Ask yourself these questions:
1. Do you know how much it costs to open your practice each and every day
2. Do you know how much you need to make each day to cover the fixed overheads, variable costs and pay yourself?
3. Do you know these numbers off the top of your head?
If you answered no to any of these questions you should read on.....
Knowing how much it costs to run your business is essential for success. Once you know how much you need to earn to cover all the costs you can plan more effectively and work out what you need to be earning on a daily or even hourly basis.
Its also important to know what your 'costs' are made up of, if you don't know what you are spending your money on how can you make sure you are spending it in the right place?
I recommend that practices do a full review of their costs every month to determine if essential savings could be made. By doing this it also focuses practices into becoming more aware of what they are spending and paying more attention to this ultimately results in less money being spent unnecessarily.
If you'd like to find out how we can help you control the costs of running your business and you'd like to learn ways to effectively monitor these costs get in touch!