In the pursuit of success, you may think that monumental strides or grand gestures are the keys to achieving your goals. However, a concept known as "marginal gains" teaches us that consistent small improvements can have a profound impact over time. Inspired by the book "Atomic Habits" by James Clear, this article explores the impact of marginal gains, drawing examples from sports, healthcare, and business, and how they can transform your life.

The British Cycling Team's Triumph:

One compelling example of marginal gains comes from the remarkable transformation of the British cycling team. Previously struggling, the team's performance skyrocketed after coach Dave Brailsford introduced a philosophy centered around improving every small aspect by just 1%. By refining equipment, optimizing sleep conditions, and attending to countless details, the team achieved extraordinary success in the Beijing and London Olympics. This inspiring story shows us that even the tiniest improvements can accumulate into something truly remarkable.

Applying Marginal Gains to Rehabilitation:

The concept of marginal gains is not limited to the realm of sports. In patient rehabilitation, it plays a crucial role. Often, patients may feel frustrated by slow progress in their recovery journey. However, healthcare professionals can help them understand the power of daily repetition and marginal gains. By highlighting even the smallest advancements, such as improved mobility or the ability to perform daily tasks independently, patients can stay motivated and realise that progress is happening, albeit gradually.

Bridging Marginal Gains and Business Success:

Just as marginal gains benefit athletes and patients, they also have a place in the business world.  As Health-preneur and professionals you can apply the principles of continuous improvement to your own endeavours. By identifying areas where small, incremental changes can be made, such as streamlining processes, enhancing customer experiences, or refining marketing strategies, businesses can achieve substantial long-term growth.

It's about focusing on the little things that, over time, compound into significant achievements.

Embracing the Marginal Gains Mindset:

To fully embrace the power of marginal gains, it's essential to cultivate certain habits and perspectives. James Clear's book, "Atomic Habits," offers practical guidance in this regard. The book emphasises the significance of consistency, setting small, achievable goals, and establishing effective habits. By breaking down our big aspirations into manageable daily actions, you can create a positive feedback loop that fuels continuous improvement.

Planning for Profit in Your Practice:

Now that we understand the value of marginal gains, let's apply this concept to enhance the profitability of your practice. Planning for profit involves a meticulous examination of various aspects of your business. By focusing on 1% improvements in different areas, you can make significant strides towards a more financially sustainable and thriving practice.

Supplier Evaluation and Contract Negotiation:

Reviewing supplier contracts is an effective way to optimise expenses. Consider whether certain contracts can be terminated if they are no longer needed or renegotiated for better terms. Many practitioners have already done this in response to the COVID-19 pandemic. Additionally, exploring alternative suppliers for services like telephony or broadband can potentially reveal more cost-effective options.

Assessing Revenue Contribution:

Understanding the revenue generated by each team member is crucial for evaluating their impact on your clinic's financial health. As the owner, it's essential to identify ways in which individuals can improve their performance or contribute differently to the team. This might involve providing additional training, enhancing financial awareness, or pursuing other development opportunities.

By empowering your team members to contribute effectively, you can drive revenue growth.

Pricing Strategies:

Determining the right pricing for your services can be a daunting task. However, it's necessary to ensure the profitability of your practice. While practitioners may hesitate to increase prices, even small adjustments can have a significant impact. For instance, raising prices by just one pound per treatment, considering an annual volume of 2,000 treatments, can result in an additional £2,000 in revenue. Consider implementing slightly higher increases to amplify the effect.

Remember, this is not about profiteering but rather creating a healthy profit margin that allows you to continue serving your patients effectively.

Optimising Product Offerings:

Many practitioners introduce new products into their clinics, believing they will add value to their patients' experiences. However, the challenge lies in effectively selling these products. If you genuinely believe that a substantial portion of your patients could benefit from a particular product, ensure you actively offer it to them. Rather than having these products collect dust on your shelves, focus on getting them into your clients' homes. By doing so, you can generate additional revenue and strengthen your practice's financial position.

Conclusion:

Planning for profit in your clinic involves a meticulous examination of various aspects of your practice. By focusing on marginal gains and making incremental improvements, you can enhance profitability over time. Evaluate suppliers, renegotiate contracts, and explore cost-saving opportunities. Assess expenses, appointment volumes, and pricing structures to make small but impactful adjustments. By striving for 1% gains and embracing continuous improvement, you can position your clinic for success in 2021 and beyond.