Sometimes You Don’t Know What You Don’t Know

It’s happened to all of us – we’re surprised when another person notices something that is right under our nose, yet we’ve overlooked it – primarily because it’s been there for a while and simply blends in with the background. Our brains are more sensitive to things that are new or changing, so it’s easy to ignore things that are static, even when they may be important. Our senses are also shaped by our experience, making it easier for those with more or different experiences than ours to notice things that we may not.

For these reasons, your business may benefit significantly by having an unbiased person review your numbers. Identifying just one or two areas that you’ve missed that are ripe for improvement can make a substantial difference in your bottom line. Although the thought of sharing your numbers with someone else may give you pause at first, there’s too much potential gain to let shyness get in the way. 

Once you’re ready, there are many ways that you can get a fresh pair of eyes on your numbers. Options range from simply having a colleague give an opinion to hiring a private consultant.  Perhaps the best way to start, though, is to work with a company that you already do business with – your buying group or professional alliance, your analytics software company, or even a lab or . Consider the following benefits that an independent review of your data may provide:

• Perspective – The analysts that perform these reviews have access to large data pools and have worked with many practices; they can easily spot your strengths and weaknesses. They’ve also been exposed to solutions you may never have thought of. They know what works and what doesn’t.
• Connections – As industry experts, these advisors and their companies have connections with other experts and companies that can help you strengthen those areas in which your practice is underperforming. They also may be able to connect you with peers who have overcome similar challenges.  
• Return On Investment –  These companies do better when you do better, therefore they offer resources that can provide an insightful perspective on your data that is both discrete and affordable. 

Take advantage of the benefits available from your business associates. Make it a habit to share your practice data with a trusted source at least once per year.