The Cure For Bright Shiny Objectitis

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Hey everyone, it is Matt with another edition of the Practice Profit System, and today I'm going to talk to you about the cure for what we call bright shiny objectitis. Now, if you don't know what bright shiny objectitis is, I'm going to walk you through the symptoms in just a minute. You're going to probably realize that maybe you do suffer from it. Now, before we go any further, I want to let you know that we are going to be opening up some slots in our private client group, which is our Top of the top list of a group of doctors and practice owners that we work with. A couple requirements is that you do need to own the practice. Second, you need to be doing at least 7 figures a year at a bare minimum with the desire to grow that and double that in the next 18 months and take more time off and/or maybe open up multiple locations. So this is for the folks that really want to scale and then have an exit. If you're interested, go to callwithmatt.com. That's callwithmatt.com. You'll schedule a call with me and I'll talk to you about it, see if maybe you're a fit, have maybe a 20-30 minute conversation, and then we can go from there. Okay, let's talk about bright shiny objectitis. What is it? Well, first and foremost, I want to let you know that most entrepreneurs suffer from this condition that is known as bright shiny objectitis, including, by the way, yours truly. And I have suffered from it for years. Now, here's how you know. Here's what bright shiny objectitis feels like, so, or looks like. Here's what the symptoms are. First and foremost, if you always find yourself chasing the latest greatest machine because you think it'll give you an advantage over the competition, that's bright shiny objectitis. If you are one of the people that usually has— is the first in your market to have a machine or to offer a procedure, it's generally a sign of what we call bright shiny objectitis. Now, that's not always the case, but just keep listening. Second thing is you attend every cutting-edge conference you can find, but you never find the time to implement the ideas or the protocols fully into your practice. You just come back, you announce it to your staff, hey, we can do this now, and you just kind of expect it to grow from there. That's bright shiny objectitis. If you hire and fire lead gen companies constantly, um, TikTok companies, social media companies, if you're always kind of chasing the latest thing that you heard that's working for somebody, that's bright shiny objectitis. Or you never can seem to finish a new project. By the way, this is not ADHD, but it is this little-known condition known as bright shiny objectitis. The basic thing to look for with bright shiny objectitis is if you have a lot of programs that you've done, or a lot of machines that you've bought, and nothing— you don't really seem to use them, or they don't really seem to get any traction, or if they don't really move very quickly right off the bat, that's a condition known as bright shiny objectitis. So. What are the solutions? Well, first and foremost, as a longtime sufferer of bright shiny objectitis, you are in a wonderful place. Yeah, it's kind of like AA. You gotta admit you have the problem. Okay. And the problem is real, all kidding aside, is that people are always chasing kind of the latest greatest thing. Okay. My wife gives— my now wife gives me a lot of grief because I love new gadgets and I'm always buying new gadgets, even though this AirPods are not new gadgets, but I've always got some kind of new gadget that's being sent to the house. And so I'm always kind of looking for that bit of a slight edge. But on the flip side, I actually buy stuff and I actually use it. That's the difference. Here's the solution how to make sure that you aren't— don't become a victim of what we call bright shiny objectitis. Okay, first and foremost, always start with a vision of what you want your company to be. Okay, if you do not have a clear picture of what you want your company to be, and I'm not talking about a cash-based practice, I'm not talking about regenerative. I'm talking you wanna be really clear about your, what we call the beachhead, right? Who's the market? What's the message? What's the offer? Okay? That's the first thing. That's the foundation to your business. If you don't have that, you need to contact our office and get into one of our programs. This is foundational in order for you to be just not be distracted by bright shiny object-itis, okay? We think of it as culture and mission, okay? So, our mission here is what we do is very, very simple. It's to help doctors break free of the chains of insurance-based care so they can get paid what they're worth, treat their patients as they are, the way they see fit. Okay, that's what we do. All right, it doesn't even matter if you've already broken away from insurance-based care. We work with you to never have to go back. Okay, so everything we do aligns with that. Anytime we're getting ready to invest in a program or invest in a training, I ask myself, is this going to align 100%, first and foremost, with our vision our mission and our culture of our organization. That's the first thing, okay? The second thing is that you have to— it not only has to align, but, um, every event you attend, these things are going to further the progress of what are the purpose of the practice, okay? So a lot of times people are attending things going, oh, it'd be really cool to do hair restoration when they're doing— or I bet people would really like hair restoration they're doing aesthetics and people are really just coming to them to make their face look better, or, uh, they're treating women with menopause and they go, oh yeah, a lot of women could really use this. Never ever sell anything that people need. Always sell them something that they want. Okay, so it's got to align with your overall mission and vision to what you're doing. So I'll give you a couple of things. So first and foremost, if you go out and you go to events, you probably don't see me at a lot of events, and there's a specific reason why. Because from my personal standpoint, I want to be home on the weekends. Okay, I'll travel during the week, but I really want to be home on the weekends. Why do I want to be home on the weekends? Well, I'm happily married. My first marriage was not all that great, so I was on the road a lot. We just— she and I just didn't mesh. My new wife, Katie, and I, we love to spend a lot of time. She travels on the weekdays. She's in advertising. We want to spend time together on the weekends. That's kind of our sacred time. So I'm very selective about the events that I go to. Second, I have a— I still have one son that I share custody with. So he's back and forth between my house. He's got a lot of things that goes on on the weekend.

I want to be there.

I didn't have a father growing up. These are important things to me. So, you know, immediately that eliminates like a big chunk of things that I won't do because that dials in with my vision and my mission for the company. Next, put together longer-term plans for growth and identify trainings, teachers, books that will work towards solving my problems in my business. Now, I have a tendency when I am working on fixing something I have a tendency to buy like 3 or 4 of the best books on it. I will read them cover to cover. I'll keep copious notes. I'll maybe do some inexpensive programs online or things like that. I'll watch YouTube videos. I'll listen to podcasts of that person before I decide to invest so that the time comes when I get ready to invest money with that person, I basically am just on the phone to make sure that they're not some kind of goofball. And I'm going in there with the intent that I'm going to buy. Okay? I'm going to invest in the training or I'm going to attend a seminar. And when I go, I'm fully associated. Okay, cell phones put away, fully associated, sitting in a place where I can really get the most out of it, arranging my schedule before and after so I can get the most out of it. Okay, and when I find solutions, I go all in. I adopted all in. If you're at my events or you've listened to any of my webinars, I have a very simple process. I hire an expert if I have an area I want to learn. I hire an expert and I do exactly what they tell me to do. I learn the fundamentals before I make any changes to it. Okay, and I'm in mastermind groups to this day. I spend big, big money on this. Last thing, and then I'll let you go, is this is really kind of dependent on what your faith base is. You know, I always pray or meditate. Some people seek a higher power. This is how I really handle the issues about whether or not what's the next thing I need to be focusing on, and I ask for guidance as to where I should be pointed. I rarely ever ask and say, is this the thing I should sign up for? I generally ask to be shown who are the leaders of thought in that industry that align with my values and my culture. And then they just kind of make themselves known to me over time. That's something that I've cultivated over 25 years. You probably have something similar that you do, and I would encourage you to continue to do that. So that's it. That's how you solve bright shiny objectitis. It doesn't mean that you stop buying, okay? What it means is that you become very intentional about what you invest in, and then you go and you do that all on, all in. That's it for the Practice Profit System this week. As always, it's a pleasure and an honor For you to take time out of your busy schedule to listen to what we have to share. Hopefully see you at one of our events in the very near future or get a chance to work with you in the very near future. I'm Matt Gillogly. We'll talk to you soon. Have a great day, everybody.

Thank you so much for listening. If you liked this episode, take a moment and share it with your fellow medical professionals or post a positive comment and rate it on wherever you just listened. Now, don't forget, you can get a copy of my book, The Anatomy of a 7-Figure Medical Practice, for free. Just pay $7.95 in shipping and handling. Plus, you'll get over $1,197 in free bonus material. Simply go to srpmedicalmarketing.com/book. That's srpmedicalmarketing.com/book. Thank you so much, and we'll see you next time.