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The Practice of Business

The Practice of Business

Hosted by Brian Hayes

Episodes

12

Latest episode

May 2024

Language

EN-US

About the show

The goal of this podcast is to help doctors and practice leaders in aesthetic medicine build and grow extraordinary businesses that not only archive financial results but allow you to practice on your terms and fuel your passion for medicine. I’m Brian Hayes and I’ve spent the last 25 years in the aesthetic medical industry, building, and leading successful teams, launching/growing businesses, and generating millions of dollars in revenue. In the course of working with countless practices, I’ve seen firsthand how the growth of the aesthetic industry has brought prosperity, but also increased business challenges and complexity, putting more pressure on your role as CEO of your practice. Each week, I’ll help you apply and master the business skills that will enable you to become a more effective leader, build stronger teams, increase profitability, create significant competitive advantage, and achieve sustainable, long-term business and personal success.

Listen to episodes

12 recent
May 23, 2024Episode 1225 min

Episode 12: Culture of Accountability Part 2, Effective Delegation

Early in my management career, I had a simplistic, traditional understanding of delegation. I would assign a task, describe the outcome I expected, and turn my team members loose, This approach often led to inconsistent results, leaving me hesitant to delegate more. Over time, my inability to delegate effectively reduced the trust I had in my team, reduced their trust in me, and ultimately impacted my quality of life as I took on more responsibilities and directly involved myself in more projects. Then, I heard a story that completely changed my understanding of effective delegation. Using the core lessons of the story I created a process to guide my new approach to delegation. Implementing this process dramatically improved my effectiveness as a leader. Over the years, I’ve trained many other leaders to implement this process transforming their leadership effectiveness. In this episode, I’ll share the story and my process so you can incorporate it into your own leadership practice and increase the performance of your team.Contact me: brian@thehunterorion.comConnect with me on Linkedin: https://www.linkedin.com/in/brian-hayes-orion/Connect with me on Instagram: https://www.instagram.com/brianthehunterorion/Podcast Website: https://thepracticeofbusiness.buzzsprout.com

April 23, 2024Episode 1130 min

Episode 11: Creating a Culture of Accountability, Part 1

In the last episode, I encouraged leaders to move away from the traditional “I’m the boss”, “top-down” leadership style. I received many responses, all echoing a similar theme: “I’d love to follow that model, but how do I get my team to do the things that need to be done, and do them consistently well, without micromanaging them?” The answer is to create a Culture of Accountability, where team members hold themselves and their teammates accountable.Today’s episode is the first in a three-part series describing the process for creating this culture of accountability in your business. We’ll focus on the creation and implimentation of your core values and explain their role in accountability. Many organizations have core values, but too often they’re only used for marketing purposes or buried deep in an employee manual no one reads. In contrast, we’ll discuss a process for bringing your core values to life, where they become “the default way of thinking for the organization”; establishing clear guidelines for “how we do things around here”, and creating a powerful driver of accountability. Contact me: brian@thehunterorion.comConnect with me on Linkedin: https://www.linkedin.com/in/brian-hayes-orion/Connect with me on Instagram: https://www.instagram.com/brianthehunterorion/Podcast Website: https://thepracticeofbusiness.buzzsprout.com

April 4, 2024Episode 1029 min

Episode 10: The Paradox of Alpha Leadership

In 1970, biologist David Mech published a book describing research into the behavior of wolves. In particular, the book described the structure of the wolf pack, where the lead wolf, or Alpha, takes and maintains its leadership through dominance and aggression. Mech’s book would have an impact beyond biology, as his description of Alpha behavior became synonymous with the predominant style of management seen in the corporate world. I've developed leaders throughout my corporate career and leadership coaching is a significant focus of my consulting business. None of the leaders I’ve worked with want to be a tyrant, however, many feel they need to establish and reinforce their authority to get things done, earn respect, keep the team on task, etc. In this episode, we’ll discuss the Alpha style of leadership. We’ll review the myths and misconceptions surrounding this approach, we’ll discuss why the Alpha style isn’t leadership at all, and why it’s popular but ineffective. Interestingly, we’ll also talk about updated modern research which explains that everything we thought we knew about Alpha wolves was wrong, and how the new understanding of wolf pack behavior might be a good model for leadership after all.Contact me: brian@thehunterorion.comConnect with me on Linkedin: https://www.linkedin.com/in/brian-hayes-orion/Connect with me on Instagram: https://www.instagram.com/brianthehunterorion/Podcast Website: https://thepracticeofbusiness.buzzsprout.com

March 19, 2024Episode 934 min

Episode 9: A Man, a Puppy, and a Pair of Sunglasses: Lessons in Customer Loyalty

Repeat business is not the same as loyalty. Think about how many companies you do business with regularly. Where you get your morning coffee, the place you stop to get gas, your go-to grocery store, the vendors you work with in your business… They’re convenient. They may offer you “rewards” points, membership discounts, apps/tools/software, etc. You’re a satisfied customer. But are you loyal? What if a competitor arrived offering more convenience, lower prices, more products, more rewards points, a slicker app? Now think about the companies that have truly earned your loyalty. Are they common? Do they make you feel like just another customer? If you have companies you’re loyal to, it’s likely you’ve built a connection with the humans who work there, more than their apps or programs. Could a competitor take your business by simply offering a discount or more reward points?In this episode of The Practice of Business, I’ll share one of my favorite stories illustrating a company’s commitment to building true customer loyalty. I’ll break the story down into core lessons and provide ideas for developing lifetime customer loyalty in your own business. Contact me: brian@thehunterorion.comConnect with me on Linkedin: https://www.linkedin.com/in/brian-hayes-orion/Connect with me on Instagram: https://www.instagram.com/brianthehunterorion/Podcast Website: https://thepracticeofbusiness.buzzsprout.com

March 5, 202431 min

Episode 8: Motivating Teams for High Performance

“How do I get my team to be more accountable, take more initiative, share more feedback, invest in their own growth, etc.?” Increasing motivation isn’t the only answer to these questions, but the answers all build off of and flow from having a highly motivated team.Dwight Eisenhower defined leadership as “the art of getting people to WANT to do what must be done.” Ok. But as a leader, how do you create or develop that “want” among your team members? In this episode of the Practice of Business podcast, we’ll explore the leader’s role in motivating teams, review behaviors that motivate (and de-motivate), and discuss why motivation is so important to team performance. I’ll also share a strategic approach you can implement with your own team. Contact me: brian@thehunterorion.comConnect with me on Linkedin: https://www.linkedin.com/in/brian-hayes-orion/Connect with me on Instagram: https://www.instagram.com/brianthehunterorion/Podcast Website: https://thepracticeofbusiness.buzzsprout.com

February 15, 2024Episode 746 min

Episode 7: A Modern Process for Consistently Hiring Exceptional Team Members

“Great people are hard to find.” I hear this statement almost daily from clients and colleagues. Most leaders feel it’s harder than ever to attract and identify great people to join their team. But is this true?During my (*ahem*) decades of management experience I’ve been through the hiring process more times than I can count, and in my observation, great people have always been hard to find. They’re even harder to find if you’re not actively looking for them. Great/exceptional people have always been the minority. The traditional approach to hiring: post job description > review resumes for experience > interview to confirm competence… is more likely to identify average than great. Yes, the world has changed, and today’s candidates have more information at their disposal, more options, and more power. Most small businesses have updated the technology they use in their hiring process, but at the core, they still follow a hiring model that never did a great job of finding exceptional people in the first place. Elite companies and organizations take a different approach. The Ritz-Carlton, Four Seasons, Zappos, Army Green Berets, Navy SEALS, NASA, etc. all utilize a selection process that emphasizes and values the character and culture fit of candidates above competence. In this episode of The Practice of Business, we’ll talk about this differentiated approach in more detail and share suggestions for updating your own hiring process enabling you to consistently hire expectational team members, build a sustainable competitive advantage, and significantly improve the quality of life for the leaders. For sample interview questions and a detailed outline of the hiring process contact me at brian@thehunterorion.comContact me: brian@thehunterorion.comConnect with me on Linkedin: https://www.linkedin.com/in/brian-hayes-orion/Connect with me on Instagram: https://www.instagram.com/brianthehunterorion/Podcast Website: https://thepracticeofbusiness.buzzsprout.com

January 31, 2024Episode 644 min

Episode 6: Rage Against the Machines: Building a More Human-Centric Business in 2024

It goes without saying that technology, particularly AI, has been advancing at an incredible rate. In aesthetics, AI-driven chatbots, apps, and other tech have been a hot topic of discussion at recent meetings. Proponents of this technology say it can streamline communication with your patients offering 24/7 availability, faster interaction, increased efficiency, and decreased staff time/cost. But should that be your goal?With 2024 underway, what is your business strategy/focus for the new year? Harvard professor Michael Porter (considered the guru of business strategy) teaches that the essence of any business strategy should be to build, grow, or maintain a competitive advantage for the business. Would investing in these technologies lead to an advantage for your practice? Will it help you attract, convert, and retain high-quality patients? In the latest episode of The Practice of Business Podcast, we’ll discuss these questions in more detail. Spoiler alert, as the title likely suggests, I don’t believe using technology for significant patient communication is a good business decision. To be clear, I’m not Amish and I’m not an old guy shaking my cane, telling you things were better in my day. Technology has a role, but in your luxury aesthetic practice, I believe humans are best served by humans. This isn’t just my opinion. We’ll discuss data showing significant negative consumer sentiment towards the increased use of technology to provide “service” for customers.  A strong, differentiated brand is key to building a competitive advantage. Think of your own experience as a consumer. When you think of “fast, efficient” service with minimal human interaction, which brands come to mind? Are any of them considered luxury brands? You may think of fast/efficient when ordering Starbucks, but when you go to your favorite restaurant for a special dinner, do you want less personal interaction?  One of the hallmarks of a luxury brand is high levels of customer attention and service. Did you feel better served when your local supermarket/Target/Walmart added self-checkout lanes? Once the first of these companies added the technology, how long before others did the same? Does it feel differentiated?  For high-quality patients, aesthetic procedures are an emotional luxury experience. As our industry becomes more competitive, automating the patient/customer experience may have the opposite effect you desire. Without a clearly differentiated brand and experience, patients may start to view all the options as “good enough”. Once that happens, they will use price as the differentiator.  Technology absolutely has a place in your business. But before you invest in machines to communicate with your patients, ask how it impacts your brand and if it truly sets you apart from competitive options. Delivering Happiness by Tony Hseihhttps://www.amazon.com/Delivering-Happiness-Tony-Hsieh-audiobook/dp/B003QADCNS/ref=sr_1_1?crid=2DIUTA2VVW27F&keywords=delivering+happiness&qid=1706739719&sprefix=delviering+happ%2Caps%2C627&sr=8-1The Simple Truths of Service by Ken Blanchardhttps://www.amazon.com/Simple-Truths-Service-Inspired-Johnny/dp/1492675458/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=1706739778&sr=1-1Contact me for more information on the Aesthetic Business Mastermind Contact me: brian@thehunterorion.comConnect with me on Linkedin: https://www.linkedin.com/in/brian-hayes-orion/Connect with me on Instagram: https://www.instagram.com/brianthehunterorion/Podcast Website: https://thepracticeofbusiness.buzzsprout.com

August 30, 2023Episode 537 min

Episode 5: Culture is the foundation of team building

Dan Hurley is the head coach of the University of Connecticut men’s basketball team. When Hurley took over the program 5 years ago, UConn had a losing record. Today, they’re winners of the 2022-23 NCAA Division 1 National Championship.  Dan Hurley's success follows a similar pattern; from high school, through lower tier college programs, and onto the highest level. He takes over an underperforming program; within a year they’re winning, and a few years later they’re elite.  In a recent interview, he was asked about his process for consistently building winning teams. Where does he start? What’s most important? His answer: the most important thing is to start with culture. Once you define and communicate your culture, everything flows from there.  Many business leaders believe a strong organizational culture is important, but few have a clear definition of what their culture is or the role it plays in team building. It’s understandable. Culture is one of those business terms that can be hard to define. Traditional MBA programs and business courses may refer to culture, but they offer little guidance to help you define your culture or explain its impact on your business. As a result, too many business leaders “back into” their culture, beginning their team-building efforts by hiring individuals with job-specific skills, and then hoping they’ll complement the other team members.  Whether in business or sports, the leaders of elite, championship-winning teams see it differently. Almost universally, the leaders of top-performing organizations list the development, communication, and implementation of their culture as their primary responsibility.  They start their team-building efforts with culture. (In addition to Hurley; see legendary sports leaders like Bill Walsh, Pat Summitt, and Nick Saban or billion-dollar business leaders like Sara Blakely, Richard Branson, Tony Hsieh, and Yvon Chouinard) Culture can best be defined as “the way we do things around here”. It reflects the collective character of your team. On this episode of The Practice of Business podcast, I’ll help you understand why defining your culture is the first step in building an exceptional team and I’ll offer a 3-step approach to strengthen, develop, and implement your own culture.  Key points·      Culture can be hard to define but is critically important to team building·      Successful leaders in sports and business believe defining and implementing culture to be the first step in building championship teams ·      Culture is the foundation: it guides your hiring, development, improvement, termination, etc·      Get the culture right, and it guides and simplifies all the other aspects of building, motivating, developing, and retaining your team·      Provide a 3-step plan to strengthen/develop your team cultureContact me: brian@thehunterorion.comConnect with me on Linkedin: https://www.linkedin.com/in/brian-hayes-orion/Connect with me on Instagram: https://www.instagram.com/brianthehunterorion/Podcast Website: https://thepracticeofbusiness.buzzsprout.com

August 9, 2023Episode 434 min

Episode 4: Building your Sustainable Competitive Advantage

Competitive advantage is not about having more revenue, patients, social media followers, or locations than other practices. That’s comparison. Your patients will determine your competitive advantage. How do you get patients to consistently choose you over alternative practices? Once treated, will they continue to choose you? Will they send their friends to you? Forever? This is the second in my series focused on helping your business succeed and thrive in uncertain times. To stay on course during periods of change and disruption, you’ll need a clear strategy to serve as your compass. This strategy should center around creating and maintaining your competitive advantage. In this episode, we’ll discuss specific action items for addressing the above questions, and in doing so, create a powerful strategy for your practice.Contact me: brian@thehunterorion.comConnect with me on Linkedin: https://www.linkedin.com/in/brian-hayes-orion/Connect with me on Instagram: https://www.instagram.com/brianthehunterorion/Podcast Website: https://thepracticeofbusiness.buzzsprout.com

July 27, 2023Episode 342 min

Episode 3: Build a Thriving Business in Uncertain Times: Embrace the TUNA

“Are we headed for a recession, or are we already in one?” “Is this a summer lull or the end of the post-Covid surge in aesthetic treatments?” “How will AI impact my practice?” “What’s next?!”Dealing with uncertainty is one of the biggest challenges a business leader must face. So, how do you get better at predicting when conditions will improve or worsen, how patient preferences will evolve, what will be the next big thing…? Simple answer: you don’t.  TUNA = Turbulent, Uncertain, Novel, Ambiguous. This acronym was first used in the 80’s to help military and government leaders with strategic planning when faced with a rapidly changing and unpredictable geopolitical landscape. Later adopted by business leaders; the core concept: when planning for the future, expect things to change rapidly and in unpredictable ways. The last few years have been very “TUNA” and these conditions are here to stay. Technology, the economy, patient behaviors, etc. are continuing to evolve and as such, change is likely to come more frequently and cause more disruption as it does. This is not a message of doom and gloom. Just the opposite. While uncomfortable, change always brings opportunities. The latest episode of The Practice of Business Podcast is the first in a series where we’ll change the conversation from how to overcome temporary disruption, to building a resilient, adaptable organization that can adjust to changing conditions, capitalize on new opportunities, and thrive over the long-term. We’ll help you build a more seaworthy ship with a capable crew, rather than trying to predict the weather or wait for storms to pass. Contact me: brian@thehunterorion.comConnect with me on Linkedin: https://www.linkedin.com/in/brian-hayes-orion/Connect with me on Instagram: https://www.instagram.com/brianthehunterorion/Podcast Website: https://thepracticeofbusiness.buzzsprout.com

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