Unlocking Business Potential: The Power of Financial Health

Good Morning Readers!

Money isn’t everything, right? But let’s be honest—it ranks pretty high up there with oxygen. And just like a lack of oxygen can be fatal, so can a lack of money for a business. In our industry, there’s often a reluctance to talk about money. We feel uncomfortable selling our services because we don’t want clients to think we’re only in it for the money. Yet, almost every business problem can be solved with more money. And guess what? Every business has problems, including mine.

Many of us entered this industry not to make loads of money but to help people. I hear this sentiment all the time. But here’s the hard truth: if you’re not making money, you’re either lying to yourself or you have a hobby, not a business. We pride ourselves on delivering value and transforming lives, but how much of that can we do if we’re broke? How can we help others if our business isn’t profitable? How long can we keep going without a stable income?

Our industry tends to undervalue the transformations we make in people’s lives. We often pay ourselves the minimum and top up as needed, which is unsustainable. Think about the airline safety instructions: “Place your mask over your mouth and nose before helping others.” If we don’t take care of our financial health, we can’t help anyone else. Being profitable means we can contribute more to society. For instance, my cleaners and window cleaner depend on my business. If I wasn’t making money, they wouldn’t have those jobs. Profitable businesses not only sustain themselves but also support the wider community, creating a positive ripple effect.

Statistics show that a significant percentage of businesses fail within the first five years, with some estimates as high as 90%. Even if we take a more optimistic view, the chances of your clinic surviving are just 50-50. And these stats don’t account for businesses that plateau and make their owners miserable. Have you ever wondered why some businesses seem to thrive while others struggle? It’s not the industry to blame; it’s often the lack of business skills among the owners. Many clinic owners excel technically but lack the business acumen needed to succeed. This is where we need to focus: becoming great business owners, not just great therapists.

Running a business is a fantastic way to achieve financial freedom, personal fulfillment, and time freedom. But to do this, we must become proficient in business skills. I didn’t learn any business skills at university, and I suspect many of you didn’t either. That’s why I’m here—to help you get great at the business side of things. Many business owners believe that if their product is excellent, the market will buy from them. This “if you build it, they will come” mentality is flawed. Great products are customer retention tools, not customer acquisition tools. Marketing must be a major activity in your business. A good product helps retain customers, but marketing brings them in the first place.

Marketing should focus on building relationships, not just making immediate sales. Your marketing strategy is just one branch of your business tree. You need a solid roadmap and a focus on your performance as a clinic owner to keep the whole tree healthy. Every part of your business, from sales to team management, must work together to ensure success.

To truly thrive, we need to embrace the business side of things. This means valuing ourselves, our skills, and our businesses enough to focus on profitability. Only then can we make the most significant impact and help as many people as possible. Why not take a deeper look at your business health and take my business health check quiz here. In 2 minutes find out how well your business is performing AND what you need to take to move it forward. It’s 100% free you’ll see how well your business is performing in 5 different areas (Numbers, Sales & Marketing, Systems, Team Performance and Mindset) then…. use this link to book in with me here and we can delve into your results a bit deeper!

Remember, you are good enough, and with the right focus, you can achieve great success in your business. Let’s make 2024 the year we take our businesses to the next level!

Katie X