E31: B2C Interview w/- Stuart Donaldson – Where’s your clinic’s most important profit?
In this episode Neil’s joined by his guest, Stuart Donaldson. Stuart’s the founder and owner of Banyan Co, and he’s an experienced banking and finance executive, educator, business coach and financial advocate for owners of small to medium enterprises (SMEs).
Neil and Stuart discuss the importance of knowing and understanding your clinic’s numbers. Stuart’s key message is that your Profit & Loss (P&L) statement is an information rich report that can greatly assist you in managing (and growing) your clinic, during both favourable and difficult trading times.
During this episode, the question is posed that… “The word profit is mentioned four times on your profit and loss. So, which one is the most important?” Stuart suggests that generally, most businesspeople tell him it’s the net profit, or profit before tax. Surprisingly though, he advises us that there’s a more important place to look for your optimal profit. You’ll not only be surprised by his suggestion, but like Neil, be excited by how much extra profit it can produce.
In this episode you’ll learn:
- The importance of having a basic understanding of your clinic’s numbers
- Exactly what and where are the 4 types of profit
- Which is the most important type of profit, and why
- Steps you can take to ensure that your clinic’s profitable, and it survives long term
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