The Remarkable CEO for Chiropractors 187 - Remarkable Money Metrics (Part 1)
Do you know your Money Metrics?...Most DC’s don’t. Let’s fix that.
- Which Money Metrics matter?
- Financial Reporting For Dummies
- Balance Sheets vs. P and L vs. CEO’s Strategic Reporting
- If you do not measure it - you cannot master it!
- The Remarkable Money Program teaser
Episode Highlights
05:01 - Marrying the Vital Signs to the financials is next level, and you can just make such good decisions knowing what the downstream impact of things are.
07:43 - You can look at your financial reports through different lenses depending on your goal and your role within the company.
15:26 - The three basic financial statements that you need to be reviewing on a regular basis.
23:14 - In a chiropractic office your gross profit should be between 70 and 80%.
27:46 - Gain an understanding of what true fixed and variable costs are.
31:57 - You should be investing in your business. Nothing is going to pay you the returns that your business will and you have total influence and control when it comes to your business.
37:05 - The importance of profit sharing with the entire team as a way to build agency culture.
41:33 - Success Partner, Dr. Omar Ayouby from Innate Radiology, joins Dr. Pete in this bonus interview. Having merged his background as a radiographer and chiropractor, Dr. Omar was able to provide teleradiology services to Australian Chiropractors. Learn about his entrepreneurial spirit that drove the creation of Innate Radiology and how they can help you decrease your liability while increasing your services as well as your bottom line.
Resources Mentioned
To download your copy of the Profit & Loss Metrics PDF, please visit: https://theremarkablepractice.com/podcast-ep187-profitloss
To learn more about the Team Building Immersion visit: https://theremarkablepractice.com/upcoming-events/
For more information about Innate Radiology please visit: https://www.innateradiology.com.au/
To learn more about the REM CEO Program, please visit: www.theremarkablepractice.com/rem-ceo
Schedule a Brainstorming call with Dr. Pete
Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
About Our Guest:
Prior to joining Barba CFO Robert spent 14 years as the Chief Financial Officer at Merida LLC which is a textile design and manufacturing company located in Fall River, MA. Robert Segal was responsible for implementing and maintaining all financial, and human resource aspects at Merida along with other companies he had the privilege of working with.
While at Barba CFO Robert will draw upon 30 years of professional experience in both public accounting and private business and will advise and direct small businesses on financial and operational matters to achieve profitability and growth.
Robert is adept at helping others understand business finance and how it can impact their business due to his experience in multiple industries dealing with owners with varied levels of experience. He is personable, patient and unflappable allowing him to join any team with ease.
Robert holds a Bachelors of Business Administration with a concentration in Account from the University of Massachusetts, Amherst.
Robert is a life long resident of Massachusetts, growing up in Randolph and currently residing in Mansfield with his wife, son and daughter, dog and cat. He spends most of my time with his immediate and extended family (parents, brother and sister's family) and enjoy traveling with the whole clan. He also enjoys playing golf during his free time.