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:
- It’s free and only available in the upcoming issues of Canadian Chiropractor.
- Unlike many programs, I actually practice what I teach – in everyday clinical practice as opposed to just teaching at seminars.
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.
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.”
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.
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.
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.