3 Things You Need to Be Confidently Profitable (And How One Naturopathic Doctor Transformed His Practice)

Every business owner knows to be successful you need to be confidently profitable. 

But that’s not so simple when you’re a doctor with your own practice.

You have to constantly juggle between treating patients, leading a team and managing cash flow.

And in a lot of cases, while you try to pay off massive debt from medical school.accounting

At Every Single Bean, we’ve helped dozens of doctors across the country revolutionize their practices using the Profit First™ system. 

Keeping reading to find out the three things you need to know before you can be confidently profitable as well. 

To help you get a better idea of how effective this is, here is how Dr. Matt went from feeling lost and confused to confidently profitable in just a matter of months.

Matt’s a naturopathic doctor from Arizona who came to us to learn the basics of business finances. 

He had watched a ton of videos and read multiple articles but said the information just didn’t seem to stick. 

All of the advice he previously found was too high-level. No one had explained bookkeeping and cash-flow in simple language.

He needed a single framework to give his practice clear direction.

That’s when he found Every Single Bean and Profit First.

“I would look at a profit and loss sheet and not really know what to do with the information I was looking at,” Matt said. “I had no game plan for how to grow my revenue, what to do with it if I were to grow it or how to even start.”

Matt said he felt lost and helpless and didn’t know how to interpret financial reports despite the amount of education he had.

Matt needed three things:

  1. A better understanding of business finances
  2. An easy-to-follow cash flow system
  3. A plan to pay himself more

The secret to confidence in your business is learning to balance your job as a doctor AND your job as a business owner. Profit First shows you how.

Instead of treating profit as secondary to growth, the Profit First system takes a behavioral approach to accounting. It flips the age-old formula of Sales – Expenses = Profit and turns it into: Sales – Profit = Expenses.

profit firstThis principle allows you to develop an effective plan to achieve your business goals and pay yourself more.

“It is a fun experience being taught concepts I struggled to get prior to meeting Every Single Bean. I feel more confident as a business owner,” Matt said.

“Now, if I get stressed about finances because we have a slower month I know I have a checklist and action items in place that allow me to evaluate what changes I need.”

“I’m much happier because I am paying myself significantly more. I’m also more at ease because I have benchmarks that I can follow to measure how well my business is doing.”

Matt is a member of the Arizona Naturopathic Medical Association and runs a medical clinic called Ethos Integrative Medicine. He focuses on physical and mental well-being with evidence-based best practices.

Matt is just one of dozens of doctors we’ve had the privilege of working with at Every Single Bean. 

If you want to maximize your profits and become confidently profitable like Matt, then schedule a call with us today. We’ll work with you to clarify your financial picture and develop a custom strategy that helps you live your ideal future, both at work and at home.

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