What tends to happen is you get home over the weekend, usually on a Sunday, and the next day you'll head into work full of enthusiasm, only to realise you have patients booked solid for most of the day.

Don't worry; you still have your lunch break to review your notes and start making plans.

But just before lunch, you receive an email from your Accountant, and they need you to call them urgently. By the time you phone them and finish eating your lunch, lunchtime is over.

Once again, you're not too concerned because you have nothing scheduled after work, so you can read through your notes at the end of the day when it's quiet, and there won't be any interruptions.

However, by the time 5.30 pm comes around, you're mentally tired, so you tell yourself, it's been a long day; a night off will be good for me and give me a chance to recharge my battery; however, this pattern repeats itself on Tuesday, Wednesday, Thursday and Friday and before you know it the week is over, and it's the weekend.

You decided to take the weekend off, because you've been busy all week and didn't relax last week because of the conference, and you deserve the break. In addition to that, if you have a family, you cannot neglect them two weekends in a row.

One week leads to two weeks; before you know it, the month has passed, and you have not taken action or implemented one new idea from the conference.

I must admit I repeated this process over and over again for years, and it frustrated the hell out of me because I knew I had the best intentions.

I would get so annoyed with myself, but then I discovered the solution, Post-Conference Time Blocking.

If you've never used time blocking before, you should, and if you're not sure what time blocking is, it's the easiest way to get things done.

Time blocking is about dedicating specific blocks of time to particular tasks, and your goal is to perform and complete those tasks within the given time frame. If it's not finished, you immediately go to your calendar and block out more time on another day.

Time Blocking is far better and more productive than having a daily to-do list with no specific time frames.

It's just like standard time blocking; you block out a specific amount of time to perform particular tasks, in this case, review your conference notes and create a game plan; however, post-conference time blocking is scheduled into your calendar before leaving for the conference, not afterwards.

If you try to do it after the conference, it just won't happen. Things will come up, and life will get in the way.

Therefore the earlier you can block out this time in your calendar, the better, and the longer the conference or workshop, the more time you should allow.

For example, if I attend a solid three-day event, I will allow one full day to review my notes and create a game plan or plan of action. You may think you cannot afford to take off another full day but believe me; it will pay dividends long-term.

If I attend a one-day event, I may block out three to four hours; if it is a 2-hour evening seminar, I may only block out an hour the next day.

Here's a great tip to consider:

Make post-conference time blocking part of your conference booking procedure:

1. Pay for Conference Tickets.
2. Schedule a Post-Conference Time Block in your calendar.
3. Book Accommodation.
4. Book Airfares.

If you make it part of your conference booking procedure, it will never be overlooked, and if you have an assistant who makes your travel arrangements, tell them they must block out post-conference time in your calendar. There should be no exceptions.

Another idea you may find helpful, and this is what I do; you can stay an extra day at your accommodation and use this day to review all your notes and create all your plans of action.

Of course, I don't sit in the room the whole day. I will leave the room for breakfast, lunch and dinner and depending on the weather, I may fit in a swim, but I try to keep my breaks short.

If you have the time to do this, you should, but if money is a little tight, head home but make sure you've pre-planned your post-conference time blocks before you leave.

Another critical point is not to try to implement everything you learnt at a conference all at once, no matter how good the information is. Instead, review your notes, pick the top three ideas or takeaways you want to work on and rank them one, two and three.

Then, start creating your game plan or plan of action around number one. If you try to implement everything simultaneously, you will get overwhelmed and achieve nothing.

When you're at work, stay focused on the number one activity, and as soon as it's completed, move on to the next most important item.

After completing the top three ideas or takeaways, you can review your list and find more tasks.

It's also a good idea to meet with your team as soon as possible so you can share your top three takeaways and what you've decided to work on first because you're going to want their involvement.

Attending conferences and workshops is an absolute must for your career and your business, but you must take action on what you've learnt; otherwise, you'll end up with folders full of notes that will sit there and go to waste.

In July, Jonathan Small and I will run a two-day Work Smarter, Not Harder workshop in Brisbane on the 21st and 22nd. Throughout the two days, everyone attending will leave with a list of business takeaways that will change their financial future, but before everyone leaves, we will make sure they leave with that ONE big idea they will be working on first.

NEXT EVENT

If you want to recession-proof your podiatry business, consider attending the Work Smarter, Not Harder event I am doing with Jonathan Small on the 21st and 22nd of July. For booking details, please visit https://www.tysonfranklin.com/events

If you have any questions about this episode, you can email me at [email protected], or if you'd like to learn more about One-On-One Business Coaching, please email me at [email protected]; otherwise, you can go directly to my online calendar schedule a face-to-face Zoom meeting with me.

Change the game, break the rules, and create an unforgettable experience; that's the mantra behind this month's book review, FANS FIRST by Jesse Cole (reviewed by Tyson E Franklin and Carly O'Donoghue).

Available on Amazon

We both give this book a double thumbs up, and if you're a podiatrist or business owner looking to do things differently and prepared to make your fans, patients, customers or clients first, then this is a book you need to have on your bookshelf.

We also suggest every podiatry association worldwide reads this book and starts turning their members into fans. WHY? Because fans turn up, members need to be chased.

If you have any questions about this episode, you can email me at [email protected].

BUSINESS COACHING

If you'd like to learn more about One-On-One Business Coaching, please email me at [email protected]; otherwise, you can go directly to my online calendar to schedule a face-to-face Zoom meeting with me.

NEXT EVENT

If you want to recession-proof your podiatry business, consider attending the Work Smarter, Not Harder event I am doing with Jonathan Small on the 21st and 22nd of July. For booking details, please visit https://www.tysonfranklin.com/events

Dave James is a UK Podiatrist who has pivoted his career from clinical podiatry to helping humans FEEL, THINK and BE better.

And because of Dave's experience in podiatry, he is the perfect guest to talk about ways to help podiatrists get their shit together.

In this episode (PART 1), we discuss:

• Online trolls and social media negativity.
• The difference between being interested in people versus processes.
• The benefits of slowing down the pace of the world to suit your daily life.
• Having a purpose outside of podiatry.
• Your qualifications only matter to other podiatrists; patients don't care.
• Why money will not make you happy and will not give you the freedom you're chasing.

Focus

Many people stack activities on top of each other to try and get more down in a day; however, if they focus 100% on one task at a time, they may get a better result and enjoy the process more.

Stress

Most podiatrists enjoy podiatry; it's all the other things involved in running a business that causes the problems.

There's also a certain amount of stress created when you must always stay professional, in and outside of your podiatry business. Over time, it buries your personality.

We don't always say what we're thinking and feeling, and long term, that can affect you mentally and physically.

Previous Episodes

Dave James has been on two previous episodes. Ep 007 - The Foot Magician, and Ep 073 - Video Tips Every Podiatrist Should Use.

Dave also recommends the book - STOLEN FOCUS by Johann Hari, available on AMAZON.

If you have any questions about this episode, you can email me at [email protected], or if you'd like to learn more about One-On-One Business Coaching, please email me at [email protected]; otherwise, you can go directly to my online calendar schedule a face-to-face Zoom meeting with me.

Live Events & Online Courses

If you're looking for podiatry education, please take a look at my LIVE EVENTS and current ONLINE COURSES that I endorse.

YouTube

Have you checked out my YouTube Channel – Tyson E Franklin? This is where I uploaded the UNCUT videos of each podcast episode and short career and educational videos.

Podiatry Business Owners Club

On Facebook, I have created a group called the Podiatry Business Owners Club. If you're a podiatrist or podiatry student and you own a business or would like to own a business one day, this is the group you'll want to join.