Bringing on board a new member of staff. I used the monthly profit and loss statements to my advantage in bringing on a new receptionist. I was reluctant to do this at first because I always thought about whether we would be spending too much and be overstaffed. However I was able to see that we were consistently under the 17.5% benchmark for salary so I asked the accountant to work in a hypothetical new staff member and we were still just under. This gave me the reassurance and confidence to take on board a new member of staff, which has now proved to be quite productive as I notice more things getting done!
A 2019 client
So thanks for that as without the understanding of the accounts I wouldn’t have been brave enough to make that decision.
Knowing your numbers (and knowing how you compare with industry benchmarks) gives you the confidence to make decisions.
The above quotation from a client is reproduced anonymously but with consent as an extract from a weekly progress report completed last Friday.
Understanding your practice finances is one of the core components of my coaching programmes with clients, whether they are attending my year-long workshop programme and/or working face to face.
You can also access The Complete Money Course via The Extreme Business Club for a one-time price of just £249.
The Benefits:
- Understanding your profit & loss statement;
- Identifying how to measure your Key Performance Indicators;
- Benchmarks for performance (as in the above quotation);
- How to create budget and cash flow forecasts;
- Measuring associate productivity and profitability;
- Understanding the significance of OCPSPD (operating cost per surgery per day);
- Accurate pricing;
- Tips and tricks to ethically maximise profit.
The Features:
- 2hrs 49 minutes of me on video (in 10 modules), explaining every step of the process;
- 30 learning resources, including slides, infographics and Excel templates;
- automated verifiable CPD.
The Money Course will be of use to owners and managers who want a better understanding of the numbers – as a training and/or refresher course for anyone who wants to get confident about practice finances.
Everything you need to know – in one place – to watch in your own time – to delegate to managers – to share as many times as you like – for one investment of £249 (£199 for Club members).
