Reason #10: Tackle Debt

The elephant in the room: debt. Yikes!

Student Loan debt, business loan debt, credit card debt, financing equipment, etc.

Today we are talking about how Profit First can help you tackle debt (as a result of your chiropractic career).

First things first: If you want to intentionally pay off debt, you have to have a method to do so. If you want to divert cash to any debts you may have, on the business or personal side, the best way to do that is to have a profitable, sustainable business! So let’s crunch those numbers!

It is crucial that as you start to generate more revenue, the tendency to spend the cash doesn’t creep back in. Tame it!!

In Profit First, we allocate funds to make your business profitable -- and we use that cash to eliminate the debt. Plain and simple! This system also helps to lean down your expenses to what is absolutely crucial and necessary so your profit margin becomes greater.

Don’t forget, as the owner of the business or practice, you need to compensate yourself {regularly and accurately}. This is how you start to do big things like pay down student loans, save for retirement or even your first home.

Later in this series I’ll share how I copied this method to manage our home finances too! Hint: if in doubt, open an account!

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