Growth – expansion, more visits, more revenue, more new cases, more patients stockpiling in your practice.
These are not the only metrics but they are a key performance indicators that would indicate “growth”.
Profitability – the bottom line, what’s left after your gross revenue minus expenses.
While growth and profitability are not mutually exclusive, it is very difficult to put your attention on both at the same time.
A growth focus requires a certain mindset and a willingness to reinvest capital into developing areas within your business.
On this episode Life By Design For Chiropractors, we map out the required information and action steps to determine which focus you should have and the consequences of each.
Here Is What We Covered
- Growth vs. Profitability mindset. Start by understanding your goal.
- The consequences of focusing on profitability too early in your business life cycle. Why it will massively slow your growth and cost you more in the long run.
- When it’s time to shift from growth to retaining profit as your primary objective and what to expect in your business.
- How much profit do you need to keep and how much can be reinvested?
Thank you for listening to Life By Design – The Podcast For Chiropractors… The voice of reason in Chiropractic.
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Dr. Jamie Richards
Dr. Jamie Richards is a consultant for chiropractors looking to transition and thrive in a 3rd Paradigm Chiropractic model. He helps doctors develop the entrepreneurial skills to maximize community impact and leverage leadership into profit.