June 3, 2024
7 Vanity Metrics That Are RUINING Your Private Medical Practice
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Vanity metrics are killing your business.
They look incredible on the surface but don’t translate to any meaningful results for your business. And that is precisely why there is so much effort but so many unsuccessful businesses.
But don't worry, after today's episode, you won't have this problem anymore. Because today, I will share the 7 vanity metrics that are destroying your efforts and explain what you should actually focus on if you want to succeed.
Remember: the whole point of dribbling is to get the ball to the basket.
Tune in!
Key Takeaways:
- 00:00 Intro
- 04:03 Engagement on social media
- 07:01 The size of your team
- 09:23 Email list size
- 11:28 Revenue
- 14:47 Events with tons of bells and whistles
- 18:50 Community size
- 20:56 Equipment
- 22:45 A different way of thinking
- 26:44 Outro
—
Additional Resources:
- Learn more about my 12-month program.
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- EntreMD Business School Accelerator - If you are looking to make a 180 turnaround in your business in 90 days, this is the program for you.
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To get on a call with my team to determine your next best step, go here ...
00:00 - Vanity Metrics and Business Success
12:07 - Profitable Growth Strategies for Business
18:06 - Effective Event Planning and Business Growth
29:49 - Building a Bigger and Better Business
WEBVTT
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You are not thinking about profit, you are not thinking about cashflow, like revenue is great but revenue doesn't go to your bank account.
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What goes to your bank account is profit.
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Hi docs, welcome to the EntreMD podcast, where it's all about helping amazing physicians just like you embrace entrepreneurship so you can have the freedom to live life and practice medicine on your terms.
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I'm your host, dr Una.
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Well, hello.
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Hello, my friend, welcome back to another episode of the Entremdy podcast.
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I am super pumped, as always, that you're here Now.
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Today we're going to be looking at something that is so powerful and when you apply this, this will create quantum leaps in your business.
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We're going to look at seven vanity metrics that are killing your business.
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These are numbers that might, could matter, but in the grand scheme of events, they're not the ones that we look at as the measure of success.
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But so many people do, and this is the reason why there's a lot of effort, but the businesses are not working.
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So after today, you're not going to have this problem anymore.
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Okay, so let's look at those metrics.
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So, metric number one now you know, maybe I should back up a little bit and kind of give you a better picture of this.
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So if you're watching a basketball game and you're watching an elite player, the elite player has one job, ultimately, is to make sure that the ball goes into their opponent's basket more often than it.
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You know like the other ball goes into the other basket.
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It really is as simple as that.
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Now, they may dribble, they may have you know, no look passes, they may do all of those things, and those are important.
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Like you know, no, look passes, they may do all of those things, and those are important, like you know.
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How many times do you rebound the ball?
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How many times, you know, did you dribble?
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Did you do that?
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Like awesome?
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But at the end of the day, is the number of times the ball goes into the basket that matters, right, now, that's because they're elite basketball players that are competing for a championship and all of that.
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Now I have gone to a game by the Harlem Globetrotters and their goal is entertainment, and so they're doing all kinds of maneuvers, all kinds of dribblings, passes, flips, and all of that, not so much how many times it goes in the basket.
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Right, and that's because the goal is entertainment.
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So I am convinced that in your business, you are not in business to be entertained.
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You are not in business to be distracted from your life.
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You are in business because you have a desire to have a huge impact in the lives of your team members and in the lives of your clients or your patients, and you want to create financial and time freedom for yourself and for your family and all of that.
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You want to leave a legacy, all of those things, because that is your intent.
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I am making the assumption that you are an elite entrepreneur.
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You are not an entertaining entrepreneur, right?
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And because of that, it is very critical that you understand what the basket is right, so that you can go score, as I mean, you can go score as many times as you need to score, okay, so this is very important.
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Now, the numbers we talk about today, it's not as though they don't matter at all, but they're a means to an end.
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They're a number that requires another number to interpret them.
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It's so critical, so critical.
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A few years ago I think this was two years ago I set a goal it was on my vision board for the number of downloads I wanted to have on this podcast, on the EntreeMD podcast, and I can't remember what number I set, but a really big number.
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But I was very clear when I put it on there this is a vanity metric.
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This is a vanity metric because there are things I want to accomplish as a whole in the business.
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Now, will this help me get there?
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Yes, but can I take my eyes off those things to focus on the number of downloads?
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No, so I'm very clear.
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It's a nice to have as a vanity metric.
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I'll probably post about it.
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I'll probably be so proud of myself with all the work I put into the podcast.
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Yes, but I can't measure that number by the expense of other numbers.
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Okay, all right.
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So I think you get it.
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Now let's look at those things, all right.
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The first one is your engagement on social media.
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Okay, so that could be views, followers, likes, comments, all of those things.
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Now am I trying to say that's not important?
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I mean, come on, I wrote the visibility formula.
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We talk about social media, we talk about all of that, and we talk about it very heavily in the Entremet Business School.
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So am I saying it's not a number to measure?
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It's a number to measure, but on its own it's a vanity metric?
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Okay, so if my goal then becomes I want to have more engagement, I want to have more views, I want to have more likes and follows, then what that means, I'm going to create content, not for impact, not to attract new clients, none of that but to keep them entertained or keep them liking and following and all of those things, right.
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So my driving force cannot be my engagement on social media.
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Now am I going to create engagement on social media as a means to an end to get more clients, to help people have more impact, to help them create wins, just from my content?
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Of course, but that's not the target.
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And so if I'm measuring that, I'm not measuring profits, I'm measuring that I'm not measuring how many new clients I got.
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It's a vanity metric, right, like, so, yes, I have a hundred million followers on TikTok.
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So what?
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Right Like, yes, and do you also have the outcome that we want to create from being on social media?
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Because social media is a means to an end, right, and so we want to think about that.
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We don't want to be, like rich and dollar, poor, and when we focus on those numbers, that's the kind of situation we create Now.
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So am I saying don't get on social media, please do not hear what I'm not saying.
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I am not saying that.
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What I am saying is measure all the way, don't just stop there.
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It's not an end in itself.
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Do you know that if I post a video about a cat okay, about a cat, and it's filing down his nails and stuff like that, and I put something snarky on there, people are going to comment and like and share and all of the things?
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If I came and I said, oh, you know, we've just opened enrollment for the Entremdi Business School, or I come and I say, you know, like now we have tickets for Entremdi Live, we'd love to see you, you know, as part of the live audience, if I do all of those things, I know I'm going to have less engagement.
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I know that, like, whenever there is an ad, it could be to register for a free webinar, it doesn't matter what it is, but the bigger your ask, the less your engagement.
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But that doesn't mean people are not saying yes.
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So the question is are you going to be so, you know, like, so determined to make sure your numbers for your likes and all of those things are going up?
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Then you won't make any calls to action because, guess what, you may have more engagement, but nobody's saying yes to you, nobody's deciding to work with you, nobody's coming to your clinic because of it, because you don't have any call to action, right.
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So on its own, it's a vanity metric and we've got to be clear about that.
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Okay, number two.
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Number two is the size of your team, dr Una.
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What in the world are you talking about, like you always talk about, you know, bringing on a team and you know, with the team you have, you know, more capacity, more bandwidth to do more.
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Then you can create time freedom for yourself and you can multiply impact.
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All of that, and it's all true, but this is a deal.
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Are we measuring team size?
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Are we measuring team productivity?
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Are we measuring team size?
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Are we measuring team size and also, like, this is the way this team contributes to the bottom line?
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Do we have a big team that is growing or at least maintaining our profit margin, meaning that as we bring on more team, that they're bringing in more revenue?
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So, at the end of the day, it's not eating into our profit margin?
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Meaning that as we bring on more team, that they're bringing in more revenue.
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So, at the end of the day, it's not eating into our profit margin?
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Or are we bringing on team that are dead weight, and so the owner is almost like killing themselves to generate enough revenue to support the team, but the team is not doing anything to support the bottom line, right?
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So team size is that important, of course?
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Like, we want to grow a team I've been growing my teams and all of those things right?
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Yes, we want to grow it, but just saying, oh, I have a team of 15, I mean that's great, but how are these 15 people contributing to the bottom line?
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How are these 15 people expanding your impact, expanding your bandwidth, helping you to have more time off?
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Like, how is the team helping you do that?
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Your team members, do they even know what revenue generating activities are?
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Do they know how their role impacts the bottom line?
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Because if this is not in place, then your team, the size of your team it becomes a vanity metric.
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Like, you have a big team, so what?
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Right, and it's so critical because the team does not exist for itself.
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You started alone.
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You started with a vision.
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You had goals for the business.
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You had a vision of what the business will look like.
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You bring team members to come work alongside you to make that vision a reality, right?
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And so if you bring team members I cannot tell you how many businesses I've reviewed and audited and coached and you see that for the team members, they're almost like this additional thing and they just have some tasks that they do.
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But there's no connection between that with the vision, there's no connection between that and the overall strategy of the organization, right, and so team size alone is a vanity metric.
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It's a vanity metric, okay, all right, let's look at number three.
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Number three is email list size.
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Okay, email list size.
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I have 50,000 email subscribers, yeah, Right.
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Now, dr Una, what in the world are you saying?
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Are you saying you don't want us to grow our email list?
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Of course I want you to grow your email list.
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I am actively growing my email list as we speak, right, like, for instance, if you're listening to this and you're not subscribed to our newsletter, our VIP newsletter, where I give you tips and tricks and hacks to go to your first or your next million in revenue, I want you to go subscribe.
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Now it's entremedycom forward slash newsletter.
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You get it in your inbox every Thursday and it's like super high value and it's things you won't see on the podcast.
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It's just solely for the newsletter.
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So go subscribe.
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What did I do?
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I just grew my email list.
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Like, seriously, if you didn't subscribe, go subscribe.
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Right, I just grew my email list so I might tell you don't grow your email list.
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No, that's not the point.
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But the thing is this if you have an email list but you're not sending them emails, you're not giving value, you're not nurturing them in any way, you're not using it to grow your know, like and trust factor, you're not making any offers, you're not inviting them, whether that's to come to a workshop you're doing, or if you're a private practice doctor, to schedule an appointment because they might be overdue, and all of that.
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If you're not using it for that, what does it matter?
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That you have 50,000 people?
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The size of your email list becomes a vanity metric.
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So you may feel good telling people about it oh, I have 15 people on my team and I have 32,000 on my email list and all that but it's not affecting your bottom line, it's not helping you get to your goals, it's doing nothing for you.
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So it legit does not matter.
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It doesn't matter at all, right?
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And so when you look at it that way as an entity on its own, a number on its own it doesn't matter, it's a vanity metric.
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It makes you happy, it makes you feel like you're super successful, but you're not doing anything.
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It's just extra work collecting all those email addresses.
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It's a vanity metric.
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Okay, all right.
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So we looked at number one your engagement on social media.
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Number two, the size of your team.
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Number three, your email list size.
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Number four would be let's talk about this one your revenue.
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Oh my goodness, dr Una, what?
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What are you talking about?
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Right, like?
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What do you mean?
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Revenue is a vanity metric.
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When you look at revenue and you look at it as a number on itself and by itself, and you're like by all means, we're going to make this number go up, you know, we're all about the revenue this year and all of those things.
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If you're only thinking about that number, a lot of times it makes you do crazy things.
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It makes you do things so crazy that you might find out that, oh, it was a great year.
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Oh, my goodness, we did 2 million in revenue.
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And then you find out that you spent.
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Well, you spent 1.8 million, though, right?
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So at the end of the day, you're looking at profit of $200,000.
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And that's because you are not thinking about profit.
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You are not thinking about cashflow.
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Revenue is great, but revenue doesn't go to your bank account.
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What goes to your bank account is profit, right, revenue is great.
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But if you don't have cash to run your business, you don't have cashflow.
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You don't have cashflow right, and so the revenue by itself, just so you can say, oh yes, we're multiple seven or whatever, and there's nothing wrong with that.
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Please don't misunderstand me.
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I talk nonstop about us building seven figure businesses or adding another seven figures and all of those things.
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We work relentlessly on that with the Entree Empty Business School.
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So I'm not saying revenue is not a good number to track, but in isolation it becomes a vanity metric, right?
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It's when you think about profit, when you think about cashflow.
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Then you start looking at how do I increase my revenue in a profitable way?
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I want you to think about that.
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How do I increase my revenue in a profitable way?
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That's where you can start looking at the ROI of the things you do.
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Like I'm spending a gajillion bajillion dollars in ads, but I can't link anything to it, right?
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So is that something that needs to stay?
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That's what will make you go look at your profit and loss statement and I will be the first to tell you like I used to break.
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You know imaginary, but I used to break out in hives in my mind when I would think about looking at my accounting in any way, shape or form.
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But this is what will make you look at it right.
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It's not just enough to see what came in through the Stripe account or what is in the bank account.
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We're looking at that.
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We're looking at unnecessary expenses or expenses with no ROI.
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Now, to be very clear, I'm not talking about investments.
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Sometimes people look at their team as an expense.
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Your team is not an expense, and I did a whole podcast episode on how to convert your team from an expense to an investment.
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So if you're thinking your team is an expense, I really want you to go listen to that.
00:14:06.149 --> 00:14:14.275
So you're not necessarily cutting the things that generate revenue, but you're cutting the things that they're not maintaining the revenue and they're not creating an ROI, and they're just there.
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You know what I mean.
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It makes you think about it differently, right?
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It makes you think about it, and that is what will benefit your team.
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Your business does need to be profitable for them to continue to have a job.
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That is what will benefit your family because all this time they, you know, loaned you to your business to go do all this work.
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At least there's an ROI for it, there's something that comes back home and then your business can continue to exist.
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So revenue is great, but think about profit, think about cashflow.
00:14:40.716 --> 00:14:41.658
Okay, so that's number four.
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Number five this is, you know, like events with tons of bells and whistles, right?
00:14:48.009 --> 00:14:50.575
And this could be in the private practice world.
00:14:50.575 --> 00:14:56.067
This could be in the coaching space, or if you're a speaker and you host events and things like that.
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I want you to hear me really clearly, right?
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This is a place where I see people making the most unbelievable mistakes because they look at an event forgetting that this person they're looking at has been doing events for 10 years, 12 years, 15 years.
00:15:12.243 --> 00:15:42.307
They're cashflow positive, they have great relationships with vendors, they have an in-house team that handles a lot of things, and somebody who's starting off is less than five years into it decides, oh, I want to do the event at the same magnitude as this person and, at the end of the day, I've seen events where people have lost 20,000, 30,000, 100,000 on an event, especially with no clear roadmap to creating an ROI.
00:15:42.307 --> 00:15:48.057
So it's not like after the event, there's something they can do to none of that right, none of that.
00:15:48.057 --> 00:16:05.902
And so it's just like oh yeah, you know, I had my event and it was in the Four Seasons and I'm just, you know, nothing wrong with the Four Seasons, it's an amazing chain but I was in the Four Seasons and I had, you know, this kind of, you know, swag and these kind of bonuses and that kind of experience and all of that, just to say I had it.
00:16:05.902 --> 00:16:09.065
Now am I saying don't do that, absolutely not.
00:16:09.225 --> 00:16:10.065
I host events.
00:16:10.065 --> 00:16:19.993
I host a ton of events right, whether that's through my business or through the church and all of those kind of things, and we do our best to pull off a show right.
00:16:19.993 --> 00:16:32.296
But we also have to do it understanding that we're not the federal government, we don't have a, you know, like a limitless budget, and also with the understanding of this concept that I call the pace of grace.
00:16:32.296 --> 00:16:37.044
My job is to do the best to do an excellent event.
00:16:37.044 --> 00:16:45.148
Okay Now, an excellent event means that I do the best possible event I can do with the resources that I have available to me.
00:16:45.148 --> 00:16:47.697
That's what that means, and so I put on the absolute best event that I can do with the resources that I have available to me.
00:16:47.697 --> 00:16:58.442
That's what that means, and so I put on the absolute best event that I can put and then debrief with my team, and then we already have plans on how we're going to make the next one even better.
00:16:59.323 --> 00:17:06.500
And we're doing this in a profitable way, because, remember, at the end of the day, the job of a business is to serve a customer.
00:17:06.500 --> 00:17:14.867
Because, remember, at the end of the day, the job of a business is to serve a customer, serve a client, serve a patient, and to do it in a profitable way, right, so that they continue to have the privilege of serving those clients.
00:17:14.867 --> 00:17:21.596
And so you don't have to have every bell, you don't have to have every whistle.
00:17:21.596 --> 00:17:31.324
You can grow into the bells and you can grow into the whistles, but we don't want to just do it so we can say, oh yes, I had that kind of event, right.
00:17:31.324 --> 00:17:34.252
So it's just something to think about, right?
00:17:34.252 --> 00:17:36.258
I cannot tell you how many times people are like.
00:17:36.258 --> 00:17:37.621
You know the way it is.
00:17:37.621 --> 00:17:38.624
You know events.
00:17:38.624 --> 00:17:41.457
Most of the events are just done.
00:17:41.517 --> 00:17:52.440
You're going to lose money on the events and, and you know, in the by and by you, recoup it and I'm like, yeah, I'm not the federal government, I don't make those kind of decisions.
00:17:52.440 --> 00:18:07.307
Right, because I have the privilege of serving hundreds and hundreds of some of the most phenomenal physicians and helping them build amazing businesses and amazing lives.
00:18:07.307 --> 00:18:10.361
Like, think about it, dream business and dream life concurrently.
00:18:10.361 --> 00:18:13.407
Right, I serve them to the best of my capacity.
00:18:13.407 --> 00:18:15.618
I invest so heavily in myself.
00:18:15.618 --> 00:18:20.857
I invest, you know, like I invest over six figures in myself every single year.
00:18:20.857 --> 00:18:21.398
Why?
00:18:21.398 --> 00:18:23.303
To be better, to serve them better.
00:18:23.303 --> 00:18:34.198
The last thing I'm going to do is put myself and my business in a position where we're not serving, we're not profitable and maybe have to go out of business or anything like that.
00:18:34.198 --> 00:18:38.257
I'm not willing to sacrifice that because the work I do is just too important for that.
00:18:38.257 --> 00:18:38.838
Okay.
00:18:38.838 --> 00:18:49.720
So bells and whistles and I'm not saying please don't misunderstand me, I'm not saying don't do the bells and whistles, do them, do them in a profitable way, do them in a profitable way.
00:18:49.720 --> 00:18:50.423
Okay.
00:18:50.423 --> 00:18:51.779
So that's number five.
00:18:51.779 --> 00:18:55.803
I think I don't know what number that is, but we'll just roll with it.
00:18:55.803 --> 00:19:01.124
Okay, the other is your community size or an audience size.
00:19:01.124 --> 00:19:02.826
So that's kind of you know.
00:19:02.988 --> 00:19:16.288
Say you have a group, like, for instance, I'll see people and they're like oh, I have a Facebook group and there are 20,000 people in it and it's a metric and it's measured and it's bragged about and all of that, but guess what?
00:19:16.288 --> 00:19:18.663
There's no nurture happening in the Facebook group.
00:19:18.663 --> 00:19:22.125
There's no call to action in that group at all.
00:19:22.125 --> 00:19:25.645
Like, there's no invitation to come for a masterclass.
00:19:25.645 --> 00:19:32.484
There's no invitation to come for a masterclass, there's no invitation to schedule an appointment, there's no invitation to come work directly with a person.
00:19:32.484 --> 00:19:34.348
There's nothing happening.
00:19:35.275 --> 00:19:41.376
And so what you'll find is you have another group that's an itty bitty group with a thousand people or 2000 people.
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