If there is any one thing that the insane situation has taught businesses and practice owners, its that you just have to operate the practice with more cash in the tank…
The reality is…THIS WILL HAPPEN AGAIN, in some way anyway. It always does, every 10 to 15 years there is a “crash” and often a second dip somewhere in-between FYI.
Yes sometimes it fluctuates by a couple years here or there but no matter what…IT ALWAYS HAPPENS AGAIN!
So the question is…
How are you going to make sure you keep more cash in the tank for the next “crash”?
Here is my number one suggestion right now!
Know your numbers
The amount of practices that think they are running at a 50% gross profit that are ACTUALLY at 30% gross profit is scary!
START BY GETTING THIS NUMBER DOWN…
Be brutal and really work out what your break even number is asap.
That number is important…don’t leave any expense out!
How many visits a week do you need to see to hit BREAK EVEN.
There are many other numbers you need to know BUT I URGE PRACTICES to know that asap.
Also make sure that that “break even number” includes a salary for yourself…
THIS IS IMPORTANT…
Once you fully understand what you need to be seeing to “oil the machine” it gives you an immense clarity and feeling of relief once your hitting it each week…
Then the magic happens…
FEAR BEGINS TO DISSIPATE 🙂 You start operating from a place of abundance, not “need”.
Hope that helps.
Love and light
Ryan
