What does it look like to view if inflation has impacted your chiropractic practice through the other side?
If inflation impacted your practice, what would that look like?
Inflation typically forces people to cinch up their purse strings. They become more selective with their cash flow. People become more nervous about the future and how they can increase the value they get from every dollar spent.
Inflation often creates scarcity in thought and action, BUT it doesn’t have to.
This is where looking at what is, and being prepared makes the difference between THRIVING and surviving.
These systems that are critical to implement and execute to inflation-proof your business:
1. Daily Success Sheet. This helps ensure that you know precisely which actions and by which team members yield the greatest gains in your business so that you’re not wasting your time and money guessing.
2. Understanding conversion in your gravity funnel so that you can ascertain what is working and what needs to be revamped or cut out.
3. Getting crystal clear about your overhead, not by seeking to eliminate, but rather by identifying the biggest levers you pull in your business to ensure you keep paying for those and then removing what isn’t having an immediate impact.
- centered on the value your PMs receive from the relationship and care in your office and the connection they have formed in their thinking between health and income.
- to open dialogue with your PMs about the role that chiropractic care and the relationship with your office has on your PM and their stress
- to openly discuss your PMs’ behavior patterns when stress increases. Are they retreaters? Make it happeners? Fall aparters, etc?
5. Informing your PM of legal discount plans that your office offers. If they’re not on one now, assume they don’t know about them.
6. Start building a support community now so that your PMs are already deeply connected to you and to fellow practice members. When inflation hits their home, they will already know where to turn.
7. Talk to your financial strategist and walk through your finances with him/her. Ask them to demonstrate to you how they foresee that you can best navigate your financial position if projected circumstances happen within our economy.
8. Be vigilant to watch for areas where you can EXPAND while others are contracting.
There’s no sugar-coating the fact that the inflation problem is real. It’s important to develop an in-depth understanding of these problems. It’s your duty to nail down the system that address the challenges.
If you have any questions or need extra guidance, feel free to reach out.