August 15, 2021
What is profit and does your clinic need it?
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Kate Markland: Good afternoon and welcome it to The Clinic Owners Business Club, Lunchtime Live with Celia Champion and myself, Kate Markland on Wednesday, 2nd December.
So yesterday Celia shared with us that she had a gin advent calendar. I’ve got a chocolate brussel sprout one . And last night you were going to open your gin door number one.
Celia Champion: I had a beautiful, Gin from from Devon. So it was really, really lovely.
Kate Markland: Lovely. so today we’re talking about whether now is the right time to reinvest in your practice. If you are creating profit in your practices, there are three things you can do with the profit. You can either pay down the debt, you can pay yourself a dividend as the owner, or you can reinvest back in your practice. And today we’re just going to think about the things that you might want to consider if you are considering reinvesting in your practice, because obviously when you make that decision, there’s also the opportunity to perhaps make more money or make a bigger impact on your community. But there’s also the potential to lose any money that you choose to reinvest in your practice as well. And you might wish you’d made one of the alternative decisions of paying down debt or paying yourself dividends or doing nothing and just letting cash accumulate. So over to you, Celia, for some tips to help the clinic owners decide whether now is the right time to reinvest in their practices.
Celia Champion: I mean, obviously we’ve been through quite rocky roads, this whole year . So it pays, to be picky now as you decide if you’re going to reinvest or not. But I have seen a lot of reinvestment in the clinics that we work with over the last few months. I’ve got some clients that have looked into different equipment that they might bring on board to broaden their services that they provide to clients. So, I’ve got a few clients that have invested in shockwave machines, few clients that have invested in IDD machines, and then also just other products and the services that those products relate to so that they can actually supply the products to patients. So, there is an, there’s an element of investing in things that you can offer, you can broaden your services, but then I think that there’s also been what I’ve seen, where we’ve actually seen quite a bit of investment in practice managers to have training so that they can take over more and more and more of the duties. There’s a thing about investing in your team members now, so that they can support you in rebuilding your practice. If indeed, that is the case for you at the moment.
Kate Markland: So what I’m hearing that is really making sure that you have the business functioning well and making sure that you are investing in a healthy business and good business operations. And that might be very, very low cost that might, in some cases, just the case of getting yourself organised. And perhaps before you’re buying any expensive equipment or reinvesting in the services that your business operates, that you’re making sure you conducted a listening project to know what’s really important to your clients and what their needs are, as well as what your team requirements are, so that you’re making informed decisions based on the numbers and based on what your clients are seeking rather than based on any assumption.
Celia Champion: In terms of, when you’re looking at investing in marketing, it’s important to make sure that you’re recording where all your new patients come from so that you can make an informed decision. So if you are considering investing in Google ads find out from , other people that have done Google ads, what their return rate has been. That applies for any service that you’re going to be outsourcing, get recommendations of a service providers, from people you know, and speak to a number of people before you decide on which supplier you’ll be using.
Kate Markland: Wonderful. So that way you’re making sure you’re measuring the return on investment for anything that you do and your money that you do reinvest in your business and you’re using the best possible suppliers, so it is a very informed decision.
Tomorrow we have a live Q&A . So if you’ve got any questions then do let Celia or I know, and we will answer any questions that come up. Next Wednesday, because Wednesday is all about wealth creation for you as clinic owners, we are speaking about the road to recovery and helping you start to plan or create a profit plan for 2021, have a wonderful afternoon. And we look forward to seeing you again at one o’clock tomorrow. Take care for now. Bye bye.
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