As health-care professionals, you spend your time helping Canadians make healthy choices to prepare them physically for a productive life – but what about your financial health? Retirement planning is often delayed, or worse, it is left unmanaged where it falls subject to a wide range of risks and uncertainties.
Running a successful business – whether a chiropractic practice or a lemonade stand – is not easy. It requires unwavering level of commitment, because being successful today does not guarantee success tomorrow. Believe it or not, the success of your business depends on the most unreliable, unpredictable elements of existence – other people.
Most chiropractors, like other health-care practitioners, will at some point in their careers need professional or retail office space.
Practitioners who run multidisciplinary practices will find they are able to create new revenue by simply reducing expenses versus putting efforts into attracting and seeing new patients. By re-evaluating every spending transaction, I went through and tracked every dollar spent in 2013 and 2014 to determine what was needed, what was optional, what was unnecessary, and what could likely be discounted by the supplier.
There are two main components that determine the value of a business: assets and goodwill. Assets are the things you own and are set up on a depreciating market value basis. Goodwill is less tangible and therefore more variable. Unlike in other business valuations where the assets make up a higher percentage, goodwill makes up the majority of the value of a chiropractic practice.
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