Even though Covid is slowing down, the recession can feel like the end of your practice. You don’t have to resort to selling your practice though.
Here’s what should be happening. If you’ve been following the profit first process, you should have reserves ready for emergencies like this. Yes, this is much more long-term than anyone anticipated, but you still have reserves. Most practices are open now, which means you do have income coming in. Yes it’s slow, and it won’t get back to normal immediately. The good news is that even though you may not be getting as many patients, your financials don’t have to suffer as much if you’re using the Profit First system.
Profit First is calculated on percentages, not gross income, so even though income is shrinking, you should still be able to allocate your funds to the right places. Profit First was designed around the idea of “you make do with what you have.” Things might be tight now, but you’ll make do.
If you aren’t currently using the Profit First system with us, get a hold of Connie when you can, and she’ll set you up. Profit doesn’t take a backseat to any virus.