Dr. Fred and Dr. FJ Schofield join forces for this Chiropractic Podcast! Keep Charging!!
Rhino Profit Forecasting
Hey Rhinos, Dr. FJ Schofield
I want to go over an abbreviated version of some of the content I covered during our Digital Training. During the time of this video we are currently working through Covid-19, but this will be on YouTube for years to come so if there’s ever any crisis or recession this is valuable information you can use.
When I was in my 9th Trimester at Chiropractic school and my friend and I were putting together a business plan. You know, you’re excited, you’re ideological “we’re going to average 15 NP visits/week and we’re going to ….” So I show my dad, and he goes “you know this is great, and maybe you will grow this way. But you have to plan for the worst case scenario. You have to plan that some weeks you might only have 2 or 3 New Patients in the beginning, or none.”
You have to plan that way, you can expect the best, that’s great, but plan for the worst. In any crisis, whenever times are difficult, any planning period, it’s always best to plan for the worst. Expect the best, but plan for the worst.
So the most dangerous thing you can do right now in this crisis is be overly optimistic and assume it’s going to be done in a couple weeks. You have to plan as if this is going to go on for months and months and months. Plan for that, and if it doesn’t, GREAT, if it does, you’re ready for it.
So you need to Profit Forecast – Where are you going to be, if you continue to run like you’re running, where are you going to be in 1 month, 2 months, 3 months, 5 months…
So you need to know your numbers. We have a 6 week average excel sheet we send to our Rhinos for them to plug their numbers in. If this is your first time figuring your 6 week averages out, start with the 6 weeks just prior to this crisis starting. Compare your “normal running” 6 week average with your last few weeks in this crisis. You’ll then know, “okay, I’m operating at 50%”. Okay now let’s forecast that out in 5, 6 , 7, 8 weeks operating at 50 % (or whatever that looks like for you) and see what that looks like. Okay, now these are our costs, this is where we’re operating, are we profiting? So you got to know your numbers and you have to forecast out. Don’t be overly optimistic!
Then you want to look at your missed billing report – your receiving accounts. Know how much is out there and then typically how much can you recoup within 30 days or 60 days.
It’s great to do a weekly forecast, biweekly, monthly – Any kind will give you any idea of where you’re going to be if this issue continues on for months. We don’t know, so we really have to plan for that.
So how much of your missed billing and aging can you get in a short amount of time? Where are we at, in current office operations, where is the performance at. What are we doing
Then you have to Project “as is”
If things stay as they are for the next 3-6 months. Can you turn a profit during that time. So you have to know your cost & your office performance. The next video will be about reducing overhead, where to turn a profit and how to keep your cash free. The number one thing is to make sure your business stays alive and that you can take care of your team and make payroll.
This is all going to position you to do that. So you got to be very, very real with what’s going on. Don’t be delusionally optimistic – the number 1 thing to take away. Just like when you’re opening your practice, you had to be real. Plan for the worst, I can’t say that enough. Hopefully you have saved money, and that you don’t have 3 homes and 7 cars that you don’t use. Know your numbers, how your office is operating and your cost. If this continues, how will you be in 6 months? Can you still turn a profit? This is the first 3 steps.
Remember, there is always opportunity after this is done.. It’s always darkest before dawn. THIS IS WHY WE TRAIN. This is why we talk about thriving in the jungle, this is
Rhino Productivity Strategy
I want to go over the number one productivity strategy I use and it has been a game-changer for me. I had a friend that I was working with that was going to an Elite Military Training and wanted to know what he could do. I told him this tip, this strategy and he later said that it was amazing. It made the difference for him and made everything else so much easier because he implemented this, each and every day.
it’s his really, really powerful. It seems simple and almost common sense - But so few people use it. The ones who do it makes a massive difference for them.
The tip for Productivity. You ready? Here it comes!
Rituals and Routines.
For a small business owner, chiropractor, entrepreneur, when you’ve got your family, you’ve got your children, your parents, you’re supposed to go to work in th business but you also want to work on the business plus take care of your own health. You want to eat right, you want to exercise, you want to have fun with some of your hobbies. Rituals and routines. Are the key and the number one reason it’s so important is because you only have a finite amount of mental energy. The more energy you used for questions like should I wear a red shirt or purple shirt? Should I have eggs or oatmeal? What do I want for dinner? You’re giving away mental energy. When am I going to eat again?
Dr. Fred has this hilarious story. He was at his highest volume -three, four hundred patients a day and Susan, my mom, asked him what he wanted for dinner. He said, “popcorn.”
He had just reached the maximum for decisions and mental energy for that day. He could not make another decision and so he stopped.
Hi Rhinos, Dr. FJ Schofield here, in this episode I'll be going over the 2nd part of the ROF, the Financial Presentation. This is by the far the most messed up part in the Communication Process; right there with the consultation, it’s so important. If you do a bad consultation you’re screwed, but if you mess this part up, even if you have an awesome consultation and great ROF you shoot yourself in the foot with the Financial Presentation
The Consultation your building rapport, building the trust, building your authority and positioning yourself as the expert so they know you can deliver, they trust you and now you’re going to clearly lay out the plan so they know: what you’re going to do, when you’re going to do, how they’re going to benefit and how much it’s going to cost them.
Everything is clearly laid out and you want to remove all the pressure from the situation, as I mentioned in the last Rhino University video on the R.O.F., letting people know it’s okay to say No. It’s so important to alleviate the pressure. You can relax; it can be a nice friendly conversation. You don’t need to use any fear or any manipulative tactic to build value – But you do have to cover some important & necessary things.
Dr. FJ Schofield Here.
A really, really important part of practice is the Report of Findings.
It’s huge! 1st and 2nd visit are obviously a big deal, and once you get those new patients in the door you have to then communicate effectively so they understand what is going on and so that they actually commit to care.
Most complaints that we hear from other patients that have gone to other chiropractors is that he or she didn’t explain anything.
“I would just come in, they’d adjust me and they’d say come back and I just had no idea about what was going on”
People want a plan, they want progression, and they want an explanation. Help them understand what’s going on in your mind. They want to know and it’s your responsibility to take them through the process. Start with this blue print
The biggest mistake that’s typically made is that people talk the entire time, not asking the patient question and going for way too long. If you don’t have a structured plan, you’re going to get wordy, talk too much and water down your message and impact. You end up not getting the people that you can help, but if you communicate the right way you’ll connect with the center bell curve of patients that will commit, that will follow through and that will get better. If you don’t communicate effectively to them then after 2 or 3 adjustments they’re going to give up, especially slow healers.
You don’t have to be super fear based or manipulative. You can have fun and be principled with your patients. Most people don’t master the fundamentals, they just want the shortcut. When you “sell” them on care using fear, those patients end up getting buyers remorse.
The Rhino Exam
SCT Coach Dr. FJ talks about the Rhino Exam that will prove your authority and unique value #DDNP
Success is not a huge secret.
You have to master the fundamentals. You gotta be able to do them when the office is packed without thinking – it’s just a reflex that brings you massive results. It’s what you can do under pressure that matters.
We want to change the profession so that we have more Principled, Successful Chiropractors, only then can we make REAL CHANGE TOGETHER. Listen to these free Rhino University tips that WILL. MAKE. A. DIFFERENCE.
The biggest mistake made during the exam is that they’re SILENT.
The most common thing that untrained Chiropractors come to us with is that they talk the whole consult. They’re trying to educate people, which is good, but it’s all about “ME” – “Let me talking to you about the subluxation,” “let me tell you about the adjustment, “let me…”
The Rhino Consultation
The Rhino Consultation. This is the key to getting New Patients, getting your marketing dialed in and doing your first and 2nd visit properly. The Consultation at the very least gives the opportunity and time to set up a care plan so you can help them.
This ROF and Consult is what allowed me to grow to 200 new patients in only 14 weeks and continue growing. It’s so important to know how to do this because this is where you start to grow relationships with your patients!
So if you’ve done a lot of other programs, take a shower, get the slime off of you – this is going to be totally ethical, you won’t have to give up your integrity, your sincerity or your honor to have a successful practice. You do it the right way, by building relations, by caring, by getting interested in your people, by being totally transparent and by delivering amazing results - and then you don’t have to sacrifice who you are, you can still go home and look in the mirror and feel good about who you are and what you’re doing!
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Cool. Now I don’t have to go to AZ.
Educational and Inspiring!
Perfect podcast to listen to with your Chiropractic office team! Get pumped up for the day while learning creative and real ways to maintain a successful practice.