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For the average chiropractor, cash flow control can get a bit hairy during a weak economy or periods of ineffective marketing.
This can often force these chiropractors to make certain tough financial decisions. A cut here. A cut there. Save, save, save.
Problem is: you’ll never get wealthy or fix an underlying practice-growth problem strictly via cut-backs and savings.
Sure… cutting-out unnecessary or wasteful expenses is almost always a good thing. Every dollar saved on unnecessary expenses is a dollar that falls directly to the bottom line of your practice.
But… BUT… cutting expenses alone will never propel you to your dream practice without the simultaneous investment into the right practice-growth tactics. (Similarly, just socking money away under your mattress and cutting-back on recreational activities and expenses alone will never ever make you wealthy, unless partnered with an effective long-term financial investment strategy.)
In other words, pinching pennies is never the primary answer to a sluggish, or even, declining practice growth curve. It must… MUST…. be accompanied by an investment in effective practice growth strategies (i.e. direct response marketing).
I do think, however, there is one positive outcome when average chiropractors go through a bout of weak cash flow.
It forces them to take a good hard look at exactly what’s going on with their practice expenses, income, cash flow, marketing metrics, and staff. Often, this heightened financial focus allows these chiropractors to tighten up in certain areas to better feed other, more growth-oriented, areas (i.e. effective marketing).
When finances are tight, it becomes even more critical that you control expenses so you can maximize your investment into the activities that truly lead to practice, cash flow, and income growth.
So, maximize savings where unnecessary…. to maximize investment in the essential.
Are you doing that now?
