Hi Rhinos, Dr. FJ Schofield bringing you your next episode of Rhino University.
We got a lot of craziness going on right now so I want to talk about Freeing up Cash in a Crisis.
Right now it's the Corona Virus, but this is applicable to any kind of adversity you face, like a recession, housing marketing crisis, or if Insurance Comp stops payment. This is applicable for many years to come.
The number one priority is to keep your business going, to turn a profit so you can take care of your family and your team.
Really consider these steps 3 steps.
We want you to thrive.
We need more successful chiropractors, and together we can change this profession for the better and forever but we need to have a lot of super successful chiropractors to do that.
The most dangerous thing you can do right now in this crisis is be overly optimistic and assume it’s going to be done in a couple weeks. You have to plan as if this is going to go on for months and months and months. Plan for that, and if it doesn’t, GREAT, if it does, you’re ready for it.
So you need to Profit Forecast – Where are you going to be, if you continue to run like you’re running, where are you going to be in 1 month, 2 months, 3 months, 5 months…
So you need to know your numbers. We have a 6 week average excel sheet we send to our Rhinos for them to plug their numbers in. If this is your first time figuring your 6 week averages out, start with the 6 weeks just prior to this crisis starting. Compare your “normal running” 6 week average with your last few weeks in this crisis. You’ll then know, “okay, I’m operating at 50%”. Okay now let’s forecast that out in 5, 6 , 7, 8 weeks operating at 50 % (or whatever that looks like for you) and see what that looks like. Okay, now these are our costs, this is where we’re operating, are we profiting? So you got to know your numbers and you have to forecast out. Don’t be overly optimistic!
Then you want to look at your missed
One of the best lessons I ever learned in business was between the 6th and 7th month of my business being open.
My wife and I opened our office and worked like crazy, screenings, talks, networking groups. We hustled. In month 6 of being opened, we collected $35,000.
I thought we were rich. Our bank account was loaded, and all this money was coming in.
What I forgot was
- Action Analysis
- Associate Dr
- Crisis Management
- Day 1/Day 2
- Doctor Tips
- Dr. FJ
- Financial Presentation
- front office
- Hiring and Training
- Internal Marketing
- New Patients
- Patient Loyality
- Practice Growth
- Rhino University
- Scale your Practice
- social media
- staff meetings
- Steve Jobs
- Unique Corrective System
- Warren Buffett
- work/family balance