Episode Details

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Welcome to "Beauty and the Biz", where we talk about the business and marketing side of plastic surgery, and the takeaways from the top 5 podcasts of 2021.

I'm your host, Catherine Maley, author of "Your aesthetic practice - What your patients are saying", and consultant to plastic surgeons to get them more patients and profits.

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Takeaways from the Top 5 Podcasts of 2021

Intro

This episode is called Take-a-Ways from the Top 5 Podcasts of 2021

Another year is coming to an end and so is the Beauty and the Biz podcast.

Since I do a weekly podcast, I reviewed the list of this year's podcasts and recapped strategies from the 5 most popular topics that you may want to consider for 2022.

And here they are…drumroll please…

1. How to grow a selleable practice

The objective is to set up your cosmetic surgical practice as a business so it's more predictable and profitable.

That way, it's more enjoyable to go to every day, and it's more attractive to other surgeons to buy when you're ready to exit.

But, you have a challenge that keeps you from winning in the long run.

As a surgeon, you were programmed to think in a certain fixed way. You had to think that way to become a great surgeon.

However, that thinking is the opposite of how a businessperson thinks.

In a cosmetic practice, you, the surgeon, are the technician of the surgery, so you focus on that because you're good at it and that's what you know.

However, does that make for a sellable asset when you're ready to retire?

Probably not, so you either have to work until you're ready to close the doors and get nothing back for your efforts, or you can set your practice up to make a profitable exit and enjoy your retirement by using these strategies:

The first one is Mindset:

Shift your thinking from a surgeon to a businessperson and "Operate your practice like it's for sale".

Then regularly ask yourself, "If I wanted to sell my practice tomorrow, what would I need to improve to get the most value for it?"

When I interview surgeons on this Podcast and we talk about them buying another surgeon's practice, the #1 value component they are looking for is a ready-made income stream.

Because Buyers are looking for a practice's ability to generate cash with a degree of predictability and certainty.

That's why it's difficult to value the surgical side of your practice.

If you have been practicing with a "one and done" mindset, you're not developing much of a bond with your patients because it's such a short-term relationship.

And, to keep your surgical side busy, you have to market and advertise to attract new surgical patients and that increases your overhead costs so other surgeons have to look at not just your revenues but also your overhead to make those revenues happen. Other surgeons know there's no certainty that those surgical patients will come