{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Is now the right time to reinvest in my practice?","description":" Is now the right time to reinvest in my practice? Today we will help you navigate uncertainty about reinvesting in your practice with confidence you will 1. Gain clarity on how to decide if now is the right time for you to reinvest in your practice 2. Identify what you should have in place to safeguard your reinvestment 3. Identify what else you could do with your practice profits   Join Lunchtime Live\u2019s with Celia and Kate   Monday to Thursday at 1pm GMT, 2pm CET.   Come and join us: Monday = #MarketingMondays Tuesday = #TrainingTuesdays Wednesday = #WealthWednesdays Thursday = #ThankfulThursdays #AMA #LiveQ+A   #Physio #physicaltherapist #physiotherapist #pt #Podiatry #Osteopath #chiropractic #chiropractor #businesscoach #healthcarebusiness   No time to listen now? Click the arrow above to download the episode or you can find it on iTunes here Don\u2019t miss out on the next episodes and some great expert guests to help grow your clinic or practice into a thriving business! All my podcasts are available here  \u2013 Listen Now! Or check out the transcript below\u2026 Kate Markland: Good afternoon and welcome it to The Clinic Owners Business Club, Lunchtime Live with Celia Champion and myself, Kate Markland on Wednesday, 2nd December. So yesterday Celia shared with us that she had a gin advent calendar. I\u2019ve got a chocolate brussel sprout one . And last night you were going to open your gin door number one. Celia Champion: I had a beautiful, Gin from from Devon. So it was really, really lovely. Kate Markland: Lovely. so today we\u2019re talking about whether now is the right time to reinvest in your practice. If you are creating profit in your practices, there are three things you can do with the profit. You can either pay down the debt, you can pay yourself a dividend as the owner, or you can reinvest back in your practice. And today we\u2019re just going to think about the things that you might want to consider if you are considering reinvesting in your practice, because obviously when you make that decision, there\u2019s also the opportunity to perhaps make more money or make a bigger impact on your community. But there\u2019s also the potential to lose any money that you choose to reinvest in your practice as well. And you might wish you\u2019d made one of the alternative decisions of paying down debt or paying yourself dividends or doing nothing and just letting cash accumulate. So over to you, Celia, for some tips to help the clinic owners decide whether now is the right time to reinvest in their practices. Celia Champion: I mean, obviously we\u2019ve been through quite rocky roads, this whole year . So it pays, to be picky now as you decide if you\u2019re going to reinvest or not. But I have seen a lot of reinvestment in the clinics that we work with over the last few months. I\u2019ve got some clients that have looked into different equipment that they might bring on board to broaden their services that they provide to clients. So, I\u2019ve got a few clients that have invested in shockwave machines, few clients that have invested in IDD machines, and then also just other products and the services that those products relate to so that they can actually supply the products to patients. So, there is an, there\u2019s an element of investing in things that you can offer, you can broaden your services, but then I think that there\u2019s also been what I\u2019ve seen, where we\u2019ve actually seen quite a bit of investment in practice managers to have training so that they can take over more and more and more of the duties. There\u2019s a thing about investing in your team members now, so that they can support you in rebuilding your practice. If indeed, that is the case for you at the moment. Kate Markland: So what I\u2019m hearing that is really making sure that you have the business functioning well and making sure that you are investing in a healthy business and good business operations. And that might be very, very low cost that might, in some cases, just the case of getting yourself organised. And perhaps before you\u2019re buying any expensive equipment or reinvesting in the services that your business operates, that you\u2019re making sure you conducted a listening project to know what\u2019s really important to your clients and what their needs are, as well as what your team requirements are, so that you\u2019re making informed decisions based on the numbers and based on what your clients are seeking rather than based on any assumption. Celia Champion: In terms of, when you\u2019re looking at investing in marketing, it\u2019s important to make sure that you\u2019re recording where all your new patients come from so that you can make an informed decision. So if you are considering investing in Google ads find out from , other people that have done Google ads, what their return rate has been. That applies for any service that you\u2019re going to be outsourcing, get recommendations of a service providers, from people you know, and speak to a number of people before you decide on which supplier you\u2019ll be using. Kate Markland: Wonderful. So that way you\u2019re making sure you\u2019re measuring the return on investment for anything that you do and your money that you do reinvest in your business and you\u2019re using the best possible suppliers, so it is a very informed decision. Tomorrow we have a live Q&A . So if you\u2019ve got any questions then do let Celia or I know, and we will answer any questions that come up. Next Wednesday, because Wednesday is all about wealth creation for you as clinic owners, we are speaking about the road to recovery and helping you start to plan or create a profit plan for 2021, have a wonderful afternoon. And we look forward to seeing you again at one o\u2019clock tomorrow. Take care for now. Bye bye. To find out more about The Clinic Owners Business Club: Join our amazing community of Clinicians and Clinic Owners on Facebook: https:\/\/www.facebook.com\/theclinicownersbusinessclub And check out The Clinic Owners Business Club website: https:\/\/clinicownersbusinessclub.com\/ #Physio #physicaltherapist #physiotherapist #pt #Podiatry #Osteopath #chiropractic #chiropractor #businesscoach #healthcarebusiness #physiotherapymarketingstrategy #physiotherapyclinicmarketingstrategy #physicaltherapyclinicmarketingstrategy #physicaltherapybusinessmodel #cashpt #physicaltherapybusinessplan #physiotherapybusinessmodel #physiotherapybusinessplan #physiotherapyprivatepracticebusinessplan ","author_name":"The Clinic Owners Business Club Podcast","author_url":"http:\/\/clinicownersbusinessclub.libsyn.com\/website","html":"