As chiropractors we are, or aspire to be, highly invested and qualified in our science and all the intricacies of the chiropractic knowledge base. We put much attention and energy into the application of our calling in the form of the artistry of chiropractic technique plus the communication that is necessary to relate to our practice members, clients and people.
These aspects of our professional package are essential components to ensure that we are safe, give good service and get great results BUT they do not ensure that we thrive in this material world.
Chiropractors (along with many health providers) can be very light on when it comes to the business end. There is a low chance that you, as a chiropractor, no matter what stage or situation you are in are actively working to a business and financial strategy and plan.
There are essentially two forms of strategy and plan that will make a huge difference to your business and private life.
What you get
Be aware of your income streams and ensure that they are optimised. Whether you are a locum, an associate, a solo practitioner or owner of multi-practitioner practices you must know where your profit centres are, where your 20% who bring the 80% of your income are, who you’re A,B and C class practice members are.
Understand where you get the most return of your time and energy – note that this may not be directly measured in financial terms. Often investing time and money in a certain class of client makes your practice more efficient, throughput greater or just less stress, for example. Notice where you can leverage your time and energy to get the same or better outcomes. This may mean more efficient productivity or employing the services of a person on a lower price point than you to get the work done.
Make sure that you are constantly testing and measuring the trends of society and the business of health care at all times. Change is rapid and if you are doing things today the way you were doing things 5 years ago you are losing ground.
Every day you have the opportunity to maximize the returns you get on your outflow. Make sure you test and measure each aspect of your practice in this context. It will make a huge difference.
Next week, on the back of what you get we will consider the second half of the equation that makes the difference in your business and life and that is ‘What you keep’. This strategy is to have a high percentage retention of your earnings at the end of the day, week, month, year and life.
