Where Is Your Net Profit?
You have worked hard all week; the office atmosphere has been snap, crackle, and pop; the staff have been getting along with each other; and you are proud of the team spirit that they all have shown. In fact, your staff have almost read your mind and anticipated your every need. The patients have all arrived on time for their appointments, and the majority of them have even listened to you and accepted your treatment plans!
Now, it’s Friday afternoon, the staff have their paychecks…
Now, it’s Friday afternoon, the staff have their paychecks, which include production bonuses because the office has done so well this week. But you look at your bank balance, and you are surprised and seriously disappointed at the lack of funds left over for you.
Did you not work hard all week? Where is your net profit? Your bank balance should be going up, not down!
You wonder if it’s all worth it. You worked hard all week – only to earn less money. All of that increased production may just have landed you into a “higher office-overhead/higher tax-bracket” situation. It’s that frustrating income vortex – the place where despite producing and collecting more, you take home the same or less. And after a few of these “successful” weeks, you shake your head and realize that if you have much more of this kind of success, you’ll go broke. What should you do?
Request Part II: Where Is Your Net Profit? – Part II (highly recommended)
What’s in Part II?
- A checklist of questions to ask yourself
- What % range should your net be in
- A real life example