This might shock you but focusing on growth kills your naturopathic practice.
The most successful business owners know success isn’t measured by how much money your practice makes.
In fact, making more money can mislead you into justifying more expenses.
Maybe you’re re-investing too much in new equipment.
Maybe you have too many employees because you want to lighten your workload.
Or maybe you still have a lot of medical school debt.
The secret to treating your financial troubles is concentrating on profit not revenue growth.
If your practice was a patient you wouldn’t prescribe it more money. You know those funds will barely fix the short-term problem.
You need to get at the root cause.
As a naturopathic physician this should come naturally to you because you understand the importance of a holistic approach.
So why aren’t you running your practice the same way?
Here are three steps to become more profitable:
1. Assess the Health of Your Business
Most doctors don’t like to put their business on the exam table.
It’s not fun to find out your practice isn’t making a huge profit.
A large revenue often masks the real issue, which is a broken bookkeeping system.
Unless you assess your financials as a whole it can be difficult to see that.
But once you identify the root cause of your business woes, you’re able to finally address them.
Here’s a quick and easy way to figure out where your business is at now. It’s called the Healthy Business Checkup. It’s the perfect jumpstart and will set you on a path toward profit, growth and work fulfillment.
2. Implement a Better System
Profit is not something that only happens at year-end — there needs to be profit every day.
Wait … every day? Yup.
And the solution is actually quite simple.
Start by implementing a better bookkeeping system that not only prevents you from overspending but boosts your bottom line.
It’s a simple and highly effective management system where instead of treating profit like an afterthought — secondary to growth — it takes a behavioral approach to how you run your business.
The best part is … it’s a very easy way to hold yourself accountable so you’ll always know if you’re on track to meet your financial goals.
3. Follow Up
Here’s where your instincts as a naturopathic doctor comes in handy.
Every profitable practice needs financial health.
So once you have an effective bookkeeping system in place — monitor its progress.
Over time you can adjust the system accordingly so that your growth becomes a direct result of a healthy business.
The important thing is to just take action. Don’t stand by while growth kills your naturopathic practice. Start transforming your business today.
This may require you to sit down with your accountant and come up with a game plan to ensure all your needs are met.
But if you want to learn more about how we use Profit First to fast-track our success, download this free guide.
Or give us a call at Every Single Bean to finally enjoy the freedom and financial reward that comes from a well-managed business.