Chiropractic Profit Accelerators and How to Avoid Financial DisasterMar 02, 2020
Let’s talk about money. We don’t always like to do that in our field since we want to focus on what we can provide to people, but that’s precisely why we need to.
In today’s video, I’m focusing on money from two major perspectives: Profit accelerators, and how to avoid financial disaster.
First: Target success and profit.
Have you ever seen a skilled archer shooting at a target? If they miss the mark, they don’t get frustrated or angry; they adjust their stance and tactics. They look inward and ask themselves why they missed the mark and how they can aim more accurately. We need to learn from this.
Focus on your intent and target, and your thought patterns and behaviors will follow. You already know that your practice is not a hobby but a business, so it’s vital to keep that in mind. One that you want to grow, to be able to employ people and contribute to the well-being of your community.
Imagine the end goal of your practice. When you finally decide to retire, what will you have accomplished? Knowing where you want to end up gives you something powerful: A goal that you can “reverse engineer” and figure out how to get there today.
Look, I get it. What we do is in service to others. It sometimes makes talking about profit and money feel awkward. But here’s the thing about money: It helps you be able to serve more people by allowing you to grow and expand your team and capabilities. So don’t let the “money talk” make you feel bad. You provide a fantastic service to people, and you need money to stay in business and keep providing to your community.
For another method to accelerate profit, consider this: Creativity is free. By that I mean, the creativity in finding ways to get your name out there in the community. Creatively coming up with ways to treat people and grow your practice is a great profit accelerator since it costs you nothing to come up with ideas.
Next: How to Avoid Financial Disaster
Say it with me: Revenue is not profit.
For so many people, it’s easy to confuse money coming in as profit, but you can’t forget your costs and overhead that will eat into that. It’s natural when you’re starting your practice to pour everything you can into getting it going, but you can’t maintain that forever.
Eventually, you need to find a balance so that you can set aside a reserve. In essence, you want to find ways to increase revenue and decrease overhead where you can. And the only way you’ll be able to do that successfully is to know your numbers.
Look beyond merely the cost of something, but instead, it’s worth. I’ve had clients who I helped find basic tasks that they could outsource. What happened was that they were able to reduce their overhead while also having more time to spend on other tasks. The result? They became more profitable by focusing on the worth of what was being done and who was doing it.
Next, you need to have strong, powerful financial policies. Personally, I like to run a zero balance business: I don’t want anyone to owe me anything. Otherwise, I’d be spending too much time making sure I get paid. You don’t have to have the same exact policy, but it’s essential to have strong financial policies. You need to make sure you have ways to ensure you get paid in a timely fashion.
Finally, I have three last big pieces of advice for avoiding financial disaster:
First: Don’t make decisions out of fear. That is never the right time for important decisions like signing a new contract or hiring people. You need to be in the right mental place to make decisions, or you won’t be doing yourself, your practice, or your team any favors.
Second: Do not recycle your problems. If you notice you’re having the same financial problems again and again, that means something needs to be fixed. Even if you don’t know it, you can find ways to avoid these problems. Find out what you need to do to stop recycling these problems, and if you’re not sure how to do that yourself, find help – remember, I’m available to help. I’ve been doing this for 15 years, so I know plenty of ways to assist.
Finally: Surround yourself with a good team. I say this all the time, but that’s because it’s just so important. You need a team that is on the same wavelength and has the same financial goals as you in mind. The only way to reach those goals we talked about earlier is to have a reliable team, all working together towards the same results.
This week’s newsletter has been based on my recent Facebook Live video. Click below to watch the video in its entirety:
Thank you again for being part of this community, and make sure to join us every Tuesday at 11 AM, on Facebook for my Power-Up Live Sessions! Click here to tune in.
This week be powerful and purposeful.