Episode 269 - What Has the Biggest Impact on PROFIT?

Recap

In this episode, you’ll discover:

The 3 drivers that impact profit – and the one that stands above the rest
Which has the biggest impact on profit:
Increase Price by 1%?
Decrease Cost / Expense by 1%?
Increase Volume by 1%?
The language of business is accounting, and you need to understand it.
Are you on track? Time to get your money metrics in order

Episode Highlights

02:20 – The significance of small actions, such as one encouraging word or going the extra mile, and how they can make a big difference.

04:58 – The concept of the “1% rule” and its relevance to making a bigger impact and income in their coaching business.

06:26 – The significance of profit margin and distributable cash in measuring the health of a business.

07:25 – The 1% Rule: Increasing Price, Decreasing Costs, and Increasing Volume

15:02 – A real-life example to illustrate how increasing price by 1% can significantly impact profit margin.

19:46 – The importance of having the right mindset and tools, such as the “Remarkable Money Metrics” PDF, to guide business decisions.

21:21 – Understanding business metrics and accounting to manage a business effectively.

22:28 – Testing market responses to price changes and recognizing the potential impact on other metrics like referrals and retention.

22:43 – The need for chiropractors to balance different metrics and recognize the competing numbers in their business.

27:45 – Join REM Coach, Dr, Chris as he sits down with Success Partner, Justin Maxwell from Big Life Financial. Justin shares his inspiring journey from grappling with financial ceilings to mastering wealth management, and how he now dedicates his expertise to helping chiropractic office owners achieve financial clarity and growth. Dive deep into Big Life Financial’s unique family office approach, tailored specifically for high-impact businesses, and unveil the systems, strategies, and professional support that can drive significant returns on investment. If you’re a chiropractic CEO looking to maximize your business’s financial potential, this interview will provide invaluable insights on elevating your financial strategy and making a lasting impact.