Renaissance Ideal vs. Niche Market

How broad is your menu of services?

There are arguable benefits to both generalization and specialization. 

Generalists believe that every new trend should be added to their spa offerings for fear of losing a client to a competitor. These polymaths say that customers want one stop shopping. Some like to put everything out there to see what will stick. They offer everything from bioidentical hormone replacement to laser toenail fungus treatments. DaVincians are presented with a marketing challenge as their buyers span the entire spectrum of demographics. 

Specialists insist that expertise cannot be achieved by a jack-of-all-trades. They apply the old proverb, "If you chase two rabbits, they both will get away." They focus their efforts on one or several procedures and hone their skills to levels of proficiency.  They get to know their niche consumer and target them specifically.  Sometimes, they will open a very distinct enitity like a vein clinic or a tattoo removal center. However, those with narrower menus may lose the "largely cast net" benefit of the generalist. 

While there is a happy medium between the two extremes, I have made a choice to offer fewer services over recent years.  I did a profit analysis of each service carefully capturing all associated costs.  Those procedures with lackluster returns and a low promise of improvement were dropped.  All associated equipment was liquidated. In the end, my clients respected fewer offerings rather than trying to be everything to everyone.  I am busier now than I was when I offered more.

The economic downturn combined with increased saturation of the cosmetic market has resulted in a more discerning consumer.  Today's buyer cannot afford to jump from clinic to clinic and wants to get it right the first time. This prudent purchaser may perceive a greater chance for a home run outcome in a niche setting over an "everything under the sun" venue.  The attributes sought in a provider are becoming a  matter of mastery over mediocrity.

Where do you fit in this spectrum?

Hospital Administrators Are Not Always Honest

Hospital administrators have an agenda that's not always aligned with yours.

I used to do emergency work at a hospital in a large chain. It was hardy profitable and became less so over time. When I moved an hour away I sought to limit my emergency exposure for obvious reasons. The hospital administration cited sections of the Bylaws and Rules and Regulations that mandated that surgical specialists take call. This was specified for Plastic Surgery and Orthopedics.

Later and entirely by accident, I found out that the Orthopedists were being paid to take this emergency call by the same administration that was citing those hospital documents. Essentially they were being paid to take call from 15 minutes away whereas I was required to take call for free from four times the distance. Needless to say I dropped that hospital after briefly entertaining legal action. So soon after my divorce I hardly wanted to enrich another attorney. They are much smarter about getting paid than physicians are. I did inform a contact at the local newspaper who passed on the story stating that the public doesn't really care if a doctor gets screwed over. I found that a bit amusing.

As the story evolved I extended my practice up the street not so far away and something similar almost happened again. This time the administration in my new acute care hospital sought to get into an arrangement with me to take call. They were very quick to stipulate that this arrangement was to be secret. It was to involve some kind of payment from the hospital. The thought left a bad taste in my mouth. Emergency call is a loser. I just stopped taking it.

The moral of this story is that you should not expect hospital administrators to be honorable people. Entering into any kind of business arrangement with them especially a secret one is liable to be unfair, unjust or just plain illegal. You might want to avoid that.

Making Things Happen in 2011

How many New Year’s resolutions do you actually keep past the month of January?

How many ideas do you dismiss because there isn’t enough time.  If you are like most of us, “getting more done” is on your list of things to improve in the New Year.  Here are great tips from some of the top idea executors out there to help you transform that idea in your head into a reality.

1. Walk before you run.  Great ideas usually start as big, blue- sky concepts in our head.  The downside to this is that you may not know how or where to start executing.  Break your big idea into small, actionable chunks that will move you past the “dreaming” stage.  Once you get some initial feedback on your “small” steps, you will feel more confident taking the bigger steps.

2. Find the courage to move.  What separates the entrepreneurs and creative professionals from the rest is an innate desire to move forward.  Yes, planning is crucial, but don’t fall into analysis paralysis.  As soon as you take that first step (applying for a patent, designing a prototype), your momentum will grow.  You must challenge yourself to take action sooner rather than later.   

3. Try, try and try again.  Even the best idea can suck the first time it’s prototyped.  Trial and error is a must in the creative process.  The important thing is to learn, refine, study and create a new-and-improved version. Rather than getting discouraged by your “failures,” just keep moving.  Then build a new prototype. Then do it again. And then one more time if needed until you get it right. 

4. Create a routine and stick to it. Part of being able to work on your project a little bit each day is carving out the time to do so. Routines can seem monotonous and uninspiring, but they actually form a strong foundation for creating true insight. 

5. Create simple objectives and review them frequently.  Working on complicated projects can make it difficult to remain focused on the goal.  Lots of new ideas enter the scene and the project’s scope can grow out of control.  This phenomenon, called “scope creep” can make it impossible to ever complete anything. The best way to avoid it is to write down a simple goals that summarize your objective at the start of each project. Read it regularly and ask yourself if you are still focused on the original goal.

6. Avoid “out of sight, out of mind”.  Whether you are writing a book, developing a new medical instrument or just learning a new skill, it is imperative that you maintain momentum.  It’s like exercise; the more you do it, the easier it becomes.  The same thing applies to your brain.  Just as when you run everyday, the exercise gets easier and easier, the same thing happens with your brain. As Jack Cheng argues in a great blog post, “Thirty Minutes A Day”: “the important thing isn’t how much you do; it’s how often you do it.”                                               

7. Say “no” more often. Be selfish with your energy. 

Creative energy is not infinite. Seasoned idea-makers know that they must guard their energy – and their focus – closely. Take author Jim Collins for example. His books Built to Last and Good to Great have sold millions of copies. His business acumen and insights are in demand. Yet, “even though Collins demands over $60,000 per speech, he gives fewer than 18 per year.” More than that and Collins wouldn’t have enough time to focus on the research and writing that yield those bestselling books. The ability to say “no” is an essential part of the productivity process.

The tips here should only be followed as long as they are actually working. If moving forward seems impossible, then take a walk, call a friend, visit a museum. Make sure you occasionally shake up your established routine. New perspective is gained and helps recharge us to keep moving forward.

Using LinkedIn As A Physician

One of the first key points of advice I have for physicians interested in non-clinical career expansion is get on LinkedIn.

Why?  Well, for one, it is a major player in the world of networking 2.0.  It has taken the place of the rolodex and become the place to present your professional presence online.  For physicians that have not begun networking, it is a great way to start expanding your circle of contacts from outside of your direct friends and colleagues, to those who are “friends of friends”, 2^nd degree connections, and professionals interested in the same things you are.

For docs that are considering expanding into industry, I recently read that more than 60% of Fortune 100 companies use LinkedIn to save time and recruit/hire best candidates.  This means that recruiters from these organizations – some of the largest and most recognized in the world – are on LinkedIn every day to find and vet job candidates.  Hence another reason why you should be on it, and making the most of it.

Here are some ways to make your LinkedIn account work for you:

1. Make sure that you have a comprehensive, detailed profile set up.  This is the first place people will look to get a sense of who you are.  You want it to be a solid overview of your professional direction, your accomplishments, and a snapshot view of what you “bring to the table”.  Make sure it includes a picture – professional picture only, so that viewers can get a visual of you.  And skip the personal details on your profile – there is no need to include your birthday, your home address, or your personal interests.  This isn’t Facebook!  Your professional  email and (optionally) your work phone number will suffice.  Make sure to check the box that you are open to career opportunities if that’s what you want to reflect.  And make sure you use keywords in your profile set up, so if someone (a recruiter perhaps) is searching for a “CMO”, you will show up in search results. 
   
   
2. Make your profile (or most of it) public so that people who are not within the LinkedIn network can still view it without having to set up an account (although I don’t know why they wouldn’t!).
   
   
3. Join Discussion Groups in your areas of interest.  Do a search under “groups” for keywords that you’re particularly passionate/knowledgeable about.  For example, if you search for “Healthcare IT” over 5,000 groups are listed!  Be particular, and sign up to join the ones you think would be best (i.e., have a large network, are reputable).  Joining a number of groups will keep you actively engaged with a strong network of people with similar interests, and it will also drive traffic to your profile.  
   
   
4. Participate!  Once you’ve signed up for groups, go on them regularly to either post questions / discussion points, or to participate in dialogues going on over particular topics.  You’ll be amazed at what you can learn from other like-minded professionals.  You can also quickly build a reputation as a subject matter expert in your area of interest.  The key to success?  Contribute thoughtfully and intelligently – your answers become your online professional personae, and you don’t want to come across negatively.  If you post questions, make sure they are of a relevant, interesting topic that you think might be of use to the others in the group.  And if people answer, make sure to thank them.
   
   
5. Don’t try to “sell”.  Add value instead.  One of the things I’ve seen be the kiss of death for peoples’ LinkedIn reputation is the “over-selling” of their products or services to their LinkedIn contacts or within their Discussion Groups.  The purpose of these forums is to network, and if networking is truly about building relationships and looking for strategic alliances, then the better approach is to simply add value.  You won’t need to puff up yourself or your products/services if you simply provide something – be it an opinion, a resource – that gives back to the people in your network.  If they find it useful they will come to you, usually by checking out your profile and seeing who you are and what you do. That is why having a “meaty” profile matters.
   
   
6. Make connections.  Your network is a good reflection of your professional reach.  If you only show 5-10 connections, people don’t know what to think … that you’re a late adopter?  That you’re a technophobe?  That you don’t have any friends or colleagues?  At least 30-60 connections gives a much better impression for people viewing your profile, so the effort it takes to connect with others is worth it.
   
   
7. Protect your network.  My rule of thumb is to connect with people that are either 1)  people I’ve worked directly with and are my “trusted colleagues” that I can vouch for, 2) people that I’ve met through networking events, conferences, etc., who I know fairly well, 3)  people that are work “acquaintances”, but who I am confident will be value-added members of my network, 4) people that are connections of my trusted colleagues, who basically have credibility by affiliation, or 5) people that are members of my trusted LinkedIn groups, based on the same reason as #4.  There are people who will connect with anyone and everyone simply to build their network and rack up numbers.  I am not that way.  Since I view my LinkedIn network as a trusted source of friends, colleagues and professional contacts – as well as a group that overall reflects upon my professional presence online – I make sure that I choose my connections wisely.

For a great series of articles on how to make LinkedIn work for you, see here:  http://linkedintelligence.com/smart-ways-to-use-linkedin/. 

And for those of you that are really new to LinkedIn (the majority of physicians that I talk to!), here is a real “how-to” for getting started :  http://www.dummies.com/how-to/internet/Blogging-Social-Networking/LinkedIn.html

 See you on LinkedIn!

Ashley Wendel is a physician coach and change management expert who blogs at Freelance MD.

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