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How Negative Feedback can help sell your practice.

Posted by practicesales on May 16, 2016
| 0

One of the definitions of feedback is “information about reactions to a product, a person’s performance of a task, etc. which is used as a basis for improvement.”. …. And it’s pretty much a given when selling your practice. You can’t please everyone. However, did you know it can help you sell your practice?

How? We’ll go through a couple of examples and then you can decide how you will deal with negative feedback if you get it.

Scenario A:

A buyer has looked at your Sales Prospectus, and asked for financials. Eyebrows are raised as they look at the income, expenses and profit and loss statements…. Something doesn’t add up and they lose interest. Their feedback is that the rent seems way too high against the current profits.

A typical initial reaction to feedback like that is anger or denial. Which is fine if you don’t agree, however, feedback of this type is objective, as it is based on analysis and is fact based and if you get this same feedback several times over and don’t reassess, you are not listening. You are burying your head in the sand.

Especially when it comes from several different sources. Use it to learn. After all, what’s better? to sell for less, or close the doors.

Scenario B:

A prospect is keen, likes your sales prospectus, their accountant has reviewed the figures and given it the go ahead. They are excited, until they inspect your practice and suddenly are no longer interested.

The feedback is it looks tired and is not suitable. Rather than throwing your arms in the air blaming the fact that you are too busy, have a good look at your practice. Is it tired looking? Could it do with a lick of paint? Are signs and notices on the wall dog-eared and torn?

Why not see the feedback as a challenge and roll up your sleeves for a weekend of painting and make the place look ship shape? Whilst this feedback is subjective and based on personal opinions, emotions and judgment, if you get it more than once, you need to take it on board.

Don’t let pride get in the way and don’t be stubborn. If you are constantly getting the same feedback, it’s time to listen. By seeing your practice from another’s perspective you can make decisions going forward and you are much more likely to sell.

If you rise to the challenge in this instance you can actually increase the amount you eventually sell for.

 

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