Reason #8: Own your Compensation Ratio

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I’m curious: how many times do you have to divide your (business) dollar before you pay yourself? Go ahead, I’ll wait….

Wait, you don’t know?! I know LOTS of chiropractors who aren’t in touch with the numbers in their business (for various reasons). And believe me, I know a few chiropractors.

Back in 2017, I thought we were paying ourselves well in business, but I didn’t know this number. I was quite shocked to find it was 3:1 — we had to divide our revenue by 3 before we even thought about taking a dime home (and it wasn’t always an easy check to write based on our cash flow at the time).

Now I know what you are thinking: I’m all about the money.

Not true! I LOVE numbers, always have. I also LOVE business. And to keep YOU in business, we need to be clear on the Numbers You Need to Know!

Bottomline: Your Business needs to pay YOU. It needs to be profitable to be sustainable. I happen to think you should ethically operate your business in alignment with your values -- which includes compensating yourself.

Let’s help chiropractors stay in business. Let’s help the next generation of chiropractors feel confident they can run their own businesses (not have their businesses run them).

Check out my free training video - and stay tuned for the rest of the “21 Reasons to Implement Profit First in 2021”

Dr. Holly has been coaching and mentoring chiropractors in implementing Profit First since first implementing it in her practice in 2017. With an extensive background in health care administration, experience as a small business owner and clinician, she provides accountability and support in a simple way. Check out her “5-minute Fridays” series on YouTube.

How to work together…

Schedule a FREE Discovery Call (click to access my schedule)!

If I help you pay yourself more next year, is it worth it?

Visit BeyondYourBooks.com for Profit First Accounting & Bookkeeping services