Teton Therapy PC
"Assuming you have all the courage you need, what action could you take that would have the greatest impact on your business?"
I met Jeff McMenamy, co-owner of Teton Therapy PC, when he attended one of my business development seminars. Jeff answered this powerful question and the next day, placed a bid on their new Main Street building. Since then, business has soared! Along the way, Jeff has gained some valuable insights:
Jeff, what have you learned? I realized I needed to get away from providing treatment day in and day out, and become entrepreneurial. I tell people I should have been a business major who bought a therapy company, rather than an occupational therapist who started a therapy company. It would have been easier that way! Making the move from being a "technician," practicing my trade, to being a business owner was very difficult. Continuing to work as a technician was holding our business back. I am now focused on business education and strategic planning for the business. I think the majority of business owners are like I was—a technician, rather than an entrepreneur. When you operate solely as a technician, the only way to grow your business it to work harder and longer hours.
By thinking like an entrepreneur, I realized I don't have to work myself to death! Say you're a builder and you spend everyday pounding nails, how do you grow your business? What happens to your business if something happens to you? I've realized the importance of asking myself questions such as, "What am I doing to grow my business even when times aren't so good?" and "Who will my next two employees be?"
Nothing stays the same. A business is either growing or shrinking. You need to be thinking ahead. By thinking like an entrepreneur, I don't feel like I am hoping and waiting for business to happen anymore. I know the business is there and how to get it.
What sets Teton Therapy apart? We empower each employee by, in a sense, making them a business owner. I've worked at jobs where employees bash the management for their circumstances. There is no reason for that here. We have a system where every employee is directly responsible for how much they earn and how much they are going to work. They are accountable for doing good business. Our patients receive high quality care because our staff is personally invested in their work.
There are two key questions I ask my staff— How much do you want to make? and How much do you want to produce?— then plan to make it happen.
What is it about your business that you enjoy most? I enjoy the possibilities, the variety of opportunities...the potential. I enjoy seeing clients and employees succeed. There are so many opportunities that we can tap into to help others through our company. We use cutting-edge, specialized therapies to treat people of different ages with a variety of diagnoses.
What impact has coaching had on your business? I don't want to spend my whole life working for my business because that's not why I went into business—the freedom is! I believe in letting my business work for me and paying myself with personal time. Coaching has allowed me to enjoy other aspects of my life more, such as my wife and family, coaching and playing hockey, traveling, and teaching my kids about the outdoors. Coaching has lowered my stress. I have a better perspective on things.
What advice would you give to business owners who are seeking to jumpstart their business or experiencing rapid growth? Get help with business planning and organizing. Be strategic about compensating for your weaknesses. And, realize the time you don't think you have to plan and organize is the most critical time you need to find! Coaching helps you find that time and make it happen.