hemorrhaging moneyWhen running a successful Practice, keeping a close eye on costs is vital. There are always those invidious leaks which mean that you could inadvertently be hemorrhaging money!

Whilst it’s common to be forward-facing and focusing on the next new patient, it’s also crucial to take a look within your Osteobiz and look for where there are savings to be made

Stopping your Osteobiz from hemorrhaging money could make you more profitable!

Let’s take a look at areas to check out:

Subscriptions

What monthly subscriptions to you have in place?

Are you subscribed to a networking group but never attend?

Are you subscribed to a business magazine or club but don’t use it?

Are you subscribed to online/local directories but they never yield patients?

HINT: Cancel all unnecessary subscriptions

Contracts

Are you in a contract for any equipment?

Do you only use one supplier for regular supplies?

Have you checked utility suppliers and deals lately?

HINT: list all your regular suppliers and check if you could get better deals elsewhere or renegotiate current contracts

Advertising

Are you spending huge sums on leaflet printing and delivery?

Do you place a regular local advert?

Do you shell out eye-watering amounts of cash for Google Adwords or Facebook Ads?

Do you pay for website management or digital marketing companies?

HINT: Check to see it it’s actually producing results or if you could stop hemorrhaging money and save a fortune! (There are much more effective ways to market yourself at a fraction of the cost.)

So the key message here is – don’t just throw your hard earned cash at it and hope for the best!

Everything you pay for or invest in needs to be bringing you results and a return on investment. When a salesman pressures you for a sale, don’t be pushed into a contract without having adequate time to mull over the pros and cons. If you haven’t budgeted for their sort of scheme don’t be drawn in by their urgent deal deadlines! There’s often easy ways for you to create the same results without wasting money on expensive and unreliable advertising schemes.

Build and manage your own website – it’s much easier than you think. (If you don’t have a WordPress website then this is a priority)

Get your own search engine optimisation sorted – piece of cake! (If I can do it, so can you!)

Do your own social media marketing – but first understand exactly what your message is! (Most don’t know what it is!)

Year end is a great time to take a magnifying glass to your Osteobiz and check you are not hemorrhaging money in multiple ways. That way you will be running a tighter ship, saving yourself a fortune and becoming far more profitable!

Whatever you do, don’t just throw money at a problem and then assume it’s fixed. I see people getting royally ripped off every day with no results to be shown for their investment!

This is an important exercise for anyone in business, so do block out some time to go looking for the money drains in your Osteobiz. Have fun with it and add up just how much you’ve saved!  Do let me know – I’d be fascinated to hear!

And if you’re ever feeling stuck, you know exactly where I am don’t you?


OSTEOBIZ SUCCESS FORMULA – doors close Friday 31 March and won’t reopen until September!

Is this the year your Osteobiz finally flies? I have the exact formula which time and again has propelled struggling Osteopaths towards success.

Many had no idea about the different elements of running a small business. Many didn’t know what on earth to do to continually attract new patients. Many didn’t know HOW to get their message across to potential patients or even what their message was.

Well it’s all different now! Very quickly they created the changes needed, implemented new strategies and increased bookings dramatically. They now know how to maintain that flow of patients and how to become an essential service within their community.

If you’d love to come on this exciting journey with me, find out more here and I’d love to welcome you into our new Facebook forum where we’re just getting started.