#144 Proven Ways To Scale Your Business, ft. Stephanie Pearson, MD
In this episode, Dr. Kim interviews Dr. Stephanie Pearson. She is known as an inspiring physician turned entrepreneur with a fantastic story to tell. She is an OB/GYN and CEO of PearsonRavitz, passionate about helping people through life and disability insurance.
After getting injured while in practice, Stephanie’s career as an OBGYN was compromised. After years of reinventing and figuring out what she’s passionate about, she’s now helping thousands of doctors and professionals protect their most valuable asset —the ability to earn income.
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Now, let’s look at what we discussed in this episode:
- What is PearsonRavitz?
- Injury, transitioning careers, and insurance
- Building a sustainable, growing, and leveraged business
- Sharing how to build the system
- Finding resources and coaches
- Now versus how it started
- Ideal time to scale up
What is PearsonRavitz?
“Honestly, we are an insurance advisory brokerage firm. We help physicians, other health care providers, really anybody who needs our help. ” – Stephanie Pearson, MD
PearsonRavitz is an insurance advisory brokerage firm. They focus on empowering and educating people to make good choices when it comes to disability and life insurance.
Injury, transitioning careers, and insurance
Stephanie was injured during a difficult delivery while she was in practice. Her recovery didn’t go well, and she was terminated from her position, which eventually ended her career.
In order to continue supporting her family, she reinvented herself and tried different things. This journey gave her the realization that she had a passion for insurance and disability insurance.
“I was lecturing to area residency programs, partly altruistically and partly cathartically because every time I told my story, it got easier. And I didn’t want young physicians to make some of the mistakes that I made.” – Stephanie Pearson, MD
Building a sustainable, growing, and leveraged business
Working hard and becoming more accessible was her recipe for successfully building out her business. However, she eventually figured out that their grind was not sustainable in the long run. Things had to change.
She works with a Scaling Up Coach, reads books, and attends conferences to continue growing in their business.
“We realized that we were growing pretty quickly and didn’t want to get stuck in the mistake of those companies that grow so fast, that they actually implode.” – Stephanie Pearson, MD
Sharing how to build the system
Stephanie started with her executives and focused on getting into each other’s spaces to understand and know what role everyone plays to get the job done. She began filling in job duties, set B-HAG 10-year goals, measurable metrics, creating personal and business KPI’s, and developing a roadmap for the company.
Finding resources and coaches
Stephanie admitted that her strategy came through word of mouth. She and her executive team went around asking the business community where to find the right people.
This led her to a book named Scaling Up, by Verne Harnish —which she eventually reached out to. Stephanie interviewed several coaches, representing different coaching models, and in the end, they chose to work with a coach from Scaling Up.
Now versus how it started
“I went from being the CEO, owner, top producer on the phone all the time to more of a traditional CEO Medical Director role.” – Stephanie Pearson, MD
Stephanie shares that she is now working “on” the business and not “in” the business, with focus on mentoring and training her producers.
Good time to scale up
Stephanie admits that if she could, she would have thought about scaling up at the very beginning.
Although they would not have been who they are without the gut and hustle at the start, she believes that she would have gotten her company to perform at their best faster than it took.
Get in touch with Dr. Stephanie Pearson …