Business Talk - Guide to spending, collecting and saving money (Part 1)

Anthony Lombardi
March 21, 2014
Written by
By now, many of you are familiar with my approach to success in clinical practice – the EXSTORE functional assessment system, followed by restoration of mechanical dysfunction using motor point electro-acupuncture and myofascial release.

If utilizing systems in clinical practice has served me this well then what is my formula for business success?

What you are about to read is not a sales pitch. It is a description of a proven system intended to help chiropractors become better at running their businesses. And the best part is, it’s totally free.

The flowchart system diagram is something I developed and have used as a recipe for success in my practice for the last eight years.

I am now making this available to the readership of Canadian Chiropractor magazine because it has been helpful to many businesses in addition to mine. In the last two years, more than 100 chiropractors, health professionals and small business owners have learned and used my flowchart system to grow their practice by applying simple concepts to their day-to-day operation.

From disconnect to dividends
For some time there has been a disconnect between clinical and business practice, and this pitfall has hurt our profession. Over the next four issues, I am going to explain and share with you the dynamics of my business flowchart to help guide you to the right direction. The flowchart is called, Chiropractors’ Guide To Spending, Collecting and Saving – Money.

What make my flowchart different from other practice building programs are two things:
  1. It’s free and only available in the upcoming issues of  Canadian Chiropractor.
  2. Unlike many programs, I actually practice what I teach – in everyday clinical practice as opposed to just teaching at seminars. 
I developed and began using this system in 2006, and within a few months I was able to stop paying rent. I made a down payment on a piece of property where I continue to run and build my practice. Using this system I was able to reduce my accounts receivable from $60,000 to zero. Learning to use the principal concepts of spending, collecting and saving money will not only improve your practice – it will change your life.

Back to basics
“Save money, live better,” is a slogan for retail giant Walmart. Like any grocery store, Walmart provides a great model for how we should run our practice. I will briefly outline the spending, collecting and saving practices on what I call the grocery store philosophy.

Spending
Money is typically spent on three things: inventory, utility bills and salaries. Our chiropractic practices will never have as many inventory expenses as grocery chains but in the following issues of the magazine, I will show you how your expenditures can become “contributors to saving.”

Collecting
The philosophy of collecting money in a grocery store is very simple. Customers pay for the products they want in full before they leave the store. People may pay using credit cards, debit cards or cash. All pre-order products like catering, bulk orders of pastries or party trays are paid in full, in advance over the phone or in person. In succeeding issues, I will demonstrate how this type of “pay before you pump” system can be seamlessly incorporated into your everyday practice.

Saving
The combination of spending and collecting money drives the process of savings. The process of saving money is divided into two streams: improving the business and growing your savings. The money you spend subtracted from the money you collect becomes the money you save.

I will show you how a portion of the money saved can be re-invested into your business to improve your practice. The larger portion of savings will be directed to vehicles or concepts aimed at making your money grow. I will discuss why doing this will protect your money from the eroding effects of inflation.

Reducing expenses, increasing revenue
This will be your goal throughout the life of your practice. Finding ways to continually reduce business expenses and learning different ways to increase your revenue are the cornerstones of saving. Starting to save early puts time on your side as your savings will add up, and the longer your funds are working, the longer the power of compounded interest will work in your favour. 

If you have any questions for me please email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or exstore@hamback – I am here to help.


Anthony Lombardi, DC, is consultant to athletes in the NFL, CFL and NHL, and founder of the Hamilton Back Clinic in Hamilton, Ont. He teaches his fundamental EXSTORE Assessment System and conducts practice-building workshops to health professionals. Visit www.exstore.ca for information.

Add comment


Security code
Refresh

Subscription Centre

 
New Subscription
 
Already a Subscriber
 
Customer Service
 
View Digital Magazine Renew

We are using cookies to give you the best experience on our website. By continuing to use the site, you agree to the use of cookies. To find out more, read our Privacy Policy.