Oversubscribed is a book written by Daniel Priestley which explains how to systematically increase the demand for your business and maintain large profits. Oversubscribed is based on the notion that you as a business owner should not have to chase clients, instead you should have clients chasing you. The author is a successful entrepreneur who began at the age of 21 and built a multi-million dollar business by the age of 25. Here are the top 2 takeaways from this book that should spark your interest.
1. Create Your Own Market
The champagne company Moët & Chandon seems to be immune to market forces. The price they set for their products is not impacted by the price of other sparkling wines from the region. How do they do this? Because people always want their product and the demand for it is far greater than the supply. As a physio, if your business is linked to the market and trends that everyone else is following, then you will continue to compete on price with everyone else. However, if you separate from the market and build your own niche, then you can generate as much money as your market allows. Priestley explains that one way to do this is to build your own group of loyal customers. For physio, this means cultivating a tribe of clients who are committed to your business, the services you provide and your mission values. A dedicated base of clients will be the ones who place a high value on the results you bring them, they will be more likely to recommend your clinic to family and friends and leave positive reviews. All of these factors will help to boost your business and increase your chances of profitability.
2. Know Your Capacity
As a physiotherapist, how many truly remarkable relationships can you have with your clients? How many hours can you work and deliver excellent quality? Many individuals will say that they can do this for 8-10 hours a day, every day. However, this is false and even if people do not like to admit it, their capacity is limited. Priestley stresses the importance of knowing your limits. If you are only able to do 5 assessments per day or treat 15 patients effectively in a day, then say so. Don’t claim to be able to see 25 patients effectively, because knowing your true limits is very powerful. As a physiotherapist, you know that your business has the capacity to deliver a remarkable service. However, once you exceed it, then your standards will start to drop. As a predictable consequence of this, clients will not be getting the experience they expect or deserve. This is not limited to new clients either. Your existing patients will also feel disappointed and you will be diminishing the quality of your business. So, recognize your limitations, be it in the department of personnel or resources. Also, stay within your capacity to provide a high-quality and excellent experience to each and every client.
This was a snippet of the many lessons found in the book “Oversubscribed”. We, at PT Business Corner, highly recommend giving it a read and reaping all the valuable information the book has to offer.