With the stock market continues taking a tumble after the Fed’s rate hike, and inflation is at near record highs, where is one to go to protect their money?
The attached graphic is from an investment letter I subscribe to. It shows where smart, wealthy people’s money is going. It’s going into small, well-run private companies.
Funny, don’t YOU own one of those?
Yes, the best way to hedge against inflation is to invest in your own business, with a small but important caveat. That business has to be run well and profitably.
The definition of “being run well” is not based on thought or feelings. It’s not even based on money in the bank. It’s based on a a host of numbers, which, you as a business owner/investor should know.
Do you know how profitable your practice is?
Do you know what the Return On Investment is when you put $1 into your marketing system?
Do you have marketing system?
Or, is it “a little of this, and a little of that”?
Investing in your practice MIGHT be the best way you can safeguard your assets and protect against financially erosive INFLATION. BUT, only if you know your numbers.
Think your accountant knows?
Most are “historic” and do not. Most fill out your tax forms and, if lucky, comment on your expenses. Some might tell you how to save taxes. That’s important but it’s short-sighted thinking.
A better approach is to know where to put money into a machine that will consistently churn out a consistent and reasonable profit.
But that takes knowing 2 things. Knowing your numbers and having a Machine.
Do you know what your new patient value is? The cost of patient acquisition? These are critical numbers to know if you’re investing in any marketing. It’s just one of several KPI’s that should help you determine where to invest your money.
Is your practice a well-oiled machine that can work without you turning the crank?
Do you think of marketing as investment? You should!
Put $X in and get $X+ $Y out.
Want help? You know where I am.
To combating inflation and bad machinery,
Reward the Effort, Enjoy the Journey
Let PPS be your GPS