Profit Makers & Takers - Part 5

Every priority, every behavior, every decision, every communication, every process, and every system, is either a Profit Maker or a Profit Taker. When it comes to Profit Takers, there are of course “the usual suspects”...


Here are the Dirty Dozen Profit Takers...


1. Business plans and budgets (or lacks thereof) that don’t begin by defining profit.
2. Contracts that don’t allow for a reasonable profit.
3. Insufficient performance standards
4. Not having external performance benchmarks.
5. Measuring performance with the wrong metrics.
6. More time than patients.
7. More space than patients.
8. Too much documentation time.
9. Too little variable expense.
10. Failing to charge or collect for services.
11. Managing in the past tense rather than the present and future tense.
12. Spending too little time managing or spending to much time managing the wrong things.


Health, rehabilitation, and fitness businesses are poised to undergo sweeping changes driven by senior demographics, rising healthcare costs, national health policy, obesity, decreasing reimbursement, new regulations, and tougher competition.


Turbulent times demand leadership, innovation, financial reserves, and predictable profitability.


Are there any “Dirty Little Takers” in your practice? Are all of your Profit Makers fiscally fit?


Profit planning is about creating a performance driven chain reaction in your business and buffer against the unknown. Absent an achievable profit plan one can only react to negative circumstances and hope for the best.


Are you profit planning? ...the clock is ticking.


All The Best!


Bob


(c) Copyright 2009
Performance Builders