There’s an art to everything—even when it comes to spending money to make money.
…and that’s how you should look at practice expenses.
- Every dollar spent in and on your practice should influence how your practice occurs to others and increase the lifetime value of a patient.
- Practice expenses should directly or indirectly bring in revenue.
- And as long as your monthly practice “overhead” (not counting your salary) fluctuates between 50-60%, each month you should gradually “ratchet up” your expenses until you reach your monthly collection goals. Yep, not spending enough can limit growth.
…because after about 10k a month, you need to spend money to make money. There is no way around it.
But most Chiropractors don’t look at it that way. As a matter of fact, like I said yesterday, most Chiropractors don’t “look” at all.
Lastly, as it relates to overhead and “spending money to make money”, here is my money mantra that has helped me get and stay on top…
“The more money that I can spend to attract a customer,
the less competition I have.”
So pay attention, embrace expenses, spend “Time To Think”…and everything will be alright!
