The first class - assessing your business - will focus on gathering and reviewing the right information to get your finger on the pulse of the business. Cash flow is the gas that drives a business. Without it, a business can’t survive. If a business is operating profitably, then it should, in theory, generate cash surpluses. However, even successful businesses can and will experience temporary cash shortages.
Financial analysts report that poor cash flow is the #1 killer of small businesses for two main reasons:
- Companies aren’t realistic when it comes to predicting their income and expenses. They overestimate income and underestimate expenses.
- Companies don’t see a cash shortage coming and they run out of money because they fail to closely monitor the business.
The first class in the series will show participants how to assess the financial viability of the practice and outline the specific steps needed to grow the bottom line.
The second meeting in the series will explore how to grow a practice. Historically, the number of patients who shop around or decide not to take our advice to purchase hearing aids is more than 50%. While most practices offer a diverse range of services and devices, most rely on profits from fitting hearing aids to sustain their businesses. Therefore, the close or help rate of the professionals fitting hearing aids has a dramatic influence on the profitability of a business.
Just imagine the impact to your bottom line if you convinced an additional 10% of patients to obtain amplification! Activities will be conducted during the second meeting in the series that will help participants convince more patients to take their advice.
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