As an entrepreneur, you started your business for financial freedom, the pride of ownership and an investment toward your future. Unfortunately, many practices have become a source of financial stress, frustration and disillusionment. What was once a dream often turns into a cash eating monster with a voracious appetite, forcing the owners to become slaves to the business, hoping to outgrow their financial mess.
We'll teach you how to become instantly profitable utilizing a unique pay yourself first accounting method.
We'll help you create a rhythm that allows you to take control of your cash flow so you're no longer worrying about paying the bills on time.
We'll teach you how to use The Simple Budget to create a road map for where you've been and where you're going.
We help you create a business debt snowball to destroy your business debt once and for all.
We'll teach you a proven strategy for eradicating your practice expenses for greater profitability.
We'll show you which Key Performance Indicators (KPIs) that really matter and teach you how to track them,
That's right. Not the other way around. It exists to provide you and your family with financial security and peace of mind. You took a big risk to become an entrepreneur and you deserve to be paid well for the work that you do. After all, you are your best employee. No one cares as much, puts in more time and energy, or makes the sacrifices that you do for your practice. So if you're feeling overwhelmed and wondering where all of the money is going, The Profitable Doctor is just what the doctor ordered!
The number one financial problem facing most practice owners today is poor cash flow. We often fall prey to focusing too much on top line revenue growth, ignoring the increase in expenses and debt that often accompany that growth. Without a plan, practices owners often find themselves living insurance check to insurance check, wondering how they’re going to make payroll, financially overwhelmed and stressed out.
The Profitable Doctor was created by Mick Kling, OD after years of running his own practice, consulting with many other practice owners, and recognizing the need to create a simple, straightforward approach to managing the finances of their practice. By creating a structured plan for your business, you will no longer be a slave to practice growth, but instead allow your practice to serve you, providing you with the profitability, financial freedom and the peace of mind you deserve.
Interested in learning more about The Profitable Doctor Money Management System?
Over a series of scheduled coaching calls, we'll walk you through a proven step-by-step method for managing the finances in your practice. We'll provide all of the materials necessary to create a Profit Plan for the next 12 months, and get you on your way to achieving instant profitability in your practice.
No one likes to budget. We get that. We've simplified the budgeting process by creating The Simple Budget, a straight-forward approach to creating and sticking with a budget.
Debt is the single biggest drain on the cash flow of a practice. We'll create a plan to destroy your debt, and a simple system for tracking your progress.
Most practices can save thousands of dollars simply by looking closely at their expenses. We'll teach you a systematic approach to eradicating your unnecessary expenses and improving your practice profitability.
Keeping a pulse on your practice and answering the question "how are we doing?" is critical to your business success. We'll teach you which KPIs really matter and how to track them.
Knowing how quickly you're getting paid by your patients and insurance companies is critical to maintaining your cash flow. If left unchecked, serious problems can arise. We'll teach you how to track your accounts receivables so you stay on track with your cash flow.
Simply send us some basic financial information and we'll create a Profit Assessment for your practice. When you contact us, we'll tell you exactly what we'll need to create your personalized report for your practice. (All information is strictly confidential)
What you'll get:
At the heart of The Profitable Doctor is Profit First. This unique pay yourself first cash flow management system allows you to work with your existing habits of running your practice. There are no complicated accounting methods to learn, just a simple, common sense approach to managing your money.
What is Profit First?
PROFIT FIRST FORMULA - The GAAP (Generally Accepted Accounting Principles) formula for determining a business’s profit is Sales – Expenses = Profit. It is simple, logical and clear. Unfortunately, it’s not true. The formula, while logically accurate, does not account for human behavior. In the GAAP formula profit is a left over, a final consideration, something that is hopefully a nice surprise at the end of the year. Unfortunately, the profit is rarely there and the business continues on its insurance check to insurance check survival.
Sales – Profit = Expenses
With Profit First, you to flip the formula to Sales – Profit = Expenses. Logically the math is the same, but from the standpoint of the entrepreneur’s behavior it is radically different. With Profit First, you take a predetermined percentage of profit from every sale first, and only the remainder is available for expenses.
PARKINSON’S LAW - Author and historian C. Northcote Parkinson theorized that our demand for a resource increases to meet the supply of it. That is why when we are given two weeks to do a project it takes two weeks, and when we are given eight weeks to do the same project it takes eight weeks. That is why when given $1,000 to complete our work we get it done with $1,000 and when given $10,000 to complete the same work, it takes $10,000. Profit First makes Parkinson’s Law an asset. By taking profit first, the money available for expenses lessens, and we are forced to find ways to get the same things done for less money.
BANK BALANCE ACCOUNTING - Most doctors don’t have the time or gumption to read the different accounting statements necessary to manage the financial aspects of their business. Theoretically you should review and correlate your Income Statement, Balance Sheet and Cash Flow Statement monthly (or more frequently), but few doctors do. Most resort to “bank balance accounting,” where we check our bank balance every day and make financial decisions based upon what we see. Per Parkinson’s Law, we consume what we see in our bank account. Profit First encourages us to continue “bank balance accounting” by first allocating money to profit (and other accounts) so that we see the actual portion of deposits that are available for expenses and automatically adjust our spending accordingly.
DON’T CHANGE HABITS, LEVERAGE THEM - Many business owners try to force themselves to become better at accounting and more disciplined in their fiscal management by pure willpower. But just like a muscle, willpower can be drained. And in a moment of financial stress or bigger than expected expenses the owner will break their own fiscal rules and spend the money they have. The Profit First principle does not try to change your habits (that is nearly impossible to do), Profit First works with your existing habits. By first allocating money to different accounts, and then removing the temptation to “borrow” from yourself, your business will become fiscally strong and you will benefit from regular profit distributions.
Sign up and receive the first two chapters of Profit First by Mike Michalowicz absolutely free.
I am experienced and trained to guide businesses in their corporate growth. But quite frankly, you should expect that from any business coach you work with. What makes me unique is that I am trained, certified and have hands on experience in guiding businesses to grow profitably.
I am certified in the Profit First method and have direct access to accountants, bookkeepers and other experts globally who are all trained on this method. Combined we have over 3,000 companies using Profit First in their business. What this means for you is that I can immediately get the answer to any challenge you may face in growing profitability.
Impact Leadership is the only eye care consulting company certified in the Profit First method. What this means is that we have unique experience guiding optometrists, ophthalmologists and optician business owners toward higher profits. Because we have access to accountants, bookkeepers and other Profit First experts, just about any profit question can be answered for you.
What makes us so unique is that we have “baked in” to our system the ability to consistently increase your profits, utilizing the Profit First Method. Everything we do will help drive your profitability.
I utilize the Profit First method of cash management in my own practice to constantly improve my own financial health in the practice. It goes without saying, you should always expect your business coach to use the exact method that they employ with you, their client. And that’s exactly what we do.
Our process of maximizing your profits takes effect literally by your next deposit. There is no stretched out, long consultative process or recommendations report that will sit on your shelf. We simply implement a few changes in your cash management system and you are increasing your profitability from day one.
The Profit First method is 100% successful for all of our clients that stay 100% consistent in staying with the method. Sticking with the system, by yourself, is hard. We integrate scheduled coaching calls with you to ensure you are constantly driving profits. And we’ll help you navigate the challenges.
Depending on your level of commitment, the investment will vary based on a few available options. It’s best to give Mick a call and he’ll go through all of the details with you. A typical practice that sticks to the program can see a 5-fold return on investment in the first year, guaranteed!
What happens if I'm not happy with the program?
We are 100% committed to your satisfaction. If at any time you become dissatisfied with the experience, please let us know and we will gladly find a resolution for you.
How many coaching calls are there?
Depending on which level of commitment you choose, the number of coaching calls range from 4 to 12 during the program.
How long do the coaching calls last?
Each coaching call usually lasts between 30-60 minutes.
Is Profit First a proven cash flow strategy?
Thousands of companies worldwide are using Profit First in their businesses. Because so many companies have been successful with the system, we can immediately get the answers to any challenge you may face in growing profitability.