Whether you own a practice or work in a practice, you probably have the same wish for left over income that you can put away for the future, right? Most people have their eye on something they would like to do or have, and that becomes a goal to work towards achieving. Having enough “profit” (surplus) in life puts your future under your own control – both in your business and in your personal life.
However, many people feel that “life” has a way of spending everything they make and it seems impossible to ever “get ahead.” So what can be done to reverse this situation? The answer is to blow away some popular myths about making profit:
Myth #1: The more money you make, the greater the profit. The truth: Profit is dependent on how you spend your money, not on how much you make.
Myth #2: Profit is a matter of pinching pennies or keeping expenses low. The truth: It is true that if you waste money on things that are not in the plan or on your ultimate agenda, you would need to cut those out. However, some businesses don’t make more profit BECAUSE they don’t spend enough on marketing and things that will grow the business.
Myth #3: Every product or service you have available for your clientele should have a 100-300% markup. The truth: Some of your introductory services could be free or very low cost, and are known as loss leaders in order to get someone interested in further service with your practice.
Myth #4: When you first start off in business, you don’t make a profit – profit comes later. The truth: While there needs to be an initial investment, you can still make more than you spend, right from the get-go if you do it the right way.
Myth #5: You increase profits by buying things as cheaply as possible. The truth: There is an old adage that says “you get what you pay for” and this is most often the truth. Buying cheap product will often eat up your profits through refunds, excessive patient needs, broken parts, and so on. Most harmful is the damage it could do to your reputation!
Blow away the above myths and make yourself some major profits!
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